Clarification regarding duty drawback allowed in cases of short realisation Of export proceeds due to bank charges deducted by foreign banks

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..... 9.2019 PUBLIC NOTICE No. 41/2019 Subject:- Clarification regarding duty drawback allowed in cases of short realisation Of export proceeds due to bank charges deducted by foreign banks reg. Attention of all the Importers, Trade and Stake holders is drawn to the Board's Circular 33/2019 dated 10.09.2019. Representations have been received from Expo .....

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..... 15-RB dealing with Foreign Exchange Management (Export of Goods and Services) Regulations 2015. In respect of various export promotion schemes, para 2.52 of FTP 2015-20 also states that free foreign exchange remitted by buyer after deduction of bank service charges are taken as export realisation under export promotion schemes of FTP, Earlier also. in respect of agency commission paid to agents ab .....

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..... n bank charges in respect of export shipments, it is seen that these deductions fall within the aforesaid overall limit of 12.5% Of FOB value allowed by the Board. Agency commission and foreign bank charges, separately or jointly, exceeding this limit should be deducted from the FOB value for granting duty drawback 4. The exporter's requests for regularising such short realisatio .....

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