3.11.13

Declaration of Intent on Free Shipping Bills

(a) In case there is no claim pending for an exporter and there is no cash deposit towards the excess amount claimed by such exporter immediately after the expiry of 12 months time period from the date of issuance of the Scrip, the RA shall initiate necessary action against the exporter. If the Scrip Holder does not pay the amount within 60 days of the expiry of aforesaid 12 months time period, the Scrip Holder shall be required to pay the said amount along with 15% interest per annum from the date of issuance of the 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. In case the Holder surrenders the valid unutilized / partially utilized Duty Credit Scrip, then unutilized / partially utilized credit shall be deducted from the payable amount.

(b) In case the FOB value realized in free foreign exchange is higher as per BRC, when compared to the FOB value in free foreign exchange as declared on the Shipping Bill(s) on which the original Duty Credit Scrip was issued, supplementary claim shall be filed within a period of six months from the date of realization.