Remittance against documents received directly by importers
Please refer to paragraph 26, chapter 7 of the Guidelines for Foreign Exchange Transactions-2018 (GFET), Vol-1 in terms of which Authorized Dealers (ADs) are allowed to execute import payments against documents received directly by importers provided that the goods have been cleared from the customs, supported by authenticated copy of the customs bill of entry. The prevailing regulatory instructions allow ADs to facilitate the release of goods against documents received directly by importers.
2. It is observed that ADs are not following the regulations as mentioned above, causing delay in release of goods against documents received directly by importers. In view of the disruptions due to COVID-19 pandemic, ADs are advised to follow the above instructions regarding the documents received directly by importers to avoid delay in release of goods and make payment accordingly.
Please bring the contents of this circular letter to the notice of all your AD branches and central processing centers for the needful at their end.