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To track the import transactions through the banking system, Customs will modify the Bill of Entry format to display the AD Code of the bank concerned, as reported by the importers. Primary data on import transactions from Customs and SEZ will first flow to the RBI secured server and thereupon depending on the AD code shall be shared with the respective banks for taking the transactions forward. The AD bank shall enter every subsequent activity, viz. document submission, outward remittance data, etc. in IDPMS so as to update the RBI database on a real time basis. It is, therefore, necessary that AD banks upload and download data on daily basis.
Based on the original BoE with
stamp/signature of the Customs as submitted by importer, the nodal branch of AD
Category – I banks will upload Bills of Entry (BoE) data, for non EDI (manual)
Customs ports, till they are upgraded to EDI (computerised) ports. Under no
circumstances, AD category – I banks will process the transactions till the
concerned BoE is reflected in the IDPMS. Customs will share a copy of manual
BoE with respective Regional Office of RBI for information as they presently do
for shipping bills in the case of exports.
The
date of operationalization of IDPMS will be notified shortly. All import
remittances outstanding as on the notified date shall have to be uploaded in
IDPMS. To facilitate smooth processing of import transactions and closure of
BoE and advance remittances in IDPMS, the following guidelines will be followed
by the AD category – I banks:
Write off of import bills
i)
AD
Category I banks can consider closure of bills in IDPMS that involve write off
to the extent of 5% of invoice value where the amount declared in BoE varies
from the actual remittance marginally due to discounts, fluctuation in exchange
rates, change in the amount of freight, insurance, etc. Cases, where write off
is on account of quality issues; short shipment or destruction of goods by the
port / Customs / health authorities, may be closed with remarks subject to
submission of satisfactory documentation for the same, irrespective of the
amount involved.
ii)
While
allowing write off, AD Category - I banks must ensure that:
a)
The
case is not the subject matter of any pending civil or criminal suit;
b)
The
importer has not come to the adverse notice of the ED or CBI or any such other
law enforcement agency; and
c)
There
is a system in place under which internal inspectors or auditors of the AD
category – I banks should carry out random sample check /
percentage check of write-off of import bills; and
iii)
Cases
not covered by the above instructions / beyond the above limits, may be
referred to the concerned Regional Office of RBI.
Extension
of Time
i)
AD
Category – I banks can consider granting extension for settlement of import
dues up to 6 months at a time (maximum up to 3 years) irrespective of the
invoice value for delays on account of disputes about quantity or quality or
non-fulfilment of terms of contract; financial difficulties and cases where
importer has filed suit against the seller. In cases where sector specific
guidelines have been issued by RBI for extension of time (i.e. rough, cut and
polished diamonds), the same will be applicable.
ii)
While
granting extension of time, AD Category –I banks must ensure that:
a)
The
import transactions covered by the invoices are not under investigation by ED /
CBI or other investigating agencies;
b)
While
considering extension beyond 1 year from the date of remittance, the total
outstanding of the importer does not exceed USD one million or 10 per cent of
the average import remittances during the preceding two financial years,
whichever is lower; and
c)
Where
extension has been granted by the AD Category – I banks, the date up to which
extension has been granted may be indicated in the ‘Remarks’ column.
iii)
Cases
not covered by the above instructions / beyond the above limits, may be
referred to the concerned Regional Office of RBI.
Follow-up for Evidence
of Import
i)
On
operationalization of IDPMS, all outstanding import remittances, irrespective
of the amount involved, will be uploaded into the system and submission of a
separate BEF statement would be discontinued from a date to be notified
separately.
ii)
AD
Category – I banks are required to follow up submission of evidence of import
and remittance within stipulated time irrespective of the amount involved.
AD
Category – I banks shall put in place a system to ensure that all import
transactions and related remittances are processed only through IDPMS from the
date to be notified shortly.
Based on the RBI notification dated
28/04/2016. Please refer www.rbi.org.in in case
of any further clarification………….. Poppy
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