7A.29
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Import of films on lease/rental basis
Authorised dealers may allow remittance of rent, royalty, licence fee, profit, etc. in connection with import of cinematograph feature films and video films subject to the following conditions :
(i) Import has been made in accordance with provisions of Exim Policy in force.
(ii) A No Objection Certificate from Central Board of Film Certification, wherever required, has been submitted.
(iii) Exchange Control copy of Bill of Entry for Home Consumption has been submitted as evidence of import.
(iv) The remittance is in accordance with the agreement entered into between the overseas supplier and importer. A certified copy of the contract/agreement should be retained by authorised dealer for record.
(v) A Chartered Accountants certificate is produced indicating that the payment to overseas supplier is due and the amount sought to be remitted is as per the terms of contract.
(vi) Undertaking/Certificate regarding payment of income-tax has been submitted (cf. paragraph 3B.10).