NEW DELHI: The Directorate General of Foreign Trade (DGFT) has asked the companies, that have exported certain items including carpets, plumbing products, industrial equipment like electrical transformers etc, to Algeria to check up with their clients over bank formalities.
In a communication to the industry bodies, DGFT recently issues a notification for Companies having exported…items such as – Food preparation products (sauce, ketchup, mayonnaise); Food products (biscuits, confectionery, chocolate); Industrial equipment such as electrical transformers; Finished marble, finished granite; Finished plastic products, household finished plastic products; Plumbing products; and Carpets – to Algeria.
It said companies that have exported these products to Algeria may check up with their client id all bank formalities mainly the pre-authorized bank direct debit instruction, has been completed before July 4, 2017.
DGFT pointed that the Algerian Government has directed all its banks to suspend all direct debit instructions for import of mentioned products.
DGFT said in accordance with Article 29 of the regulation number 07-01 dated September 1, 2017, related to rules applied on transactions with foreign countries, the pre-authorized bank debit instruction is compulsory for making transfers/ fund repatriation, and clearing of goods.