Offsetting of Export Proceeds

2.58

Subject to the specific approval of the Reserve Bank of India, any payables , or equity investment made by a licence holder under any export promotion scheme, can be used to offset receipts of his export proceeds. In such cases, the offsetting would be equal to the realisation of the export proceeds and the exporter would have to submit the following additional documents:

a) Appendix-22B in lieu of the Bank Realisation Certificate.

b) Specific permission of the Reserve Bank of India.