Circulars/Notifications - Banking Supervision Department  
 BSD Circular No. 49
27th December,  2001  

All Banks

 

Export Finance Scheme – Modifications

 

Please refer to BSD Circular No. 35 dated the 28th September 2001 on the captioned subject. 

2.         In order to provide a clear understanding to banks while granting facilities under Export Finance Scheme to the exporters, it has been decided to define the term ‘export overdue’ as under :- 

 “Overdue Export Proceeds are those where an exporter  is unable to repatriate the export proceeds within 180 days from the date of shipment or within such periods as may be determined for the purpose by the State Bank for a particular sector, as notified from time to time, or on due date of the bill whichever is earlier.” 

The banks are therefore advised to ensure that the exporters who have overdue export bills against any finance availed by them under the Scheme should not ordinarily be eligible to avail the facility of concessionary export finance. However, in case the export proceeds have not been repatriated for reasons beyond the control of the exporters, the bank concerned may allow the facility after recording in writing the reasons for the same. 

3.            Accordingly, following additions are made in the prescribed Form “B” and “D” of the captioned Scheme :- 

a)            Form  “B” Viz. Application / Undertaking 

Please add as Para 13: - 

“I/We, M/s. ___________certify that no export bills except those mentioned below are overdue for repatriation, the details of which are as under: - 

Sr.No.            E.Form No.            Shipment Date             Amount (Fcy)           Banks

I/We further certify that the export proceeds on the above mentioned bills have     not been repatriated for the following reasons which are beyond my / our control.

     -------------------------------------

              ------------------------------------.” 

b)            Form “D”  viz.  Refinance  Claim  Form.

Please add serial No.19 with under noted items :- 

  •         Amount of overdue bills

  •         Reasons for allowing EFS despite overdue bills.

Please acknowledge receipt 



Yours faithfully,
(Shoaib  Ahmad)
Senior Joint
Director
       
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