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
- that the case is not subject matter of any pending civil suit /criminal suit ;
- the exporter has not come to the adverse notice of the Directorate of Enforcement (DoE) / Central Bureau of Investigation (CBI)/Directorate of Revenue Intelligence (DRI) /any such other law enforcement agency;
- the exporter has no externalization problems with the export recipient countries and the export bill falls under following categories:
- 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).
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