TaxTMI 
TaxTMI 
Introduction of new facility for payment of refund amount directly to Importers Bank Accounts instead of by way of issuing of cheques reg.
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....O. 16/2010 SUB: Introduction of new facility for payment of refund amount directly to Importers Bank Accounts instead of by way of issuing of cheques reg. Attention of all concerned is drawn to the Standing Order No. 01/2009 Dated 02/02/2009 and Public Notice No. 91/2009 Dated 30/11/2009 regarding procedure for payment of SAD refund amount in pursuance of Notification No.102/2007 Customs dated 1....
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.... cheques are returned back by the postal authorities owing to the address being of importers godown or incomplete or changed. Also many a times there are cases of signature mismatch or human errors in writing of amount in words or figures or other particulars on the cheques. Further, the cheques exceeding certain value rquire verification from RBI. All these factors lead to considerable delay in r....
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....ants who desire to avail the facility shall provide an authorization in duplicate in the format annexed to this notice. (iv) Their shall be no change in the existing procedure till the refund is sanctioned and the Order-in-Original for refund is issued. However, under the new facility the Refund Orders would bear a remark as For payment of refund amount to Importers Bank Account and it would not....
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....er RBI guide lines and would intimate the importer concerned about the payment through e-mail. Presently the NEFT/RTGS service charges are- ₹ 5/- per transaction for an amount upto ₹ 1 lakh, ₹ 25/- per transaction for an amount above ₹ 1 lakh upto ₹ 5 lakhs and ₹ 50/- per transaction for an amount over ₹ 5 lakhs. 4. With introduction of above facility, wh....