Advance payment of exort sales

[satbir singhwahi]

advance payment received on 13.10.2011 in bank . Export  made on 15.01.2013. The export not made within one year of advance.  Now what is the procedure to get this payment adjusted against exort made. As Bank says it is default.  Is there any procedure to be followed with RBI to get default corrected.

AI Summary

Compounding Suggested to Resolve Export Payment Default Due to Delay Beyond One-Year Regulation by Reserve Bank of India An individual inquired about adjusting an advance payment received for an export sale, where the export occurred beyond the one-year timeframe stipulated by regulations. The bank has labeled this as a default. Two respondents advised that the issue could be resolved through compounding, a process that addresses such regulatory non-compliance, suggesting it as the appropriate course of action to correct the default with the Reserve Bank of India (RBI).