Consignment exports to Russia: RBI permits eligible exporters to ship, store in bonded warehouses and seek reimbursement under State credit. RBI permits exports to the Russian Federation on consignment basis against repayment of State Credits to specified export houses subject to prior RBI approval and routing through a designated branch of a nominated bank; exporters must submit status proof and an auditor's certificate, ship goods to Customs Bonded Warehouses in Russia with insurance and ECGC cover as applicable, secure an L/C from BFEA calling for three delivery orders and two invoices, have the designated bank forward documents to BFEA and lodge a claim with RBI quoting permission, observe a maximum proceeds realisation period, and limit local expense remittances to five percent of F.O.B. value.
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.
Consignment exports to Russia: RBI permits eligible exporters to ship, store in bonded warehouses and seek reimbursement under State credit.
RBI permits exports to the Russian Federation on consignment basis against repayment of State Credits to specified export houses subject to prior RBI approval and routing through a designated branch of a nominated bank; exporters must submit status proof and an auditor's certificate, ship goods to Customs Bonded Warehouses in Russia with insurance and ECGC cover as applicable, secure an L/C from BFEA calling for three delivery orders and two invoices, have the designated bank forward documents to BFEA and lodge a claim with RBI quoting permission, observe a maximum proceeds realisation period, and limit local expense remittances to five percent of F.O.B. value.
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