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November 2013

A. P. (DIR Series) Circular No. 62 dated 10th October, 2013

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Notification No.FEMA.288/2013-RB dated 26th September, 2013

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

This circular, as a onetime measure, permits banks to close the following old export bills:

1. Upto INR6,183,871 and outstanding beyond 15 years as on 31st December, 2012.

2. Upto INR3,091,936 and outstanding for more than 5 years as on 31st December, 2012, where customers not traceable – subject to proof of nontraceability from the competent authority and under bank’s internal board’s approved policy. Banks have to submit a report of the export bills so closed, to the Regional Office of RBI in the format Annexed to this circular.

This facility can be availed by an exporter:

1. Against whom there is no pending civil suit/ criminal suit;

2. Who 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;
3. Who has no externalisation problems with the export recipient country.

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