8B.17
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Remittances to Foreign Courier Companies
(i) Indian Courier Companies/firms enter into tie-up arrangements with their overseas counterparts for providing mutual assistance for delivery of parcels/documents. Courier companies may apply for No Objection to the tie-up to Regional Office of Reserve Bank through a designated branch of an authorised dealer with full details of the arrangement. Reserve Bank will authorise the designated branches of authorised dealers to allow remittances towards services/handling etc. charges. The designated branches of authorised dealers may allow the remittances for these services after obtaining duly filled in statement in form RCC together with a certificate from Chartered Accountant/Auditor that the amount applied for remittance has been checked with reference to invoices received from overseas company and invoices raised by the Indian company and applicable rates and the amount applied for remittance has been found correct. Authorised dealers may also obtain undertaking/certificate regarding payment of income-tax (cf. paragraph 3B.10).
(ii) Authorised dealers may call for Chartered Accountants certificate giving details of all receivables from overseas counterparts. In cases where the receivables from the same overseas counterparty outstanding for more than 6 months exceed U.S.$ 2500 no remittance should be allowed without prior approval of Reserve Bank.