Self write-off on export proceeds not realied, Customs - Exim - SEZ

[Narendra Soni]

Dear Experts,

Kindly suggest meaning of "self write off" mentioned in para 2.87 of FTP, If we self write off in our books of account, then whether any pay back of incentives/benefit availed under FTP is required to DGFT/Customs.The relevent para is re produced as under:-

2.87 RBI write-off on export proceeds realization

Realization of export proceeds shall not be insisted under Foreign Trade Policy, if the Reserve Bank of India (RBI) or any “Authorised Bank” (authorised by RBI for this purpose) writes off the requirement of realization of export proceeds on merits and the exporter produces a certificate from the concerned Foreign Mission of India about the fact of non-recovery of export proceeds from the buyer. However, this would not be applicable in self - write off cases.

Kindly suggest at the earliest.

Posts / Replies

[YAGAY AND SUN]

Please check para C.20 of the RBI/2014-15/5, Master Circular No.14/2014-15 July 01, 2014 (Updated upto February 9, 2015).