Closing of Old Outstanding Bills : Export-Follow-up–XOS Statements

The exporter is legally bound to realize and repatriate full value of goods or software to India within a stipulated period, depending on the category to which he/she belongs too.

Like all business transactions, there could be cases wherein the payments are not received or received but not repatriated.  To understand the nature of O/s Export Bills, as per A. P. (DIR Series) Circular No. 12 dated September 9, 2000, AD Category – I banks are required to furnish to the Regional Office concerned of the Reserve Bank, a consolidated statement in Form XOS giving details of all export bills outstanding beyond six months from the date of export on a half yearly basis as at the end of June and December every year.

Reserve Bank of India, vide Notification No RBI/2013-14/325,A.P. (DIR Series) Circular No. 62 dt.October 14, 2013, has  decided that an old export bill may be closed by AD banks as a onetime measure, provided

  • With ceiling of USD 1, 00,000 and outstanding beyond 15 years as on December 31,2012
  • With ceiling of USD 50,000 and outstanding for more than 5 years as on December 31, 2012, where customers not traceable subject to proof of non traceability from competent authority and under bank’s internal boards approved policy.


Report of such closed cases should be submitted to concerned Regional Offices of Reserve Bank of India by AD banks and after closing of cases, there will be no further follow up by Ads. Hence, these outstanding bills need not be reported in future Export Outstanding Statements (XOS).

One thought on “Closing of Old Outstanding Bills : Export-Follow-up–XOS Statements”

  1. Is it the ceiling of “bill amount” or “outstanding bill amount”?
    Will a bill of UDS 125000 of more then 15 years old having outstanding amount of USD 95000 as on 31.12.2012 fall under this category?
    Can anyone help me out?

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