CHAPTER 23

IMPORT BILLS ON COLLECTION

2

CHAPTER 23

IMPORT BILLS ON COLLECTION

INDEX

Para No TOPIC Page No

23 Introduction 3

23 1 Direct Receipt of Import Bills by the Importer 4

23 2 Procedure for Handling Import Bills 6

23 3 Endorsement of Licence 10

23 4 Follow up for Bill of Entry 10

23 4 1 Bank policy for Bill of Entry follow up 12

23 5 Unpaid Import Collection Bills 15

23 6 Stamp Duty 15

23 7 Prepayment of Import Bills 16

Annex No Annexure

1 Letter to overseas bank regarding missing documents 17

2 Letter to overseas bank seeking instructions when

importer is not our client

18

3 ECB 20

4 Proposal for Short Term Foreign Currency Loan 21

5 Acknowledgement slip for evidence of import 24

3

23 INTORDUCTION

Branches should strictly adhere to Know Your Customers Rules while

handling import bills received on collection basis on behalf of their

customers. Some of the precautions to be observed are :

Following are the FEMA guidelines pertaining to handling of import bills by

banks.

Even though Bank advances are not involved, utmost care must be

exercised by the Bank to avoid handling of fake import bills, which if

undetected will lead to outflow of forex without any physical imports

taking place.

Bonafides of importer customer, particularly a new customer, has to

be established.

Branch has to satisfy itself about the financial status/standing of the

importer.

If branch is not fully satisfied about importer‟s standing, credit report

on the supplier has to be called for from overseas banks/reputed

credit agencies. Specific comments as to whether supplier is

ordinarily engaged in manufacturing / trading in the commodity

sought to be imported is to be called for.

Payment in respect of import bills are to be authorised by Branch

Manager / Head of Forex Department of ‘B’ category branch in

case of ELB who should apply his mind on the following factors :

i) Is the importer banking with the branch for reasonably long

period ?

ii) Whether the importer is availing any credit facilities in the

branch ?

iii) Has the branch examined the Balance Sheet of the importer ?

iv) Is the importer dealing in the goods sought to be imported ?

v) Has the importer‟s business place / godown been visited ?

vi) Are sale proceeds regularly credited to importer‟s CD/CC a/c?

Are the credits of cash / non-cash nature ?

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vii) Does the importer has the requisite license or permission to

import the goods and does he have the I.E.Code for the trade ?

Brief comments on the above points should be held on record and the

Branch Manager / Head of Forex Department of „B‟ category branch

in case of ELB should hold record of such approval / decision.

Decision to permit payment of import bill to be taken based on track

record and financial position of the importer. In case of doubt

branch can insist upon:-

i) Verification of importer‟s books of account

ii) Inspection of importer‟s office/godown.

iii) Market enquiries with other leading importers in the same line

of business

iv) Credit report on overseas seller and confirm that they are

capable of supplying the material.

If the import bill pertains to „C‟ Category branches detailed status

report / certificate on the importer on various points detailed above

has to be obtained before authorising remittance. Above exercise has

to be undertaken even in the case of import bills received under LCs

backed by 110% cash margin.

Branches should send copies of Bills of Entry (BE) on random basis

particularly in respect of new / relatively new accounts, to the

concerned office of customs for verification / online verification.

The same should be followed up for confirmation of genuineness or

their report on Bill of Entry. The relative confirmation / report has

to be preserved for verification by Internal / RBI auditors.

23.1. DIRECT RECEIPT OF IMPORT BILLS BY THE IMPORTER

Import bills and documents should normally be received from the

banker of the supplier by the banker of the importer in India.

Authorised dealers should not, therefore, make remittances where

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import bills have been received directly by the importers from the

overseas supplier, except in the following cases:

a. Where the value of import bill does not exceed USD 300,000.

b. Import bills received by wholly-owned Indian subsidiaries of

foreign companies from their principals.

c. Import bills received by Status Holder Exporters as defined in

Foreign Trade Policy, 100% Export Oriented Units / Units in Special

Economic Zones, Public Sector Undertakings and Limited

Companies.

d. Import bills received by all limited companies viz. public limited,

deemed public limited and private limited companies.

