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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Guidelines for Monitoring Export Proceeds Under Customs Act, 1962 and Drawback Rules, 1995: Software System, Reporting Changes.</h1> The circular addresses the monitoring of export proceeds realization under the Customs Act, 1962, and the Drawback Rules, 1995. It outlines the necessity for an internal monitoring system due to changes in reporting requirements by the RBI, which now excludes exports under $25,000. Exporters must submit certificates from authorized dealers detailing outstanding shipments quarterly or semi-annually, depending on their status. A software system has been developed to manage Bank Realization Certificates (BRCs) and issue alerts for non-compliance. Customs Houses will manage affidavits and track export proceeds, with audits conducted to prevent misuse of the drawback facility.
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