SIT directs Enforcement Directorate to take necessary action under FEMA with respect to 216 Companies with respect to the period before 1st March, 2016 and 572 Companies for the period after 1st March, 2016 for which each such Company had export proceeds pending for realisation for more than 100 crore; https://www.taxtmi.com/news?id=16401 Non-repatriation of export proceeds within one year violates FEMA and bars duty drawback entitlement. The SIT reviewed RBI data revealing many shipping bills with proceeds outstanding and directed initiation of FEMA action against exporters with significant pending receipts, mandated cross-checks of duty drawback claims against repatriation records with legal action where warranted, and instructed RBI to implement an IT red-flagging system and monthly data sharing with enforcement and revenue investigators. en-us Thu, 21 Jul 2016 16:57:52 +0530 Thu, 21 Jul 2016 16:57:52 +0530 TaxTMI RSS Generator SIT directs Enforcement Directorate to take necessary action under FEMA with respect to 216 Companies with respect to the period before 1st March, 2016 and 572 Companies for the period after 1st March, 2016 for which each such Company had export proceeds pending for realisation for more than 100 crore; https://www.taxtmi.com/news?id=16401 Non-repatriation of export proceeds within one year violates FEMA and bars duty drawback entitlement. The SIT reviewed RBI data revealing many shipping bills with proceeds outstanding and directed initiation of FEMA action against exporters with significant pending receipts, mandated cross-checks of duty drawback claims against repatriation records with legal action where warranted, and instructed RBI to implement an IT red-flagging system and monthly data sharing with enforcement and revenue investigators. News - Thu, 21 Jul 2016 16:57:52 +0530 https://www.taxtmi.com/news?id=16401