Regulatory Alerts2014-02-16
Added · Updated
Reporting of import transactions under buyers' credits/suppliers' credits and matching of Bill of Entry
Authorized Dealers must report import transactions under buyers' credits or approved external credits using IMP Form under schedule EL-1, marking documents with "BC" or "EC", and report particulars in schedule J/O-3 with Form C. For suppliers' credits, Authorized Dealers must issue IMP Form upon acceptance of documents, report under schedule EL-3 marked with "SC", and include particulars in schedule J/O-3 with Form C. Settlement of both credit types on maturity requires reporting via TM Form under schedule E-3/P-3. Authorized Dealers must match authenticated copies of bills of entry or customs certified invoices with duplicate IMP Forms and relevant invoices within four months from the date of import payment.
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