Export of Goods and Services – Liberalisation

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....t of outstanding / overdue export bills 2. With a view to simplifying and liberalising the procedure, providing full flexibility to all exporters and reducing the paper work associated with seeking extension of time or reduction in invoice value or write-off, it has been decided to allow all exporters (including Status Holder) to : - * write-off (including reduction in invoice value) outstanding export dues, and * extend the prescribed period of realisation beyond 180 days or further period as applicable, provided, the aggregate value of such export bills written-off (including reduction in invoice value) and bills extended for realisation does not exceed 10 per cent of the export proceeds due during the calendar year and such expor....

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....export proceeds due, realised and not realised to the concerned Authorised Dealer. Export bills due in the year 2004, for which exporter has extended the period of realisation on his own (within the 10 per cent limit) or sought extension of time from the Authorised Dealer but unrealised as at the end of calendar year 2004, will be computed for export proceeds due in the following year. The Authorised Dealer will be required to verify the statement with his records and review the export performance of the exporter during the calendar year to ascertain that in cases where the 10 per cent limit of self extension, write-off (including reduction in invoice value) and non-realisation has been breached, exporter has sought necessary approval for w....

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....r'. 7. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. 8. The directions in this circular have been issued under Sections 10 (4) and 11(1) of the FEMA, 1999 (42 of 1999). Yours faithfully, Grace Koshie Chief General Manager Annual statement Word Annual statement to be furnished to Authorised Dealers by exporters giving details of export performance during the calendar year ended December 31,………. (Amount in Rs 000s) Total Export Proceeds Due within the prescribed period of 180 days or loger period as applicable No of GR/SOFTEX/SDF/PP Amount forms due Total Export Proceeds realised within the prescribed period of 180 days or longer period as applicable No of GR/S....