9911796707
TMI BlogExternal Trade– Facilitation- Export of Goods and ServicesX X X X Extracts X X X X X X X X Extracts X X X X ..... ies) Circular No. 6 dated August 13, 2008, AD banks have been allowed to regularise cases of dispatch of shipping documents by the exporter direct to the consignee or his agent resident in the country of the final destination of goods, up to USD 1 million or its equivalent per export shipment. 1.2 With a view to simplify the procedure, it has been decided to do away with the limit of USD 1 million per export shipment. 1.3 Accordingly, AD banks may regularize such direct dispatch of shipping documents irrespective of the value of export shipment, subject to following conditions: a) The export proceeds have been realized in full except for the amount written off, if any, in accordance with the extant provisions for write off. b) The e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the undernoted categories: i) The overseas buyer has been declared insolvent and a certificate from the official liquidator, indicating that there is no possibility of recovery of export proceeds, has been produced. ii) The unrealized amount represents the balance due in a case settled through the intervention of the Indian Embassy, Foreign Chamber of Commerce or similar Organization; iii) The goods exported have been auctioned or destroyed by the Port / Customs / Health authorities in the importing country; iv) The overseas buyer is not traceable over a reasonably long period of time. v) The unrealized amount represents the undrawn balance of an export bill (not exceeding 10% of the invoice value) remaining outstanding that tur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ves, if any, availed of in respect of the relative export bill. 2.6 In case of self-write off, the AD bank shall obtain from the exporter, a certificate from Chartered Accountant indicating the export realization in the preceding calendar year and details of the amount of write-off, if any, already availed of during the current calendar year along with the requisite details of the EDF/Export Bill under the write-off request. The certificate shall also indicate that the export incentives, if any, availed by the exporter have been surrendered. 2.7 The following cases, however, would not qualify for the "write-off" facility: a. Exports made to countries with externalization problem i.e. where the overseas buyer has deposited the value of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the instructions contained in circular A.P. (DIR Series) Circular No 47 dated November 17, 2011, are issued as under: The AD bank may allow set-off of outstanding export receivables against outstanding import payables, subject to the following conditions: a) The arrangement shall be operationalized/supervised through/by one AD bank only b) AD bank is satisfied with the bonafides of the transactions and ensures that there are no KYC/AML/CFT concerns; c) The invoices under the transaction are not under investigation by Directorate of Enforcement/Central Bureau of Investigation or any other investigative agency; d) Import/export of goods/services has been undertaken as per the extant Foreign Trade policy e) The export / impo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the remark column (including details of entities involved) 4. Refund of Export Proceeds 4.1 Attention is invited to A. P. (DIR Series) Circular No.37 dated April 05, 2007, in terms of which AD banks, through whom the export proceeds were originally realised, were allowed to consider requests for refund of export proceeds of goods exported from India and being reimported into India on account of poor quality. 4.2 There have been instances when re-importing of goods has not been possible as the exported goods had reportedly been auctioned or destroyed in the importing country. 4.3 The instructions have been reviewed and henceforth AD banks, while permitting refund of export proceeds of goods exported from India, shall: (i) Exer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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