Business Daily from THE HINDU group of publications
Thursday, Mar 13, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Mar 13, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Exports & Imports Duty drawback: Export realisations to be monitored
Our Bureau New Delhi, March 12 The Finance Ministry has decided to operationalise the Bank Realisation Certificate (BRC) module on duty drawback with effect from April 1. This module has been developed by the Revenue Department to monitor the realisation of export proceeds in respect of drawback shipping bills. Under this module, exporters will have to submit a certificate from the authorised dealer providing details of shipment that remain outstanding beyond the prescribed time limit including the extended time, if any, allowed by the authorised dealer/RBI on a quarterly basis. An official release said that the status holders and other exporters who are permitted to realise export proceeds within a period of 12 months or more may submit these certificates once in six months. The certificates have to be furnished port wise. The software would issue alerts against the shipping bills where the BRC statement has not been issued furnished by the exporter within the prescribed date. Notices will be issued by the customs to recover drawback paid on export consignments in respect of which export proceeds have not been realised, the release added. It may be noted that under the Customs law, the drawback is to be recovered if the sale proceeds on export goods are not realised within the time allowed under the Foreign Exchange Management Act, 1999. More Stories on : Exports & Imports
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