Reserve Bank Of India [RBI] — Courier imports of cif value less than Rs 100000 Bill entry showing CIF value matching with invoice value | |||
Sub : Courier imports of cif value less than Rs 1 Lakh.. Bill entry showing CIF value matching with invoice value Suppliers outside India ( referred to as Exporters here ), from whom we import samples etc costing less than Rs 1 lakh in value, despatch these through courier ( like DHL, Fedex ) when the weight or volume is low The couriers pick up the materials from exporter's premises with Commercial invoice showing the FOB value or Ex works value and courier raises invoice on the exporter later Customs in India assess the goods under notification 91/2007 taking 20 % of the FOB or Ex Works cost as freight and 1.125 % of this cost as insurance Actual freight and insurance costs are lower or higher than the 21.125% considered by Indian Customs and therefore the final amount received by the importer from the exporter is more or less than the CIF value for which the Bill of Entry is filed with Indian Customs Although the FEMA regulations do mention exceptions for courier imports, Authorised Dealers of Foreign Exchange look for matching of CIF value in Bill of entry and invoice. We shall be grateful if clarifications through circulars or any other means can be issued to the ADs ... regarding differences on freight and insurance values between the CIF value in the invoice received from the Exporter and the Bill of Entry At present we need this clarification for ICICI bank who have sought this clarification against an Import from USA... Other ADs also do not process documents when they notice difference in freight / insurance between the BOE and Invoice ... FOR COURIER IMPORTS Rgds V.Srinivasan Ind-Aust Maritime Pvt Ltd C-6-2, TTC-MIDC, Pawane Navi Mumbai, 400 705 +[protected] Was this information helpful? | |||
Reserve Bank of India [RBI] customer support has been notified about the posted complaint. | |||
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