| 1. | |
A Buyer in India shall purchase these paintings in foreign currency and pay through a US dollar check or US Dollar draft obtained from an Authorized dealer or pay by way of a direct wire transfer through an Authorized Dealer, by making an application in Form A1 against payment in INR.
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| 2. | |
Buyers in India will be responsible for verifying availability of foreign currency funds and their individual entitlements. Each buyer must verify that they have the sufficient foreign currency allowance prior to purchasing. Buyers in India shall also ensure that they comply with all the rules and regulations, as made from time to time, by Reserve Bank of India with reference to payments for purchase / import of paintings.
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| 3. | |
Please note that Authorized Dealers can allow advance remittance for import of goods without any ceiling provided the remittance is made to the supplier directly. Also in case the remittance exceeds USD 100,000/- an unconditional & irrevocable standby Letter of Credit or a guarantee from an international bank of repute situated outside India is required to be obtained by the buyer. (Circular RBI2006-07/26 Master Cicular No. /08/2006-07 dated 1st July, 2006.)
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| 4. | |
All payments must be made within 7 business days of the auction closing. Any payment made after 7 business days, will incur an interest penalty fee of 12% (annual).
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| 5. | |
If the painting is delivered in India, then in addition to the shipping, packing, clearing and associated costs, the customs duty at prevailing rates will have to be borne by the buyer.
| (i) | |
These paintings fall under Chapter 97 of Schedule I to the Customs Tarrif Act, 1975 with HS (Harmonised System) Code 9701.10. The total duty on the import of these paintings is estimated between 20% - 25%. The exact value of the customs duty will be determined by the customs officials once the paintings are in India. |
| (ii) | |
The Custom duty will be calculated on the Assessable Value. The Assessable Value is the total of: CIF (Cost Insurance Freight Value) value + an additional 1% of the calculated CIF value. |
| (iii) | |
CIF value is the value of goods at time and place of import i.e. it includes cost of painting, shipping and packing charges and insurance, as applicable. |
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| 6. | |
For paintings delivered outside India, then the respective taxes of the said country in addition to the Shipping and Packing cost will have to be borne by the Buyer.
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| 7. | |
Once payment is received in full, the painting will be delivered to the address provided by the Buyer.
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Disclaimer Clause: The shipping charges calculated are based on the information made available to us by our carriers. Any revisions and additional duties, taxes, charges imposed at the time of delivery will be borne by the consignee wherever applicable.
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I agree to the above-mentioned Terms & Conditions in addition to the General Terms & Conditions of sale |
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| Name: |
_________________________________ |
| Signature: |
_________________________________ |
| Date: |
_________________________________ |
Please print this declaration, sign it and fax it back to the Saffronart office at (91 22) 2432 1187
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Saffron Art Pvt Ltd, Industry Manor, Prabhadevi, Mumbai 400025, India
Tel: (91 22) 2436 4113 Fax: (91 22) 2432 1187 |