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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..... ING, STATUE CIRCLE, 'C' SCHEME, JAIPUR-05 C. No. VIII(H)9/CT/PN/11/2019 Dated: 09.10.2019 PUBLIC NOTICE NO. 30/019 Subject: Clarification regarding duty drawback allowed in cases of short realisation of export proceeds due to bank charges deducted by foreign banks. Representations have been received by the Board fro .....

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..... ion No, FEMA 23(R)2015-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 commissi .....

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..... ency commission and foreign bank charges respect of export shipments, it is seen that these deductions fall within the aforesaid overall limit of 125% 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, Field formations may consider on merits export .....

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