Attention
of Authorized Dealers is invited to provisions of Foreign
Exchange Regulation Act 1947 and State Bank’s rules
& regulations governing timely realization of export
proceeds as contained in various paras of Chapter XII
of FE Manual, 2002 (8th Edition) and amended from time
to time.
It
has, however, been observed that despite State Bank’s
clear instructions, a substantial amount of export proceeds
are overdue which has been viewed seriously. Since, in
terms of related instructions and undertaking on ‘E’-
Form, the Authorized Dealers are also bound to ensure
repatriation of proceeds on due date, they are advised
to immediately launch campaign for realization of overdue
export proceeds. Authorized Dealers are further advised
to submit within a week of issuance of this letter a progress
report in this respect.