While undertaking such transactions, the AD Category - I banks must

ensure that :

a. The import transactions are as per the prevailing Foreign Trade

Policy.

b. The transactions are based on their commercial judgment and they

are satisfied about the bonafides of the transactions.

c. AD Category - I banks should do the KYC and due diligence exercise

and should be fully satisfied about the financial standing / status and

track record of the importer customer. Before extending the facility,

they should also obtain a report on each individual overseas supplier

from the overseas banker or reputed overseas credit rating agency.

d. Before extending the facility, the AD Category - I bank should obtain

a report on each individual overseas supplier from the overseas

banker or a reputed overseas credit agency. However, such credit

report on the overseas supplier need not be obtained in cases

where the invoice value does not exceed USD 300,000 provided the

AD Category - I bank is satisfied about the bonafides of the

transaction and track record of the importer constituent.

Branch should maintain record of import bill directly received from overseas

seller. This record is to be produced for scrutiny by Internal / RBI auditors.

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23.2. PROCEDURE FOR HANDLING IMPORT BILLS

On receipt of import bills, enter in Safe in Register and allot running

serial number prefixing import Bill Code „NU‟ and branch code,

allotted by IBD., C.O.

Verify whether all documents listed in the covering schedule have

actually been received. Instances of missing documents should be

intimated to the forwarding bank as per Ann. No. 23(1).

Ensure that payment instructions are available in the covering

schedule (DP or DA). In case of ambiguity, call for clear instructions.

If any of the instructions of the forwarding bank, contravene FEMA

regulations, the same is to be brought to their notice and revised

instructions are to be obtained. Particularly rate of interest should

not exceed rate prescribed for trade credits from time to time.

In case of payment of sight bill of „C‟ category branch, „B‟ category

branch must obtain a instructions from „C‟ category branch and

confirmation that they are holding margin to the extent of 110% of

the bill amount before effecting the remittance on account of their

customer.

If the drawee is not banking with our branches details of his banker‟s

name and address may be obtained and documents may be re-

directed to his bankers after obtaining forwarding bank‟s approval,

claiming our charges from drawee. Letter as per Ann. No.23(2) is to

be sent to the forwarding bank. If drawee refuses to pay charges, the

same is to be claimed from the forwarding bank.

Affix numbering seal on all documents and enter the import

collection bill in Finacle.

After verification of the Bill in Finacle, generate presentation memo

through system which is to be delivered to the drawee against

acknowledgement. Send acknowledgement of receipt of documents

to the forwarding bank through Swift. Full set of documents are to

be kept in safe custody under dual control.

System will pass the following contra entries on verification :

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Dr. Foreign Bills Receivable

Cr. Foreign Bills for Collection

Extra copy of presentation memo along with a copy of forwarding

bank‟s covering schedule is to be kept separately for follow up. This

will reduce Safe-In / Safe-Out operations for follow up.

In case of DA bills, documents should be delivered against acceptance

of Bill of Exchange after affixing the required stamps. In case of

goods covered under licence, „Exchange control‟ copy of licence is to

be obtained and endorsed in the third column. Due date is to be

informed to the forwarding bank under advice to the party. The

customer should be reminded 15 days prior to the due date, calling

for A1 form, Exchange control copy of the Bill of Entry and other

documents to facilitate timely remittance.

If the drawee desires to retire the bill, second copy of presentation

memo is to be submitted to the Bank, duly signed together with

I.E.Code allotment letter, EC copy of import licence if applicable,

and A1 form duly signed incorporating ITC(HS) classification no. of

the item imported.

Verify the licence / letter of authority and confirm that goods

imported are as mentioned in the licence, enough balance is

available in the licence/letter of authority and shipment is made

within the validity period. If the commodity imported is freely

importable obtain declaration mentioning ITC(HS) Classification no.

Also obtain an undertaking to submit exchange control copy of Bill of

Entry immediately on clearing the goods, but not later than three

months.

Prepare process note furnishing therein full details of the importer,

line of activity, length of banking relationship, credit facilities

enjoyed with outstanding, if any, financial standing, conduct of the

account, goods imported, payment terms etc. The process note is to

be signed by the desk officer and the Forex in charge and put up to

Branch Manager or Head of Forex Department of „B‟ category branch

in case of ELB Officer, who has to bear in mind the guidelines as

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explained earlier, before according approval for remittance.

Approval has to be recorded on the process note under the full

signature of the competent authority.

