Default in export realization may trigger licence suspension and IEC freezing unless proof of realization is submitted promptly. Default in realization of export proceeds under DEPB occurs when exporters fail to submit file-wise proof of realization in the prescribed format; they must submit bank evidence and obtain a closure memo, failing which they will be declared defaulters without further notice. Administrative consequences include stoppage of fresh licence issuance and freezing of the IEC at Customs. A proforma bank certificate is provided to record bank reference, shipping bill details, amounts realised in foreign exchange and rupees, date of realisation and required signatures.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Default in export realization may trigger licence suspension and IEC freezing unless proof of realization is submitted promptly.
Default in realization of export proceeds under DEPB occurs when exporters fail to submit file-wise proof of realization in the prescribed format; they must submit bank evidence and obtain a closure memo, failing which they will be declared defaulters without further notice. Administrative consequences include stoppage of fresh licence issuance and freezing of the IEC at Customs. A proforma bank certificate is provided to record bank reference, shipping bill details, amounts realised in foreign exchange and rupees, date of realisation and required signatures.
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