Document Fragment View

Matching Fragments

It would be useful to mention that Reserve Bank of India issued a circular 24th September, 2003 in exercise of powers conferred under Section 10(4) and Section 11 (1) of the FEMA, 1999. It reads as under:-

Export of Goods and Services-Payment of Claims by ECGC "Attention of Authorized Dealers is invited to Paragraph C.17 of the annexure to A.P.(DIR Series) Circular No.12 dated September 9, 2000 in terms of which exporter is not absolved of the statutory obligation undertaken by him on the GR/SDF/PP/SOFTEX forms to realize proceeds of the exports within prescribed period, even if the claim is settled by Export Credit Guarantee Corporation of India Ltd. (ECGC), under the policy issued by them. Further, Authorised Dealers are required to continue to hold the duplicate copies of GR/SDF/PP/SOFTEX forms in their custody and initiate follow-up measures in the normal manner.