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Corporate Laws Central Ministry of Finance Foreign Exchange Management Act, 1999

External Trade- Facilitation - Export of Goods and Services

04-Dec-2020 | A.P. (DIR Series) Circular No. 08

It has been notified that AD banks have been allowed to regularise cases of dispatch of shipping documents by the exporter direct to the consignee or his agent resident in the country of the final destination of goods, irrespective of the value of the export shipment, subject to the following conditions:
a) The export proceeds have been realized in full except for the amount written off, if
any, in accordance with the extant provisions for write off.
b) The exporter is a regular customer of AD bank for a period of at least six months.
c) The exporter's account with the AD bank is fully compliant with Reserve Bank's
extant KYC / AML guidelines.
d) The AD bank is satisfied with the bonafide of the transaction.
Further, changes in other provisions pertaining to Write-off of unrealized export bills, Set-off of Export receivables against Import payables, Refund of Export Proceeds are also notified as per the attached notification.

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