GR waiver closure

[GV MAHADEVAN]

An old machine was exported to its manufacturer for repair and return after obtaining GR waiver from the bank. WDV of the machine was reported in the GR waiver and also in the export invoice.

Manufacturer after inspection of the machine comments due to age of the machine repair may not yield desired results and advises disposal of the machine than spending money on repair and return. Based on the same we have decided to dispose of the machine.

What is the procedure for closure of GR waiver obtained from Bank and also closure of documentation at customs!!

Please respond.

Thanks and regards

Mahadevan

AI Summary

Guidance Sought for Closing GR Waiver on Unrepairable Exported Machine; No Specific RBI Procedure Found An individual sought advice on closing a GR waiver after exporting an old machine for repair, which was later deemed unrepairable by the manufacturer. They decided to dispose of the machine instead of repairing it. The query focused on the procedure for closing the GR waiver with the bank and customs documentation. A respondent suggested that there is no specific closure procedure in the RBI Master Circular and recommended contacting the Reserve Bank of India (RBI) and a Customs House Agent (CHA) for guidance.