Export Realisation and Repatriation: exporters must repatriate full proceeds within prescribed period and banks must ensure compliance. The circular mandates that exporters declare transactions on EDF/SOFTEX forms, realise and repatriate export proceeds within prescribed periods, and route receipts through AD Category I banks under specified modes (including NOSTRO/ACU/OPGSP arrangements). AD Category I banks must perform due diligence, KYC/AML checks, retain and report duplicate declaration forms, monitor outstanding export bills via XOS/ENC returns, permit certain facilities (EEFC/DDA/foreign currency accounts, third party payments, set off/netting) subject to conditions, and follow procedures for extensions, write offs and audit verification.
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Provisions expressly mentioned in the judgment/order text.
Export Realisation and Repatriation: exporters must repatriate full proceeds within prescribed period and banks must ensure compliance.
The circular mandates that exporters declare transactions on EDF/SOFTEX forms, realise and repatriate export proceeds within prescribed periods, and route receipts through AD Category I banks under specified modes (including NOSTRO/ACU/OPGSP arrangements). AD Category I banks must perform due diligence, KYC/AML checks, retain and report duplicate declaration forms, monitor outstanding export bills via XOS/ENC returns, permit certain facilities (EEFC/DDA/foreign currency accounts, third party payments, set off/netting) subject to conditions, and follow procedures for extensions, write offs and audit verification.
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