Statutory Compilance for STP Units
If an industrial enterprise is operated simultaneously as a domestic and an EHTP/STP unit, such enterprise is bound to have two distinct identities and hence, two separate accounts, including the bank accounts. However, it is not necessary to have two separate legal entities, but the imports & exports made by the EHTP/STP units, must be distinguished from the business activities executed by the domestic unit. Accounts are to be maintained as under:
a) Maintenance of all Sales Invoices.
b) Maintenances of Fixed Asset Registers.
c) Maintenance of the Foreign Inward Remittance Certificate file (FIRC) & Bank Realization Certificate (BRC) file, in which the original of the FIRCs and BRCs are kept.
d) Maintenance of the contract file, where the copies of contracts received from buyers are maintained.
Banking
The enterprise can have as many bank accounts as it wishes to, but shall have to designate a single branch of the bank with whom all import & export documents will be submitted. In short, the work of handling of all shipping documents & realization of export proceeds, will have to be entrusted to this designated bank branch.