Delay in Utilization of Advance Received for Exports

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Received for Exports Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to the sub-regulation (1) of Regulation 16 of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, notified vide Notification No. FEMA 23 / RB-2000, dated May 3, 2000, as amended from time to time read with A.P. (DIR Series) Circular No. 105 dated May 20, 2013, A.P. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ort of goods) are completed within the stipulated time period. 3. It is further reiterated that AD category -I banks should exercise proper due diligence and ensure compliance with KYC and AML guidelines so that only bonafide export advances flow into India. Doubtful cases as also instances of chronic defaulters may be referred to Directorate of Enforcement (DoE) for further investigation. A qu....