Documentation
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FTP 2015-2020 describe the following mandatory documents for import and export.
- Bill of Lading/Airway bill
- Commercial invoice cum packing list
- shipping bill/bill of export/bill of entry (for imports)
(Other documents like certificate or origin, inspection certificate etc may be required as per the case).
13.1 Submission of documents to Bank
After shipment, it is obligatory to present the documents to the Bank within 21 days for onward dispatch to the foreign Bank for arranging payment. Documents should be drawn under Collection/Purchase/ Negotiation under L/C as the case may be, along with the following documents
- Bill of Exchange Letter of Credit (if shipment is under L/C)
- Invoice
- Packing List
- Airway Bill/Bill of Lading
- Declaration under Foreign Exchange
- Certificate of Origin/GSP
- Inspection Certificate, wherever necessary
- Any other document as required in the L/C or by the buyer or statutorily.
13.2 Realization of Export Proceeds
As per FTP 2015-20-20, all export contracts and invoices shall be denominated either in freely convertible currency of Indian rupees, but export proceeds should be realized in freely convertible currency except for export to Iran. Export proceeds should be realized in 9 months.
