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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.

Advance payment default: compounding recommended to regularize delayed export receipts and address bank classification consequences. Advance payment for export was received in the bank but the export occurred after one year, leading the bank to treat the receipt as a default; the advised remedial mechanism is compounding to regularise the delayed export realisation and correct the bank's classification. (AI Summary)
Customs - Exim - SEZ
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YAGAY andSUN on Mar 11, 2013

Compounding is the way out for such types of offences.

CASeetharaman KC on Mar 12, 2013
Please resort to compunding as suggested by learned Shri Khatri
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