Alternate Submission Of Proof Of Imports -(because

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alakrishnan
Whenever the exotic exchange is gained and remitted, the proof of import by direction of exchange control copy of bill of entry needs to be submitted to the authorised seller. Non-submission of the proof of imports would invite action against the importer and the Enforcement Directorate can initiate proceedings below the erstwhile Foreign Exchange Regulation Act or under the new Foreign Exchange Management Act. There could be occasions when the importer may no be proficient to submit the exchange control copy of the bill of entry for an reason or other and the law makes provision in such cases for the submission of alternate proof of import by way of a certification from the chartered accountant accompanied with one affidavit by the importer. However, for the listed companies whose shares are listed ashore a stock exchange in India, the Foreign Exchange Management Act makes a specific provision under paragraph of the Master Circular. This write-up darts some light upon this specific facility provided to listed companies.
1. In terms of segment 10(6) of the Foreign Exchange Management Act, 1999 -FEMA,[link widoczny dla zalogowanych], any person acquiring foreign exchange is permitted to use it both for the purpose (primarily for import of goods and services into India) said in the assertion made by him to an authorized dealer under segment 10(5) of the Act or to use it for any other purpose for which acquisition of exchange is tolerable under the said Act or Rules or Regulations bordered thereunder.
2. Where foreign exchange acquired has been utilized for import of goods into India, the Authorized Bank (AD) should ensure that the importer afforded an certify of import to the satisfaction of the licensed dealer for laid down in paragraph A.10 of the Master Circular on import of goods and services.
3. The submission of proof in esteem of imports made and brought into India could be one of the following documents:
(i) Bill(s) of Entry - Exchange Control copy
(ii) Postal Wrapper
(iii) Courier Wrapper
The document in question should show apparently that the essential import for the intention for which the foreign exchange was acquired and remitted abroad has come to India.
4. The solution namely catered at the Foreign Exchange Management Act, 1999 stating namely it is likely to submit alternate testimony because the import of merchandise in India in the want of the above documents. If the importer is unable to submit whichever of the above referred documents due to some cause alternatively other, the Foreign Exchange Management Act, 1999 provides as the obedience of alternate proof of import, which is required to be substantiated by a certificate issued by the chartered accountant confirming the invoice of the material and payment made to the related supplier by emulating the specified procedure.
5. Though the Foreign Exchange Management Act, 1999 provides that the proof of imports is to be submitted by way of bill of entry - exchange control copy or postal wrapper or courier wrapper and in the absence of the documents listed above, the alternate proof duly patronized by the chartered accountants certificate,[link widoczny dla zalogowanych], but the listed companies are given a specific facility. This facility is given in the paragraph of the Master Circular. (One can refer to the Reserve Bank of India Circular No. RBI/2006-07/26 Master Circular No. /08/2006-07,[link widoczny dla zalogowanych], prehistoric July 1, 2006).
6. Paragraph of the Master Circular states that the authorized dealer may accept:
-either exchange control duplicate of bill of entrance for home consumption or
-certificate from the main executive officer or
-certificate from the auditor of the corporation
stating that the goods for which remittance was made have really been imported into India provided:
(i)-the value of foreign exchange remitted is fewer than dollar 1,000,000 (dollar one m

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