Delay in Utilization of Advance Received for Exports

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..... ub-regulation (1) of Regulation 16 of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 , notified vide Notification No. FEMA 23 / RB-2000, dated May 3, 2000 , as amended from time to time read with A.P. (DIR Series) Circular No. 105 dated May 20, 2013 , A.P. (DIR Series) Circular No. 108 dated June 11, 2013 and A.P. (DIR Series) Circular No. 37 dated November .....

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..... category -I banks should exercise proper due diligence and ensure compliance with KYC and AML guidelines so that only bonafide export advances flow into India. Doubtful cases as also instances of chronic defaulters may be referred to Directorate of Enforcement (DoE) for further investigation. A quarterly statement indicating details of such cases (as per Annex) may be forwarded to the concerned R .....

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..... Name Address of the Exporter Name Address of the Foreign buyer Details of Advance Received Amount outstanding (in case of part exports) Reasons for non-export If reference made to DoE Date Currency Amount Date Reasons .....

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