9911796707
TMI BlogSystems Alert for Monitoring Realization of Export Proceeds in EDI - reg.X X X X Extracts X X X X X X X X Extracts X X X X ..... late Tribunal, New Delhi. Sir/Madam, Subject: Systems Alert for Monitoring Realization of Export Proceeds in EDI - reg. I am directed to invite your attention to the above mentioned subject. 2. In terms of the provisions of Section 75 (1) of the Customs Act, 1962 read with sub-rule 16A (1) of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995, where an amount of drawback has been paid to an exporter but the sale proceeds in respect of such export goods have not been realized within the time allowed under the Foreign Exchange Management Act (FEMA), 1999, such drawback amount is to be recovered. Sub-rule 16A (2) stipulates that if the exporter fails to produce evidence in respect of realization of export proceeds wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y in this regard, and subsequently, the matter was examined by the Board. For monitoring the realization of export proceeds for drawback purposes, the Board has decided that the exporters will submit a certificate from the authorized dealer (s) or chartered accountant providing details of shipment which remain outstanding beyond the prescribed time limit including the extended time, if any, allowed by the authorized dealer/RBI on a 6 monthly basis. Such certificate shall be furnished by the exporter, authorised dealer wise for each port. In order to put the exporters on notice at the time of export itself, an endorsement on the exporter's copy of shipping bill would be made specifying the due date for realization of export proceeds. 5. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y and July in respect of exports which have become due for realization in the previous 6 months. For example, for the six-monthly period of January-June 2008 (during which exports were effected), the statement/BRC needs to be submitted by the 7th July, 2009. (e) Such certificates shall be filed by the exporter AD wise at each port. The relevant date for filing certificates shall be the date of let export order (LEO) which is the date when the export goods are in effect permitted to be exported. (f) The software shall indicate list of the shipping bills under drawback where the BRC/negative statement has not been furnished by the exporter within the prescribed date. The Assistant Commissioner / Deputy Commissioner (Export) may peruse such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the list of S/Bs from the pendency list if drawback is recovered subsequently. In such cases, the officer may choose option (1) and enter the order no./challan no. and date and also the no. and date of all shipping Bills for which the drawback has been realized. Thereafter, all such S/Bs will be deleted from the pendency list. 6. Each Custom House shall create a special cell for management of declarations, amendments thereto, Annexure certificates, registers etc. The cell shall be responsible for keeping the Declarations and other relevant papers in a proper manner and tracking the remittance of export proceeds. Further, officers will be specially designated by the Commissioner to verify the BRC/negative statement and to make entries in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iod of audit should be maintained. 9. A suitable Public Notice and Standing Order may be issued for the guidance of the trade and staff. Difficulties faced, if any, in implementation of the Circular may be brought to the notice of the Board at an early date. Receipt of the Circular may kindly be acknowledged. Yours faithfully, (Pramod Kumar) Technical Officer (DBK) Annexure (Certificate in case provided by the Authorized dealer) ANNEXURE Certificate in case provided by the Authorized dealer. This is to certify that the export proceeds in respect of export shipments made by M/s_____________________ during the period ___________ for which the documents have been processed by us have been received except for the following consignment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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