Export of Goods and Services Refund of Export Proceeds - Liberalisation

Refund of export proceeds permitted where goods are re imported for poor quality, subject to bank due diligence and conditions.

Refund of export proceeds is permitted where goods exported from India are being re imported on account of poor quality; AD Category I banks that realised the proceeds may consider requests provided they exercise due diligence on the exporter, verify bonafides, obtain a certificate confirming no incentives were availed or that proportionate incentives were surrendered, secure an undertaking that goods will be re imported within three months of remittance, and ensure compliance with normal import procedures.