The Head/Principal Offices of all

Authorized Dealers in Foreign Exchange

Dear Sirs/ Madam,

Realization of Overdue Export Proceeds

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.