Report the transaction to the Dealing Room and obtain B.C. Selling

rate. If forward contract is booked, apply contracted rate and inform

utilization of forward contract to Back Office. Realise the import bill

in Finacle incorporating the rate obtained from Dealing room. On

verification of the Realisation of the Bill in Finacle, system will

Calculate the Rupee equivalent at appropriate exchange rate and

calculate the commission and generate the following transactions :

i) Dr. Customers CC / CD a/c / „C‟ category branch

Cr. Treasury / „A‟ category branch

Cr. Income a/c Comm. on Import Bills

Cr. Exp. A/c Telegram / postages a/c.

ii) Reversal contingent liability for import collection bill

Dr. Foreign Bills for Collection

Cr. Foreign Bills Receivable.

iii) Reverse liability if forward sale contract is booked.

Import bill proceeds are to be remitted to the forwarding bank / overseas

supplier as per their instructions. Send SWIFT advice for payment of bills to

the forwarding bank.

Note:

Settlement to ACU countries should be through ACU Dollar mechanism

except where beneficiaries are outside ACU countries.

Release cost memo to the customer and deliver the documents

against acknowledgement after making necessary endorsement on the

Bill of Lading and Insurance Policy. „Received Payment „stamp is to

be affixed on the reverse of Bill of Exchange and copy of invoice, if

required by the customer. If the bills is accompanied by A.W.B. (if

consigned to bank) or post parcel addressed to the Bank, necessary

delivery order is to be issued. Original documents such as invoice,

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certificate of origin etc. are to be delivered against proper

acknowledgement. Copies of all documents such as invoice,

certificate of origin, BL / AWB / PP Receipt are to be retained with

the folder and filed together with office record.

If second set of documents are received after retirement of the bill,

the same are to be delivered to the importer against proper

acknowledgement. If received before retirement, the second set is

to be kept along with the first set of documents.

Make necessary entries in Safe-In-Safe Out register. Details of

remittance, commission etc. charges, exchange rate applied are to

be noted in the folder. Due date for submission of bill of entry is to

be diarised for follow-up. Complete form A1 in and keep the same

for verification of concurrent auditors along with OGL and FEMA

Declaration.

In case the drawee does not pay or accept the bill, the forwarding bank is to

be informed and disposal instructions should be sought.

Note :

i) Part payments generally should not be accepted / made

against sight (DP) documents. However, in case of multiple

documents under single covering schedule / Bill of Exchange,

Part payments can be effected in case of DA documents if so

instructed by the forwarding bank. Prudent care should be

taken in these transactions with regard to time limit for

payment of import bills.

ii) In case of DA documents, usance period should not exceed 6

months from the date of Bill of Lading. If party fails to make

payment within 6 months, remittance can be made without

referring to RBI, provided the branch is satisfied with the

reason for delay. It is advisable to keep documentary proof

with the folder, for the same. Overdue interest if payable

should be as per para 19.3.2. of Imports Trade / Fema

Guidelines.

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iii) In case of D.A documents beyond 6 months and not exceeding

3 years prior approval should be obtained by the party from

A.D. provided value of such transaction is less than USD 20

million or its equivalent . Application should be obtained in

form ECB (Annexure 23(3)) and approval be given in the

form_as per Annexure 23(4). Monthly reporting of such

approval, disbursement and repayment should be made to IBD

in the prescribed format on line ‘MIS Gap Data’ as per IBD

Circular No.6444 dt.22.09.2012.

iv) If documents are to be delivered free of payment, at the

instructions of the forwarding bank, it is advisable to seek

reasons form the drawee and ensure compliance of Trade

Control and Exchange Control Regulations. Commission at 50%

of the normal rate and out of pocket expenses to be recovered

upfront. Payment should not be made subsequently without

prior approval from RBI. Follow up for Bill of Entry is to be

ensured.

23.3. ENDORSEMENT OF LICENCE

If import is under licence the relevant columns in Exchange Control

(E.C.) copy of the licence has to be filled up/signed. Balance if any

available in the Licence has to be arrived at. If balance is available

in the Licence photocopy of both sides has to be retained at the

branch and the original E.C. copy may be returned to the importers

against acknowledgement. A separate register may be maintained for

this purpose.

If the licence is fully utilised the same is to be kept at the branch and

make the same available for inspection.

23.4. FOLLOW UP FOR BILL OF ENTRY

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Bill of Entry has to be submitted by the importer (whether imports

are under L/C or not) within 3 months from the date of remittance in

the case of sight bills. In the case of DA bills, Bill of Entry should be

insisted upon while making payment on due date. However, if

importer fails to produce documentary evidence due to genuine

reasons such as non-arrival of consignment, delay in delivery/customs

clearance of consignment etc. Branches may allow reasonable time

not more than 3 months from the date of remittance to the importer.

