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

Exchange control compliance: failing to deliver the Bill of Entry copy to the remitting bank can trigger FEMA proceedings. Failure to furnish the exchange-control copy of the Bill of Entry to the remitting bank after payment in foreign currency exposes the remitter to proceedings under foreign exchange law; filing the Bill of Entry, clearing goods under customs, and forwarding the exchange-control copy to the bank completes the remitter's liability, while non-filing absent reasons beyond the remitter's control risks contravention proceedings under FEMA.