Attention of the trade and industry members is brought to the Para 4.96 (d) of Public Notice 58 dated 29.01.2020 wherein it has been stipulated that under RoSCTL, the rebate allowed is subject to the receipt of sale proceeds within time allowed under the Foreign Exchange Management Act, 1999 failing which such rebate shall be deemed never to have been allowed. Action under the FT (D&R) Act, 1992 may be taken by the Regional Authorities for repayment of erroneous or excess paid RoSCTL.

2. As per RBI guidelines, it is expected that all shipping bills prior to 31.03.2020 would have their export proceeds realized by now. However, it is noticed that for RoSCTL shipping bills with LEO upto 31.03.2020, there are a significant number of cases where corresponding e-BRCs have not been uploaded in the DGFT’s online e-BRC repository, as a proof of export proceeds realization.

3. In this context, all IECs/firms, who have been issued scrips under RoSCTL for shipping bills upto 31.03.2020, are requested to get the related e-BRCs uploaded in the DGFT portal by their AD banks latest by 15.09.2021, failing which action as per para 4.96 of HBP, as notified vide PN 58 dated 29.01.2020 would be initiated by the jurisdictional RAs.

4. This is issued with the approval of competent authority.

[Issued from F.No. 01/61/180/360/AM19/PC-3(Part2)]
 

(Dr. Praveen Kumar)

Deputy Director General of Foreign Trade