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TMI BlogClarification regarding duty drawback allowed in cases of short realisation of export proceeds due to bank charges deducted by foreign banksX X X X Extracts X X X X X X X X Extracts X X X X ..... Vijayawada - 520 007 C. No. VIII/09/02/2019-Cus.TFC.PF-I Date: 26.09.2019 PUBLIC NOTICE NO. 31/2019-cus 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, Exporters, Custo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been requested such short realised export sale proceeds may be considered as full realisation and that duty drawback not be recovered for such short realisation. 3. The matter has been examined. In this regard, RBI has clarified that such deductions are enabled under notification No. FEMA 23(R)2015-RB dealing with Foreign Exchange Management (Export of Goods and Services) Regulation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thout deducting foreign bank charges. It is further clarified that since agency commission up to the limit of 12.5% of the FOB value has been allowed, such deduction on account of foreign bank charges is allowed within this overall limit of 12.5% of the FOB value. From the average rates of agency commission and foreign bank charges in respect of export shipments, it is seen that these deductions f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tituent members for implementation and guidance. 7. Action to be taken in terms of decisions taken in this Public Notice should be considered as Standing Order for the purpose of officers and staff. 8. Any difficulty, experienced in the implementation, may be brought to the notice of the undersigned. (S. FAHEEM AHMED) PRINCIPAL COMMISSIONER ..... X X X X Extracts X X X X X X X X Extracts X X X X
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