What changed
RBI introduced a streamlined GR declaration procedure for mid-sea trans-shipment of catch by Indian-owned deep sea fishing vessels, replacing the earlier 1993 instructions. The new process allows the vessel master to sign the GR form in lieu of customs certification, with the date of transfer treated as the shipment date. A certificate from an international cargo surveyor is now mandatory, and the Bill of Lading must include the GR form number.
What it means for you
Banks handling export documents for deep sea fishing firms must accept GR forms signed by the vessel master, not customs, for mid-sea transfers. The realization period starts from the earlier of the transfer date or invoice date, requiring careful tracking. AD Category-I banks need to update their internal procedures and inform fishing industry clients about the new compliance steps.
What you must do
- Update internal export documentation checklists to accept GR forms signed by vessel master for mid-sea trans-shipments.
- Inform fishing vessel clients about the new GR procedure, including the need for international cargo surveyor certificates.
- Ensure Bill of Lading or trans-shipment receipts include the GR form number for all such exports.
- Train staff to calculate realization period from the earlier of transfer date (master-certified) or invoice date.
- Verify that GR forms reference the Ministry of Agriculture Letter of Permission number and date.
Who it affects
AD Category-I banks handling export documents for deep sea fishing, Indian-owned deep sea fishing vessel operators with Ministry of Agriculture LOP, Exporters of marine catch via mid-sea trans-shipment, International cargo surveyors listed in RBI's updated annex
What replaces customs certification on the GR form for mid-sea trans-shipment?
The master of the vessel can sign the GR form in lieu of customs certification, as per the new procedure.
When does the export realization period start for these transactions?
The period starts from the earlier of the date of transfer of catch (certified by the master) or the invoice date.
Do the old 1993 instructions still apply?
No, the earlier AD (MA Series) Circular No. 15 dated May 31, 1993, is superseded by this circular.