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of <h1>Exporters Must Complete Shipments on Time; Banks to Report Delays and Submit Quarterly Statements per RBI Guidelines.</h1> The circular addresses the issue of delays in utilizing advance payments received for exports by exporters. It reminds Category-I Authorized Dealer banks of their obligation to ensure that exporters complete shipments within the stipulated time after receiving advance payments. The circular emphasizes the need for due diligence and compliance with KYC and AML guidelines to ensure only legitimate export advances are received. Banks are instructed to report doubtful cases and chronic defaulters to the Directorate of Enforcement for investigation. A quarterly statement of overdue export advances must be submitted to the Reserve Bank of India's regional offices.
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