Circular No.ES/123/2018-19 July 17, 2018
To: Members of the Council
Sub: Monitoring of realisation of export proceeds on shipping bills on which drawback has been claimed & disbursed
JNCH (Nhava Sheva) has issued Public Notice No. 108/2018 dated 11th July, 2018 informing members of Trade regarding monitoring of realisation of export proceeds on shipping bills on which drawback has been claimed & disbursed
As you may be aware, monitoring of realisation of export proceeds is required to be done online from the RBI-BRC module w.e.f. 01.04.2014.
JNCH has observed that, in respect of 96460 shipping bills involving drawback amount of Rs. 678 crore, foreign exchange realisation is shown as pending in the RBI-BRC module for export shipments from 01.04.2014 till 31.12.2014.
The list of 96460 shipping bills, mentioned above, is available on the JNCH website- http://www.jawaharcustoms.gov.in/pdf/Drawback-Recovery-Cell.pdf
As per Foreign Exchange Management Act, 1999, the foreign exchange realisation should happen within 9 months from the date of export, unless the period is extended by the RBI. Beyond this period, the drawback disbursed becomes recoverable alongwith interest.
The exporters are advised to follow up with their authorised dealer bank for updating the export proceeds realisation details in the respective banks Export Data Processing and Monitoring System (EDPMS) system so that the data is transmitted to customs for reconciliation, failing which suitable alerts shall be placed against the defaulting exporters and show cause notices shall be issued for recovery of drawback disbursed alongwith interest.
In case of any difficulty, members may kindly contact the Deputy Commissioner of Customs in-charge of Export Proceeds Realisation Monitoring Cell, Drawback Section, N.S.-II (email@example.com).