RbiSearchHeader

Press escape key to go back

Past Searches

Theme
Theme
Text Size
Text Size
S3

Notification Marquee

RBI Announcements
RBI Announcements

RbiAnnouncementWeb

RBI Announcements
RBI Announcements

Asset Publisher

79177961

"Write-off" of unrealised export bills-Surrender of export incentives
A.P.(DIR Series) Circular No.61(December 14, 2002)

Reserve Bank of India
Exchange Control Department
Central Office
Mumbai-400 001

December 14, 2002

A.P.(DIR Series) Circular No.61

To
All Authorised Dealers in Foreign Exchange

Madam/Sirs,

"Write-off" of unrealised export bills-
Surrender of export incentives

Attention of authorised dealers is invited to paragraph C.18 of A.P (DIR Series) Circular No.12 dated September 9, 2000 in terms of which they have been permitted to allow "write-off" of unrealised export dues and A.P. (DIR Series) Circular No.30 dated April 4, 2001 in terms of which authorised dealers have been granted powers to permit "write-off" annually upto 5% of average annual realisation to status holder exporters subject to certain conditions.

2. While permitting "write-off" one of the conditions specified is that the export benefits, if any, availed of by the exporter are surrendered. It has, however, been brought to our notice that there were instances where exporters had not surrendered export incentives in respect of export bills for which "write-off" were permitted by their bankers.

3. With a view to ensuring that exporters invariably surrender the export incentives in respect of export bills for which they seek "write-off", authorised dealers should obtain document/s evidencing surrender of export incentives availed of before permitting the relevant outstanding bills to be written off.

4. The authorised dealers are advised to put in a place a system under which their internal inspectors or auditors (including external auditors appointed by authorised dealers) carry out random sample check/percentage check of outstanding export bills written off.

5. The authorised dealers may please note that the terms and conditions stipulated in the circulars referred to above remain unchanged.

6. Authorised dealers may bring the contents of the circular to the notice of their constituents concerned.

7. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA, 1999 (42 of 1999).

Yours faithfully,

Grace Koshie
Chief General Manager

RbiTtsCommonUtility

प्ले हो रहा है
കേൾക്കുക

Related Assets

RBI-Install-RBI-Content-Global

RbiSocialMediaUtility

റിസർവ് ബാങ്ക് ഓഫ് ഇന്ത്യ മൊബൈൽ ആപ്ലിക്കേഷൻ ഇൻസ്റ്റാൾ ചെയ്ത് ഏറ്റവും പുതിയ വാർത്തകളിലേക്ക് വേഗത്തിലുള്ള ആക്സസ് നേടുക!

Scan Your QR code to Install our app

RbiWasItHelpfulUtility

ഈ പേജ് സഹായകരമായിരുന്നോ?