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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 against them as per law; Asks RBI to immediately develop an institutional mechanism and IT system to not only immediately red flag those cases where exports have been outstanding in violation of FEMA guidelines but share the complete data with Enforcemen .....

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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 this data so that they could cross check the data and see if any exporter who has not brought in export proceeds has claimed duty drawback or not. The country thus loses on two counts - first by not getting proceeds of exports for exports made and se .....

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