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SIT directs Enforcement Directorate to take necessary action under FEMA with respect to 216 Companies with respect to the period before 1st March, 2016 and 572 Companies for the period after 1st March, 2016 for which each such Company had export proceeds pending for realisation for more than ₹ 100 crore;

News and Press Release - Dated:- 21-7-2016 - SIT also directed Directorate of Revenue Intelligence (DRI) to check from it s database on how many Companies have claimed duty drawback but have failed to bring export proceeds, take necessary action agai .....

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t Directorate and Directorate of Revenue Intelligence on a monthly basis. As per RBI regulations, all exporters have to bring foreign exchange into the country as export proceeds within one year of the date of exports. The data on whether a particula .....

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wback on exports made with respect to taxes paid on inputs to exports. Any exporter can claim duty drawback only if the exporter has brought export proceeds into the country. It is important for Directorate of Revenue Intelligence (DRI) also to have .....

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condly wrongful claim of duty drawback. The Special Investigation Team (SIT) had asked RBI to give details of exports made where exports proceeds were yet to be utilised even after a period of more than one year. In response, RBI provided data on Exp .....

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on 12th and 13th July, 2016. From the data provided by RBI, it emerged that huge amount of export proceeds have not been realized. The SIT directed as follows : Enforcement Directorate to take necessary action under FEMA wherever needed and specially .....

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