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TMI BlogImport of Goods: Import Data Processing and Monitoring System (IDPMS)X X X X Extracts X X X X X X X X Extracts X X X X ..... for imports and submission of related returns. 2. Reserve Bank of India had constituted a Working Group (Chairman: Shri A. K. Pandey, CGM, FED) comprising of representatives from Customs, Directorate General of Foreign Trade (DGFT), Special Economic Zone (SEZ), Foreign Exchange Dealers Association of India (FEDAI) and select Authorised Dealer banks (AD banks), to suggest putting in place a comprehensive IT- based system to facilitate efficient processing of all import transactions and effective monitoring thereof. The Working Group had recommended development of a robust and effective IT- based system Import Data Processing and Monitoring System (IDPMS) on the lines of Export Data Processing and Monitoring System (EDPMS) in consulta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dvance remittances in IDPMS, the following guidelines will be followed by the AD category I banks: 6. Write off of import bills i) AD Category I banks can consider closure of bills in IDPMS that involve write off to the extent of 5% of invoice value in cases where the amount declared in BoE varies from the actual remittance marginally due to discounts, fluctuation in exchange rates, change in the amount of freight, insurance, etc. Cases, where write off is on account of quality issues; short shipment or destruction of goods by the port / Customs / health authorities, may be closed with remarks subject to submission of satisfactory documentation for the same, irrespective of the amount involved. ii) While allowing write off, AD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... While granting extension of time, AD Category I banks must ensure that: a. The import transactions covered by the invoices are not under investigation by Directorate of Enforcement / Central Bureau of Investigation or other investigating agencies; b. While considering extension beyond one year from the date of remittance, the total outstanding of the importer does not exceed USD one million or 10 per cent of the average import remittances during the preceding two financial years, whichever is lower; and c. Where extension of time has been granted by the AD Category I banks, the date up to which extension has been granted may be indicated in the Remarks column. iii) Cases not covered by the above instructions / beyond th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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