CIF imports by government and public undertakings via ocean transport require Chartering Wing approval; banks to notify customers. Prior approval for c.i.f. payments by Government Departments and Public Sector Undertakings is required from the Chartering Wing of the Ministry of Shipping only for imports effected through ocean transport; no such approval is needed where the mode of transport is other than ocean. This amendment stems from a change to Schedule II of the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and is issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999. Authorised Dealer Banks are to notify their customers accordingly.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
CIF imports by government and public undertakings via ocean transport require Chartering Wing approval; banks to notify customers.
Prior approval for c.i.f. payments by Government Departments and Public Sector Undertakings is required from the Chartering Wing of the Ministry of Shipping only for imports effected through ocean transport; no such approval is needed where the mode of transport is other than ocean. This amendment stems from a change to Schedule II of the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and is issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999. Authorised Dealer Banks are to notify their customers accordingly.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