In case of the payment of DA bill under LC, the branch must effect

payment since we have advised the date to the negotiating bank even

in absence of Bill of Entry subject to the above conditions. However,

in the case of advance payment made for import of capital goods

physical imports has to be made within 3 years and evidence of

imports has to be submitted within 15 days thereafter. Branch should

diarise due date for receipt of Bill of entry and in the case of non

receipt send reminder to the importer as per guidelines explained

under Exchange Control Regulations pertaining to imports.

Enter in the Bill of entry in Fincle and issue acknowledgement to the

importer (Annexure 23(5)). Details appearing in Bill of Entry should

prima facie agree with details of invoice / bill of lading etc. After

receipt of Bills of Entry, branch should select a few copies and

forward the same to the concerned customs department for

verification of its genuineness / online verification. While doing so,

imports made by relatively new customers and customer who do not

have credit facility have to be selected for scrutiny, in addition to

random checking of imports made by regular customers. While

making reference to customs it is advisable to forward a list

containing details of Bill of Entry, such as Sr.No., date, amt.,

importers name, item of import and tariff heading indicated in the

Bill of Entry . This will facilitate checking by customs officials in a

systematic way.

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In case the importer defaults in submission of Bill of Entry within 6

months from the date of payment despite reminder / Registered

notice, such cases where the import value is USD One lac and above

or its equivalent to have to be reported to RBI in the Half yearly

returns in Form BEF for period ending June and December.

23.4.1 As RBI has advised AD Banks to formulate their own Policy

regarding follow up for non-submission of evidence of import

up to USD100,000 and equivalent. Existing guidelines of RBI

for submission of Evidence of Imports for value above

USD100,000 will continue.

Our Bank has, accordingly, framed guidelines for follow up of

Evidence of Import, which is approved by the Board. In terms

of the policy, Branches will adopt following procedure for

submission of Evidence of Imports.

23.4.2 Remittance equivalent of USD100,000 and above or

equivalent:

Branches will follow up with importers for evidence of import

for all foreign exchange remittance of USD100,000 equivalent

or above, or such amount as may be prescribed by RBI in this

regard. The guidelines of RBI as regards follow up and

reporting will be followed scrupulously.

23.4.3 Remittance below USD100,000 or equivalent :

23.4.3.1 Branches will follow as per guidelines below :

In case of borrowers under asset classification “Standard”, no follow

up for submission of evidence of Import will be done for remittance

up to USD100,000 or equivalent. However, if the account is “EAS or

SMA” follow up will be done for remittance USD50,000 and above or

equivalent. Branches will review the position of SMA accounts more

closely and exemptions will be withdrawn if the symptoms are of

serious nature. The review of the accounts be taken by Branches on

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half yearly basis, for the purpose of determining the requirement for

follow up.

23.4.3.2 In all other cases, i.e. borrowal a/c is sub-standard, party not

enjoying credit facility, remittances effected at the request of other

banks etc., branches will follow up for submission of Evidence of

Imports for USD50,000 and above. No follow up will be done for

remittance below USD50,000. Non borrowal accounts that have not

completed 6 months of satisfactory operating of the account, Bill of

entry to be submitted for all remittances effected in the first six

months.

23.4.4 Branches are further advised to take a very careful note of the

following points for the purpose of better monitoring of import transactions:

a. Customers who are required to submit evidence of Import as in

para 23.4.3.2 above, can also submit consolidated certificate

from Chartered Accountant on quarterly basis, showing full

particulars of all the import transactions completed as per

customers book of account (like Bill of lading no., Vessel name,

date of shipment, port of loading / unloading, Consignor, value

etc.). This can be accepted as evidence of import.

b. Where the customer has lost evidence of Import to be

submitted as per 23.4.3.2 above, a certificate in lieu of

evidence confirming receipt of goods and accounting of the

same in the Books, by the Chartered Accountant of the

customer is accepted.

c. In case of non-submission of evidence of Import by customer

falling under para 23.4.3.2 above for more than three

remittances of above USD50,000 per year, the customer will be

put on notice that the Bank may not be able to handle further

requests for remittance unless a proper explanation is given.

Branches in their letter would state details of the transactions

wherein the Importer has defaulted while putting him on

notice. Copy of the same to be sent to Regional Office.

