CIR. NO. 22/2003-04-RB, DT. 24/09/2003
- Document type
- Circular
- Dated
- Category
- A.P. (DIR Series) Circulars
Export of Goods and Services - Payment of Claims by ECGC
Export of Goods and Services - Payment of Claims by ECGC
2. It has now been decided that Authorised Dealers shall, on an application received from the exporter supported by a documentary evidence from the ECGC confirming that the claim in respect of the outstanding bills has been settled by them, write off the relative export bills and delete them from the XOS statement. Such write-off will not be restricted to the limit of 10 per cent indicated in paragraph C.18(b) of the circular ibid.
3. It is clarified that the claims settled in rupees by ECGC should not be construed as export realisation in foreign exchange and claim amount should not be allowed to be credited to Exchange Earners Foreign Currency Account maintained in terms of Regulation 4 of FEMA Notification No.10/2000-RB dated May 3, 2000.
4. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned.
5. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
Yours faithfully,
Grace Koshie
Chief General Manager