Form No. FORM BEF - Statement showing details of remittances affected towards import in respect of which documentary evidence of import has not been submitted by the importers despite reminders
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Foreign exchange remittance reporting requires banks to file BEF statements for sizable import payments lacking documentary proof. Authorised dealers must submit a duplicate BEF statement to the Reserve Bank's Regional Office for import related remittances lacking documentary evidence ... Summary
Foreign exchange remittance reporting requires banks to file BEF statements for sizable import payments lacking documentary proof.
Authorised dealers must submit a duplicate BEF statement to the Reserve Bank's Regional Office for import related remittances lacking documentary evidence despite reminders, including only remittances above the prescribed threshold. The BEF comprises Part I (defaulting importers) and Part II (subsequent receipt of documents for earlier reports); previously reported entries must not be repeated. Dealers may exclude cases supported by acceptable alternative documents or provisional into bond bills followed by exchange control bills for home consumption. Half yearly statements, including 'NIL' returns, must be filed within the prescribed period and certified by the authorised official.
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