Exporter Bank formalities in India to write off export proceeds
According to Reserve Bank of India update as on 08th January 2021, the directions on Relaxation on export proceeds - the process of exporter bank in India is given below:
C.25 Write-off – relaxation
As announced in the Foreign Trade Policy (FTP), 2015-20, realization of export proceeds shall not be insisted upon under any of the Export Promotion Schemes under the said FTP, subject to the following conditions:
a) The write off on the basis of merits is allowed by the Reserve Bank or by AD Category – I bank on behalf of the Reserve Bank, as per extant guidelines;
b) The exporter produces a certificate from the Foreign Mission of India concerned, about the fact of non-recovery of export proceeds from the buyer; and
c) This would not be applicable in self write off cases.
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