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of <h1>New Customs Circular: Exporters Must Submit Biannual Bank Realization Certificates Under Updated Drawback Scheme by March 31, 2009.</h1> The circular issued by the Commissioner of Customs outlines a new system for monitoring the realization of export proceeds under the Drawback Scheme. Due to the RBI's previous exemption for exports under $25,000, many transactions were not monitored. To address this, a Bank Realization Certificate (BRC) software has been developed. Exporters must declare details of their Authorized Dealers and submit BRCs or negative statements biannually. The system will track pending shipping bills and facilitate the recovery of drawbacks if necessary. The BRC module will be operational from March 31, 2009, ensuring compliance with export realization requirements.
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