TaxTMI 
TaxTMI 
Export of goods to the Russian Federation on consignment basis against repayment of State Credits
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....to allow export of goods on consignment basis to the Russian Federation against repayment of State Credits. Initially, this facility will be available to Export Houses/Trading Houses/Star Trading Houses and Super Star Trading Houses with good track record for export of only tea and tobacco. The procedure to be followed for availing of this facility would be as under: i) The eligible exporter desirous of availing of the facility should designate a branch of a nominated bank [cf. paragraph 1(iii) of circular dated 19th May 1999 referred to above] through which all the transactions relating to exports on consignment basis to the Russian Federation would be routed. ii) The application for permission to avail of the facility of....
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....ederation to release the specified quantity of goods and b) Two copies of invoice. v) The designated branch of the nominated bank after receiving the Letter of Credit should seek confirmation of reimbursement from Reserve Bank of India, Deposit Accounts Department, Mumbai in the usual manner. vi) The designated branch of the nominated bank should, on receipt of the above referred documents from the exporter, forward the documents to the BFEA through a reputed courier service and simultaneously lodge a claim with Reserve Bank of India (Deposit Accounts Department), Mumbai in the prescribed format quoting the number and date of Reserve Bank's permission for exports on consignment basis. vii) The maximum per....
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....ck record for export of tea and tobacco to the Russian Federation. The eligible exporters are required to obtain specific prior approval from Reserve Bank of India for availing of the facility of exports on consignment basis to Russian Federation. For this purpose they should submit an application to Reserve Bank (Exchange Control Department) through a branch of a nominated bank to be designated by the exporter for the purpose of routing all the transactions relating to this facility. Under this facility, Indian exporters who have been granted permission by Reserve Bank to export goods to Russian Federation on consignment basis will first ship the goods and store them in Customs Bonded Warehouses (CBW) of their choice in the Russian Federat....
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....t message to Reserve Bank. A copy each of the delivery order and the invoice will be retained by BFEA for its record. On receipt of the payment instructions, Reserve Bank will reimburse the claim to the designated branch of the nominated bank in Mumbai. Exporter will keep shipment-wise account of the goods and its sale. Annexure II Delivery order for goods at Warehouse in Russia From : To : ______________________________ The Warehouseman ______________________________ M/s.__________________________ ______________________________ _____________....