Redemption

5.13

As evidence of fulfillment of export obligation, the Authorisation holder shall furnish the following documents;

(a) For Physical Exports:

A consolidated statement of exports made in the form given in ‘Aayaat Niryaat Form’, duly certified by a Chartered Accountant and bank evidencing exports and realisation in freely convertible currency or statements of exports in the form given in ‘Aayaat Niryaat Form’ for individual banks duly certified by a Chartered Accountant.

However in case of exports made under 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, realization of export proceeds would not be insisted upon.

The EPCG Authorisation holder shall submit a copy of the irrevocable letter of credit or the bill of exchange unconditionally Avalised/ Co-Accepted/ Guaranteed by a bank and confirmed by the exporters bank for availing of the benefit of EPCG..

(b) For Deemed Exports:

(i) Copy of ARO/ Back to Back Inland letter of Credit or Advance Authorisation for Intermediate Supplies

or

Supply invoices or ARE 3 duly certified by the Bond Office of EOU concerned showing that supplies have been received;

(ii) The Authorisation holder shall also furnish the evidence of having received the payment through normal banking channel in the form given in Appendix- 22B or a self certified copy of payment certificate issued by the Project authority concerned in the form given in Appendix-22 C.

However in case of exports made under irrevocable inland letter of credit or the inland bill of exchange is unconditionally Avalised/ Co- Accepted/ Guaranteed by a bank and the same is confirmed by the exporters bank, realization of export proceeds would not be insisted upon.

(c) For Services rendered:

Consolidated statement or individual statements (bank/authorised dealer wise) of services rendered in the ‘Aayaat Niryaat Form’, duly certified by a Chartered Accountant and bank/ authorised dealer evidencing foreign exchange earning received through normal banking channel.

On being satisfied, the Regional authority shall issue a certificate of discharge of export obligation to the EPCG Authorisation holder and send a copy of the same to the customs authorities with whom BG/LUT has been executed.