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of <h1>Duty Drawback Allowed on Full FOB Value Without Deducting Foreign Bank Charges; Aligns with RBI and Export Schemes.</h1> The circular clarifies that duty drawback should be allowed on the full FOB value of exports without deducting foreign bank charges. This decision follows representations from exporters who faced recovery of duty drawbacks due to short realisation of export proceeds because of bank charges. The RBI and relevant export promotion schemes support treating such deductions as part of export realisation. The circular allows deductions for foreign bank charges within a 12.5% limit of the FOB value, aligning with past practices for agency commissions. Exporters can submit documentation to justify these deductions, and existing show cause notices will be addressed accordingly.
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