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RBI relaxes write-off norms for exporters
Our Bureau
Mumbai
,
Dec. 5
THE Reserve Bank of India has announced full flexibility to all exporters and reduction in 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 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, said a press release from the central bank.
This has been done to simplify and liberalise the procedure, added the notice.
These relaxations are available 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.
Such export bills should also not be a subject of investigation by Enforcement Directorate/Central Bureau of Investigation or any other investigating agencies.
The facility will be available for export proceeds falling due from January 1, 2004. In other words, the new facility will be available for exports made after July 1, 2003 and proceeds due for realisation on January 1, 2004 (within the prescribed period of 180 days).
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