8B.15
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Remittance of Freight in respect of vessels chartered by Public Sector Undertakings (PSUs)
(i) PSUs desirous of remitting approved percentage of freight in respect of voyage charter of vessels chartered by them on the basis of Fixture Note issued by TRANSCHART (chartering wing of Ministry of Surface Transport) pending submission of documents as per paragraph 8B.12 may approach their bankers with the original Fixture Note issued by TRANSCHART.
The authorised dealer may, after verifying original Fixture Note issued by TRANSCHART, allow remittance to the extent of percentage of freight indicated therein. The balance amount of freight including claims towards demurrage, if any, may be allowed by the same authorised dealer after obtaining and scrutinising the documents listed in paragraph 8B.12(i) and 8B.12(iii). The authorised dealer concerned should ensure that the application for the balance amount of freight alongwith the required documents are submitted to him within a period of forty five days from the date of making remittance of approved percentage of freight. Non-submission of the application/documents within stipulated period should immediately be brought to the notice of the concerned Regional Office of Reserve Bank.
(ii) A proper record of the remittance allowed and the documents verified should be kept by the authorised dealer for verification by their internal auditors/Reserve Bank officials.