Under
Part-I of the Export Finance Scheme, a token fine of Rs.5000/-
is being imposed on banks, on failure to submit EPRC within
the prescribed time period. Subsequently on submission
of EPRC the fine already recovered is refunded to respective
banks.
2.
It has been observed during on site verification of export
refinance cases in banks that in a good number of cases
banks/exporters are not following time frame prescribed
for submission of EPRC to respective BSC Offices. Therefore,
in order to make the monitoring of the Scheme more effective,
it has been decided to enhance fine on account of non
submission of EPRC from Rs.5,000/- to Rs.20,000/-. Further,
25% of this fine i.e. Rs.5, 000/-, would be non refundable
even on late submission of EPRC.
3.
Other terms and conditions on the subject shall remain
unchanged.
Please acknowledge receipt.