Importer No longer required to furnish Quarterly Returns for Import of Water-Mark Bank Note Paper: DGFT [Read Notification]

Importer - import of Water-mark Bank Note Paper - DGFT - Taxscan

The Director-General of Foreign Trade (DGFT) notified that the importer is no longer required to furnish quarterly returns for import of Water-mark Bank-Note Paper.

As per the existing policy, the Import of Water-mark Bank Note Paper may be made, without an import license, by the Note Printing Presses of the Government of India, namely, Currency Note Press, Nasik; Bank Note Press, Dewas both units of Security Printing and Minting Corporation of India Limited (SPMCIL); Bharatiya Reserve Bank Note Mudran Ltd. (BRBNMPL)units in Mysore, Salboni and Bangalore, subject to submission of a certificate of import from the Head of units and with actual user condition.

However, the revised Policy Condition is that import of Water-mark Bank Note Paper may be made, without an import license, by the Note Printing Presses of the Government of India, namely, Currency Note Press, Nasik; Bank Note Press, Dewas both units of Security Printing and Minting Corporation of India Limited (SPMCIL); Bharatiya Reserve Bank Note Mudran Private Ltd. (BRBNMPL) units in Mysore, Salboni and Bangalore, subject to submission of a certificate of import from the Head of units and with actual user condition.

The condition mandating the importer to furnish quarterly returns of the quantity and value of the imports made by him to the Ministry of Finance for the quarters ending 30th June, 30th September, 31st December, and 31st March of each financial year, within 30 days of the close of the quarter concerned, has now been deleted by the DGFT.

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