RBI revives instructions about Refund of Export Proceeds of goods exported from India

In the Statement on Development and Regulatory Policies dated December 4, 2020, RBI announced greater flexibility to AD banks in the areas like Direct Dispatch of Shipping Documents, /“Write-off” of unrealized export bills, /Set-off of Export receivables against Import payables/ as well as ‘Refund of Export Proceeds of goods from India’. In terms of RBI…

RBI permits banks to Set-off of Export receivables against Import payables

RBI permits AD banks to Set-off outstanding export receivables against outstanding import payables from/to the same overseas buyer/supplier. In the Statement on Development and Regulatory Policies dated December 4, 2020, RBI announced greater flexibility to AD banks in the areas like Direct Dispatch of Shipping Documents, / “Write-off” of unrealized export bills,/ Refund of Export…

Now Banks may regularize Direct Dispatch of Shipping Documents to the consignee for any value

As announced in Statement on Development and Regulatory Policies dated December 4, 2020, RBI delegates more power to AD banks in the areas like Direct Dispatch of Shipping Documents, “Write-off” of unrealized export bills, Set-off of Export receivables against Import payables, Refund of Export Proceeds. Direct Dispatch of Shipping Documents: With a view to simplifying…