Please
refer to BSD Circular No. 35 dated 28th September,
2001 in terms of which provisions relating to the Part I of
the Export Finance Scheme have been modified by us.
In order to avoid recovery of fine for non shipment
un-necessarily where exporter might have made full or part
shipment, but the documents there-against could not be submitted
to their bankers in time, it has been decided
that the bank concerned
shall invariably issue a 7 DAYS NOTICE
to the exporter concerned through mail / fax
before imposition of such fine in future. It has, therefore,
been decided to amend Section 7.4 of the Scheme
accordingly as under:-
“
7.4 In case shipping documents are not received
by the bank from the exporter concerned, on or before 30 days
from the expiry of loan, the bank shall serve a notice to
the exporter concerned at least 7 days earlier before expiry
of 30 days showing intention of deducting fine on account
of non shipment due to non submission of shipping documents
against the loan availed by it. Despite the serving of the
notice as prescribed, if the shipping documents are not received
by the bank concerned on or before 30 days time limit, the
bank shall recover the fine treating the case as that of non
shipment and pass on the amount of fine so recovered to State
Bank Office concerned within three working days. The exporter
concerned shall be entitled to refund of fine so recovered,
on submission of the relevant documents and after adjusting
the fine that may be applicable for short shipment or delayed
shipment and
delayed submission of shipping documents, as prescribed in
the Scheme. The bank concerned shall prepare a resume of such
exporters qualifying for refund as and when documents are
submitted by them and would approach concerned office of State
Bank for claiming refund of fine ( as per Annexure – F) earlier
passed on to it who will after scrutiny of the information,
refund the same to the bank concerned, if found justified.
The bank would be liable to pass on the benefit of refund
to the exporter concerned on the following working day, without
any delay.”
Amendment Slip is also attached herewith which may
please be inserted at the proper place in the said Circular
/ Scheme for smooth operation of the facility.
Please acknowledge receipt.
Enc:
As above
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