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d. Where the customer fails to submit evidence despite follow up

as in 23.4.4.c above, it should be mentioned in the credit

appraisal of such customer during the annual review of the

account. The sanctioning authority should be satisfied that

there is no diversion of funds or diminishing of primary security

in the account. Then appropriate decision on permitting the

remittance be taken and conveyed to the Branch. Where the

customer is not having any credit facility, further request for

remittance of foreign exchange to be accepted only with the

prior approval of Regional Office, after giving satisfactory

reasons as to why evidence of Import had not / could not be

submitted. Regional Office should enquire on the credentials of

the customer and the reasons for non-submission. If Regional

Office is satisfied, that KYC norms have been properly

followed, they can permit further remittances on behalf of the

customer.

e. Internal auditors will continue to carry out verification of

evidence of Imports submitted as being done presently and

also have random sample checking of those cases where

exemption for submission of evidence of import is permitted

and submit a report on their observation.

f. In cases where the documents have been received directly,

payment of documents exceeding USD25,000 will be made only

upon submission of evidence of import by the importers or

upon giving a declaration to submit the evidence of import

where the goods have not been cleared at the time of making

the payment.

g. All Authorised Dealing Branches should submit a report on

consolidated basis, annually on the number of remittances,

value of total remittances customer wise, for which evidence

of import is not submitted but required to be submitted as per

the Policy to their Regional Office under copy to International

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Banking Division. Further review of the Policy will be taken

based on such report and risk assessment.

23.5. UNPAID IMPORT COLLECTION BILLS

Import collection bills are governed by Uniform Rules for Collection

(URC 522). If import bills are unpaid, branch should without delay

advise non-payment /non-acceptance to forwarding bank and seek

disposal instructions. If such disposal instructions are not received

within 60 days after issue of non-payment / non-acceptance advice,

documents are to be returned and our charges to be claimed from the

forwarding bank.

Branches are advised not to hold with them import bills where

disposal instructions are not received after 60 days.

23.6. STAMP DUTY

Stamp duty is not payable on Bill of Exchange with usance period up

to 90 days whether drawn on the Bank or not.

Bill of Exchange drawn on Indian importers and foreign buyers in the

case of exports beyond 90 days usance, attracts stamp duty.

If the Bill of Exchange is drawn on bank even for usance period

beyond 90 days, no stamp duty is payable.

In the case of imports Bills of Exchange drawn in FC where stamp

duty is payable, foreign currency amount should be converted into

Indian Rupees at B.C. selling rate prevailing on the date of

acceptance of the bill for calculation of stamp duty. Requisite

Special Adhesive Stamps (bearing the words foreign bills) should be

affixed and duly cancelled by putting Bank‟s round seal.

In the case of export bills, the amount of stamp duty is to be

computed based on exchange rate given for the purchase transactions

(FUDBP/FUDBD) and /in the case of collection bills at TT buying rate

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prevailing on the date of lodgment. Requisite amount of foreign bills

tamp is to be noted in the Export / Import bill register.

23.7. PREPAYMENT OF IMPORT COLLECTION BILLS

In case the importer desires to effect prepayment of the bill in

respect of a DA bill, upon receiving instructions from the forwarding

bank, prepayment may be made subject to following conditions:

1. no interest to be paid for unexpired usance period, where

interest is claimed separately , and

2. wherever interest is not claimed separately, deduct interest @

LIBOR + 50 bps for the unexpired usance period from the invoice

value.

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23.8. Annexure Annexure 23(1)

Letter to overseas bank regarding missing documents

Date

To :

Your export bill ref. no……………………………………….………. dt………………….

For ……………………….. Fvg. M/s ………………………………………………………………

On checking the documents with the forwarding letter, we find that

documents stated here below are not enclosed/sent to us :

1.

2.

3.

You are requested to forward the missing documents to us quoting our

ref. no.

In the meantime, the remaining documents are being presented by us to

the drawees.

Thanking you,

Yours faithfully,

M A N A G E R

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Annexure 23(2)

Letter to overseas bank seeking instructions when importer is not our

client

Date:

To

Your collection ref. No._______________ dt._______

Amount: __________________ Drawer :__________________

Drawee:__________________ Our Ref.No.:______________

We refer to the aforesaid collection and state as under;

The drawees M/s…………………………………….. are not banking with us.

Please inform us the name and address of their bankers and

authorise us to send the documents to their bankers.

The drawees M/s………………………………………………………………………………..

are banking with …………………………………………………………………. branch.

Please authorise us to present the documents to the drawees bankers.

As informed by you vide your ref : ……………………… dt……………………..

the documents were forwarded to ………………………………………………..

