Recovery of drawback where export proceeds not realised: procedure for notice, proportionate recovery, repayment and insurance exception. Drawback paid where export proceeds are not realised within the period allowed under FEMA is recoverable; authorities must issue notice and order recovery if evidence of realisation is not produced within thirty days, with proportionate recovery where part proceeds are realised. Recovery unpaid is effected under Rule 16. If proceeds are realised and evidenced within three months the recovered drawback is repayable, subject to extension by the Principal Commissioner or Commissioner upon payment of an application fee. An exception applies where non-realisation is compensated by ECGC insurance, RBI writes off realisation, and a foreign mission certificate is produced.
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Recovery of drawback where export proceeds not realised: procedure for notice, proportionate recovery, repayment and insurance exception.
Drawback paid where export proceeds are not realised within the period allowed under FEMA is recoverable; authorities must issue notice and order recovery if evidence of realisation is not produced within thirty days, with proportionate recovery where part proceeds are realised. Recovery unpaid is effected under Rule 16. If proceeds are realised and evidenced within three months the recovered drawback is repayable, subject to extension by the Principal Commissioner or Commissioner upon payment of an application fee. An exception applies where non-realisation is compensated by ECGC insurance, RBI writes off realisation, and a foreign mission certificate is produced.
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