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Procedures for Furnishing the Forms : The declaration form GR (in duplicate) shall be submitted in duplicate to the commissioner of Customs. After duly verifying and authenticating the declaration form the Commissioner of Customs will forward the original form to the nearest office of the Reserve Bank. The duplicate form is handedover to the exporter for being submitted to the authorised dealer with whom the export documents are negotiated.
The declaration form PP (in duplicate) shall be submitted to the authorized dealer in foreign exchange named in the form. The authorised dealer shall countersign on the form and handover the original form to the exporter. The exporter will submit the form to the postal authorities through which the goods are being despatched. The postal authorities after despatch of the goods, shall forward the declaration form to the nearest office of the Reserve Bank. On realisation of export proceeds the authorised dealer shall after due certification submit the duplicate form to the nearest office of the Reserve Bank.
The declaration form VPJCOD (single copy) shall be submitted to the postal authority with the relative parcel at the time of despatch. The postal authority shall send the form to the nearest office of the Reserve Bank.
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Rate of Interest: The interest payable on pre-shipment finance is usually lower than the normal rate, provided the credit is extinguished by lodging the export bills on remittance
Commercial Dimension : From the point of view of an exporter, a transaction is complete as soon as the importer either pays for the bill of exchange on its presentation or he unde
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Legal Framework : Section 50 of the Indian Customs Act requires the exporter to file a declaration in a prescribed form and submit supporting documents to enable the customs autho
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