Our charges of …………….. are not paid by the bank / drawees. We,

therefore, request you to effect payment of our charges which please remit

to ........................................................................... for the

credit of A/c. No....................... maintained by our..........................

branch under advice to us.

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In the meantime, the documents are held by us at your risk and

responsibility. Kindly send us your instructions by authenticated SWIFT telex

quoting our ref. no……………………….

Thanking you,

Yours faithfully,

M A N A G E R

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Annexure 23(3)

FORM ECB 1 – Annexed

21

Annexure 22(4)

ADDRESSEE

LOAN IDENTIFICATION NO. : _STC/(Name of the

Bank/branch)/(Identification No.)

Dear Sir,

Proposal for Short Term Foreign Currency

Loan/Credit for US$ (or any other currency) from

M/s……………………………………………………………………………

Please refer to your application dated ________ in form ECB for the

captioned short term credit. We advise that you have our approval to raise

the short term credit for the purpose of imports.

2. Details of the loan:

i) Name of Lender :

ii) Category of Borrower :

iii) Country of Lender :

iv) Commodity imported/ : proposed to be imported

v) Type of goods of import

vi) Type of Credit :

vii) Currency & Amount of Loan :

viii) Period of Loan :

ix) Rate of Interest :

x) Other Charges, if any :

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xi) Repayment Terms:

xii) Security for loan (if any) :

xiii) Expected date of draw down :

3. The Loan Identification number allotted to this loan/credit should

invariably be quoted in all the reference to this office pertaining to

this loan/credit.

4. The approval is subject to following conditions:

i) The approval is valid for a period of 3 months from the date of

issue.

ii) The loan should be drawn and repaid in the currency approved.

No multi currency option is available.

iii) The loan/credit should be utilised strictly for the purpose for

which it is approved.

iv) The Short Term Credit to be availed of under this approval

should be repaid on the due date. (The roll-over of the credit, if any,

can however be permitted by authorised dealer up to less than 3

years and beyond 3 years by RBI).

v) The loan is subject to compliance of the Exim policy of Govt.

of India in force.

vi) In case the import is made on "collection basis " the Authorised

Dealer shall ensure strict compliance with the instructions

contained in A. P. (Dir Series) Circular No. 106 dated June

19,2003.

vii) You shall ensure the import of goods, for which the loan is

raised, and shall submit the documentary evidence to us in due

course.

5. THE BORROWER SHOULD PREPARE IN DUPLICATE A STATEMENT OF

OUTSTANDINGS IN RESPECT OF THE LOAN IN FORM ECB-5. A COPY OF THE

STATEMENT, SHOULD BE SUBMITTED TO CGM, ECD, RBl, C.O., ON A

MONTHLY BASIS BY THE 10™ OF THE FOLLOWING MONTH TO WHICH IT

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RELATES, TILL THE LOAN IS FULLY REPAID.

6. Please note that interest (and other fees etc,) payable under the above

loan/credit are liable to income tax, and hence subject to withholding

tax as per the Income Tax Act, 1961.

Yours faithfully,

NOTE : This communication is issued from the foreign exchange angle under

the provisions of FEMA and should not be construed to convey the approval

by any other statutory authority or Government under any other

laws/regulations. If further approval or permission is required from any

other regulatory authority or Government under the relevant

laws/regulations, the applicant should take the approval of the concerned

agency before effecting the transaction. Further, it should not be construed

as regularising or validating any irregularities, contravention or other lapses,

if any, under the provisions of any other laws/regulations. Copy forwarded

for information and necessary action to:

1. The General Manager/Dy. General Manager/Asst. General Manager,

Reserve Bank of India, Exchange Control Department. [Name of the

office ].

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Annexure 23(5)

UNION BANK OF INDIA

_____________________Branch

Ref.No.

To:_________________________

ACKNOWLEDGEMENT SLIP FOR EVIDENCE OF IMPORT

We acknowledge with thanks receipt of Exchange Cotrol copy of Bill of Entry from M/s. ____________________________________________________________________________________________________________________________________________________________________________ for the import transaction with following details : 1. Full Name and Address :

2. Code Number of the Importer :

3. No. & date of Import Licence or H. S. (ITC) No. :

4. Reference No.

(Bill No. / PAD / Import Collection) :

5. Letter of Credit No. (if any) :

6. No. & Date of Exchange control

copy of Bill of Entry :

7. Particulars of good importing :

8. Value of Import :

Authorised Signatory

Central Office, No.239, Vidhan Bhavan Marg, Nariman Point, Mumbai