GR waiver closure

[Guest]

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

[Kishan Barai]

According to me there is no specific closer of GR waiver found in RBI Master Circularhttps://rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=7354

It is better you approach RBI & your CHA respectively.

AI Summary

GR waiver closure procedure unclear; seek formal bank guidance and customs agent assistance for documentation closure. An exporter obtained a GR waiver from the bank and declared the machine's written down value in the waiver and export invoice; after the manufacturer advised disposal, the exporter queried closure procedure for the GR waiver and customs documentation. The reply states no specific closure procedure is found in master circular guidance and advises approaching the issuing bank for formal confirmation and consulting the customs house agent to complete customs documentation closure.