Cir. No.42/1998-RB, dt. 31/10/1998
- Document type
- Circular
- Dated
- Category
- ADMA (Series) Circular
Issue of Bank Certificates
EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI 400 001
A.D.(M.A. Series) Circular No.42 October 31, 1998
A.M.(F.L. Series) Circular No.2
A.M.(R.L. Series) Circular No.2
To
All Authorised Dealers in Foreign Exchange
All Authorised Full-fledged Money Changers
All Authorised Restricted Money Changers
Dear Sirs,
Issue of Bank Certificates
Attention of authorised dealers is invited to paragraph 3A.6(iii) of Exchange Control Manual(ECM) regarding issue of certificate of inward remittances in Form 10H for submission to Income-tax Authorities.
2. As the salaries of shipping crew-members are normally paid in foreign currency in cash, it will be in order for authorised dealers/money changers to issue certificates in Form 10H against encashment of foreign currency/travellers cheques surrendered by shipping crew-members. The certificate should be specially marked 'For Income-tax purpose' and the purpose of remittance should be indicated therein as 'salary of seamen'. No separate ECF should be issued in such cases.
3. It is clarified that in other cases of encashment of foreign currency notes/travellers cheques the certificate should be issued in Form ECF and not in form 10H.
4. Authorised dealers may bring the contents of this circular to the notice of their concerned constituents.
5. The directions contained in this circular have been issued under Section 73(3) of the Foreign Exchange Regulation Act, 1973 (46 of 1973) and any contravention or non-observance thereof is subject to the penalties prescribed under the Act.
Yours faithfully,
KHIZER AHMED
Chief General Manager