TMI BlogExport of Goods and Services – LiberalisationX X X X Extracts X X X X X X X X Extracts X X X X ..... s to exporters in respect of outstanding / overdue export bills 2. With a view to simplifying and liberalising the procedure, providing full flexibility to all exporters and reducing the paper work associated with seeking extension of time or reduction in invoice value or write-off, it has been decided to allow all exporters (including Status Holder) to : - write-off (including reduction in invoice value) outstanding export dues, and extend the prescribed period of realisation beyond 180 days or further period as applicable, provided , the aggregate value of such export bills written-off (including reduction in invoice value) and bills extended for realisation does not exceed 10 per cent of the export proceeds due during ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r enclosed format, giving details of export proceeds due, realised and not realised to the concerned Authorised Dealer. Export bills due in the year 2004, for which exporter has extended the period of realisation on his own (within the 10 per cent limit) or sought extension of time from the Authorised Dealer but unrealised as at the end of calendar year 2004, will be computed for export proceeds due in the following year. The Authorised Dealer will be required to verify the statement with his records and review the export performance of the exporter during the calendar year to ascertain that in cases where the 10 per cent limit of self extension, write-off (including reduction in invoice value) and non-realisation has been breached, exporte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tement with the remark 'extended by the exporter'. 7. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. 8. The directions in this circular have been issued under Sections 10 (4) and 11(1) of the FEMA, 1999 (42 of 1999). Yours faithfully, Grace Koshie Chief General Manager Annual statement Word Annual statement to be furnished to Authorised Dealers by exporters giving details of export performance during the calendar year ended December 31,………. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r extension of time in respect of bills in Column (3) in PART B. 2)Total of Bills in column.( 2) in PART B should not exceed 10% of those in Column.1 of PART A 3) From 2005 onwards, Bills in column 1 of PART A will include those which have been extended for realisation by the exporter himself or with the approval of AD/RBI. 4) In respect of export bills written off (including reduction in invoice value), evidence for surrender of export incentives to be produced. @ For cases of extension Exporter's Signature: ..... X X X X Extracts X X X X X X X X Extracts X X X X
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