Time Limit for Import of Books
- Firm irrevocable purchase order / tripartite agreement should be in place. However this requirement may not be insisted upon in case the party has produced
- Bank should be satisfied with the bonafides of the transactions and should consider the Financial Action Task Force (FATF) Statement before handling the transactions;
- The Invoice should contain a narration that the related payment has to be made to the third party;
- Bill of Entry should mention the name of the shipper as also the narration that the related payment has to be made to the third party;
- Importer should comply with the instructions relating to imports including those on advance payment being made for import of goods.
a) Banks are permitted to take decision on making advance payments to overseas mining companies on behalf of the importer, without any limit / bank guarantee/ stand-by letter of Credit. However the banks must ensure that:
The remittances for the above transactions shall be subject to the following conditions:
- The 20:80 scheme of import of gold was withdrawn on November 28, 2014. However, the obligation to export under the 20:80 scheme would apply to the unutilised gold imported before November 28, 2014.
- Nominated banks and nominated agencies, as notified by DGFT, are permitted to import gold on consignment basis. All sale of gold domestically will, however, be against upfront payment. Nominated banks are free to grant gold metal loans.
- Star and Premier Trading Houses (STH/PTH) can import gold on Document against Payment (DP) basis as per entitlement without any end use restrictions.
- The import of gold coins and medallions is permitted. However, prohibition on sale of gold coins and medallions by banks continues pending further review.
b. The state of the goods should not undergo any transformation.
Merchanting trade to Nepal and Bhutan