Monitoring of Realisation

4.45

RA shall monitor all such cases wherein the Scrip(s) has been issued without Bank Realisation Certificate(BRC) and ensure that the BRC is submitted within 12 months from the date of issuance of the Scrip. In case no RBI extension is produced, RA shall initiate action for recovery of the same. In such cases, DEPB holder (the original applicant) shall deposit in cash or through debit of the valid DEPB / adjustment of pending DEPB claim for an amount equivalent to the Duty Free Credit allowed. If amount realized in Free Foreign Exchange is less, then payable amount would be reduced proportionately. However, if the DEPB holder does not pay the amount within 60 days of the expiry of the 12 months time period from the date of issue of the Scrip, he shall be required to pay the said amount along with 15% interest per annum from the date of issuance of Scrip(s) for the Duty Credit for which BRC or Documentary evidence (evidencing realisation of export proceeds as required under FTP or the Procedure laid thereunder) could not be produced by the DEPB holder. In case he surrenders the unutilized / partially unutilized Duty Credit Scrip, then unutilized / partially unutilized Credit shall be deducted from the payable amount.

In case of Cash Payment, the same shall be deposited in the Head of Account of Customs as stated in paragraph 4.29 above.

(Above para 4.45 has been substituted vide PN. No. 167/2008, DT. 30/03/2009)

[OLD-
RA shall monitor all such cases so as to ensure that realisation takes place within prescribed time. In case no RBI extension is produced, RA shall initiate action for recovery of the same. In such cases, DEPB holder (the original applicant) shall deposit in cash or through debit of the valid DEPB/ adjustment of pending DEPB claim for an amount equivalent to duty free credit allowed. However in case the same is not deposited within 18 months from the DEPB issuance date, the applicant shall be required to pay interest (as notified) also from the date of expiry of 18 months till the date of deposit. In case of cash payment, the same shall be deposited in the Head of Account of Customs as stated in paragraph 4.29 above. If amount realized in Free Foreign Exchange is less, then payable amount would be reduced proportionately.]

(Above Para 4.45 has been amended vide PN. NO. 151/2008, DT. 26/02/2009)

[OLD-
4.45

RA shall monitor earlier cases where DEPB has been granted prior to realisation of export proceeds so as to ensure that realisation takes place within prescribed time. Failing this, RA shall initiate action for recovery of an amount equivalent to DEPB credit with interest as notified. Recovered amount in such cases shall be deposited in head of account of Customs as stated in paragraph 4.29 above. ]