non realisation of export proceeds

[khwaja anwar]

Dear Sir,

We are a 100% EOU having the pending non realised export proceeds from more than two years even after our best efforts & as per best of our knowledge the consignee as per A.D. is bankrupt & there are no chance of realisation now.

We wants to know what to do in such a case as we have been issued the SCN by NEPZ in this regard.

Thanks

Khwaja

[YAGAY andSUN]

You may writse off this non realised export proceeds as per the RBI norms up-to 10% of the export performance of the previous last three years.

Any benefit availed by you, will be reversed in this regard.

AI Summary

Non-realisation of export proceeds: eligible for banking write-off within prescribed export performance limits; related benefits must be reversed. Exporter (100% EOU) may write off non-realised export proceeds in accordance with banking write-off norms, up to the prescribed proportion of export performance measured over the preceding three years; any export benefits availed in respect of those proceeds must be reversed. A show cause notice issued by the export processing zone for non-realisation should be met by demonstrating compliance with the write-off procedure and benefit reversal requirements.