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of <h1>Customs Circular: Duty Drawbacks Must Be Recovered If Export Proceeds Aren't Realized, Regardless of ECGC or RBI Waivers.</h1> The circular from the Central Board of Excise & Customs addresses the recovery of duty drawback amounts when export proceeds are not realized. According to Section 75 of the Customs Act, 1962, drawbacks must be recovered if sale proceeds are not realized within the timeframe allowed by the Foreign Exchange Management Act, 1999. Despite provisions in the Foreign Trade Policy allowing payment through ECGC cover, the circular clarifies that these provisions do not apply to the drawback scheme. Therefore, drawbacks must be recovered even if claims are settled by ECGC or waived by the Reserve Bank of India. Public notices and standing orders should be issued to guide compliance.
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