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TMI BlogLiberalisation of Export and Import proceduresX X X X Extracts X X X X X X X X Extracts X X X X ..... ory - I (AD Category - I) banks, the following relaxations have been made in the areas of exports and imports and foreign currency accounts : A. EXPORTS I. Extension of Time for Realisation of Export Proceeds In terms of A. P. (DIR Series) Circular No. 20 dated January 28, 2002, read with A. P. (DIR Series) Circular No. 31 dated April 21, 2006, AD Category - I banks have been delegated powers to extend the period of realisation of export proceeds in certain cases beyond six months, upto a period of three months at a time, where the invoice value of the export does not exceed USD one million or its equivalent. It has now been decided to authorise AD Category - I banks to allow further extension of time and also to remove the ceilin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated April 4, 2001 read with A. P. (DIR Series) Circular No. 40 dated December 5, 2003, Status Holder exporters are permitted to write-off outstanding bills upto an annual limit of 5 per cent of their average annual realisations during the preceding three calendar years, subject to certain conditions. Furthermore, all exporters, including Status Holder exporters, are allowed to write off 10 per cent of the export proceeds due during the calendar year, subject to certain conditions. With a view to rationalise the existing facility, it has been decided that Status Holder exporters may write-off outstanding export dues to the extent of (i) 5 per cent of their average annual realisation during the preceding three financial years or (ii) 10 pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and the realisation of export proceeds is not delayed beyond the period of six months from the date of export. It has been decided to allow reduction in value up to 25 per cent of the invoice. Accordingly, AD Category - I banks may allow reduction in the invoice value upto 25 per cent of the invoice subject to the conditions mentioned in A. P. (DIR Series) Circular No. 12 dated September 9, 2000. B. IMPORTS Import Bills - Credit Report on the Overseas Supplier In terms of para A 12 (ii) of A. P. (DIR Series) Circular No. 106 dated June 19, 2003 read with A. P. (DIR Series) Circular No. 66 dated February 6, 2004, AD Category - I banks are required to obtain credit report on the overseas supplier from their banker / reputed cre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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