Monitoring of Realisation

4.45

The Regional Authorities shall monitor the cases where the DEPB has been granted prior to realisation of export proceeds (except the cases where shipments are made against irrevocable letter of credit in case of status holders/confirmed irrevocable letter of credit in case of others [OLD- confirmed irrevocable letter of credit ] or bill of exchange is unconditionally Avalised/ Co- Accepted/ Guaranteed by a bank and the same is confirmed by the exporters bank) so as to ensure that realisation takes place within the prescribed time failing which they shall initiate action for recovery of an amount equivalent to DEPB credit with 15% interest. The recovered amount in such cases shall be deposited in the head of account of Customs as stated in paragraph 4.29.

(Expression "irrevocable letter of credit in case of status holders/confirmed irrevocable letter of credit in case of others" has been substituted vide PN. NO. 33/2006, DT. 17/07/2006)