AD Code Registration
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AD Code Registration: An In-Depth Overview
The AD Code (Authorized Dealer Code) is a unique code issued by an authorized dealer bank in India. It is mandatory for individuals and businesses engaged in foreign exchange transactions. AD Code registration is an essential process for facilitating international trade and financial transactions. Below are the key points related to AD Code registration:
Introduction to AD Code Registration:
What is AD Code?
AD Code, or Authorized Dealer Code, is a unique 14-digit code issued by authorized dealer banks in India.
It is a prerequisite for businesses and individuals involved in foreign exchange transactions.
Purpose of AD Code Registration:
Streamlining Transactions:
AD Code registration is essential for streamlining and monitoring foreign exchange transactions.
RBI Reporting:
It facilitates the reporting of foreign exchange transactions to the Reserve Bank of India (RBI).
Entities Requiring AD Code:
Businesses engaged in international trade, import, and export activities.
Individuals or entities receiving foreign remittances.
Companies participating in foreign collaborations or joint ventures.
Importance of AD Code in Transactions:
In Foreign Exchange Transactions:
AD Code is used in all foreign exchange transactions, including import and export payments.
Online Filing:
Mandatory for online filing of Shipping Bills and receiving export proceeds.
AD Code and Export Transactions:
Shipping Bills:
AD Code needs to be mentioned on the shipping bills for export transactions.
Realizing Export Proceeds:
Exporters must ensure that export proceeds are realized through the AD Code.
AD Code and Import Transactions:
Making Payments:
Required for making payments to foreign suppliers in import transactions.
Bill of Entry:
Importers use the AD Code while filing Bill of Entry and other import-related documents.
Maintenance of Records:
Entities with an AD Code must maintain proper records of foreign exchange transactions.
Periodic audits by authorized dealers to ensure compliance.
Compliance with RBI Guidelines:
AD Code registration is subject to compliance with guidelines and regulations issued by the RBI.
Periodic Renewal:
Some authorized dealer banks may require periodic renewal of the AD Code registration.
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Required Document List
- AD Code authorization letter on banker’s letterhead.
- GST registration certificate.
- Cancelled cheque.
- Importer Exporter Code(IEC) Certificate.
- Company’s PAN.
- Board resolution (For company only)
- Director or Partner or Proprietor basic info (PAN, Aadhaar card, Voter ID, Passport Copy)
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