Export advance compliance: banks must ensure timely shipment, report overdue advances and refer suspicious cases for enforcement. An exporter receiving an advance must complete shipment within the stipulated period; AD Category I banks must monitor overdue advances, exercise KYC and AML due diligence to ensure bona fide flows, refer doubtful or chronic defaulters to the Directorate of Enforcement, and submit a quarterly statement of overdue export advances as per the Annex within 21 days from quarter end, under powers conferred by the Foreign Exchange Management Act, 1999.
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.
Export advance compliance: banks must ensure timely shipment, report overdue advances and refer suspicious cases for enforcement.
An exporter receiving an advance must complete shipment within the stipulated period; AD Category I banks must monitor overdue advances, exercise KYC and AML due diligence to ensure bona fide flows, refer doubtful or chronic defaulters to the Directorate of Enforcement, and submit a quarterly statement of overdue export advances as per the Annex within 21 days from quarter end, under powers conferred by the Foreign Exchange Management Act, 1999.
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