BILL OF ENTRY

[PAWAN KUMAR SHARMA]

Date of filing of BE with Bank from which payment is made in foreign currency including LC/DP etc. WHAT LOSS WE WILL BEAR ON ABOVE NON COMPLIANCE

[Surender Gupta]

Do you want to say that you have borrowed foreign exchange for making payment towards import of goods but could not import the goods and therefore, could not submit BE with the bank? If it is so, are you able to prove the situation beyond control or reasons? or it is merely a con-compliance of filing of BE but you have imported material and no contravention relating to imported of goods and remittance of foreign exchange? You need to specify you query more clearly and in detail.

[Joginder Pal]

After the payment is made from the bank in foreign currency, one is required to file the Bill of Entry, claiming clearance under the Customs Act and after clearance of the goods, to forward the exchange control copy of B/E to the bank which completes liability of the party forwarding the foreign exchange, failing which necessary action can be initiated under FEMA.

AI Summary

Failure to File Bill of Entry Post-Foreign Payment May Trigger FEMA Action; Clarification Needed on Circumstances A user inquired about the consequences of not complying with the requirement to file a Bill of Entry (BE) with the bank after making a foreign currency payment for imports. One respondent asked for clarification on whether the issue was due to uncontrollable circumstances or just a filing oversight, emphasizing the need for more details. Another respondent explained that after making a foreign currency payment, the BE must be filed under the Customs Act, and the exchange control copy sent to the bank. Failure to do so could result in action under FEMA.