Showing declared value on 'Bill of Lading' not mandatory, says expert

Rule 3 of the Rules Relating to the Bill of Lading (BL) set out in the Schedule to the Carriage of Goods by Sea Act, 1925, does not mandate that the value of the goods should be mentioned in the bill

Q. We want to import Iran-origin material through a third-country seller, either in US dollars or in another currency, such as AED or Hong Kong dollars. When they want to send payment in advance to the seller, their bank did not accept payment either in USD or any other currency. The bank says they are regularly dealing in USD through their correspondent bank in the USA, and so, they want to avoid banking transactions related to Iran-origin goods. What are the RBI guidelines in this regard?

As per Regulation 5 (2) (b) of the Foreign Exchange Management (Manner of Receipt