10 July 2016
in 2008 I import a spare from china through courier and transfer the fund in foreighn currency through bank. that time bank did't demand anything but now after 8 years bank is demanding bill of entry for such import.
plz advise me that, is it required to submit the bill of entry in case of import through courier and of yes then what is the consequences for non submission.
30 July 2016
According to clause 7.2 of Foreign Exchange Management (Current Account) Rules 2000, the Bank may accept in lieu of Bill of Entry a certificate from the CEO or Auditor of the Company that the Goods for which remittance was made, have actually been imported in to India. provided, the amount of foreign exchange remitted is less than USD 1,000,000. Other wise , fiscal penalty may be imposed under Foreign Exchange Management Act-1999.
30 July 2016
In that case Auditor of your firm must issue a certificate that goods for which remittance was made have actually been imported in to India.
30 July 2016
ok thnk u, i will try for certificate from auditior because after 8 years it is in doubt that auditor will provide in written that goods has been received
CAclubindia
