As you are aware, that fines are imposed on banks/exporters against various violations under the Export Finance Scheme. Subsequently, banks/exporters are submitting claims for refund of fine already charged on account of various violations. It has come to our notice that some times banks/exporters are submitting such claims when the record of case/loan is not readily available and the period of preservation of record also expired.

2. In order to ensure timely disposal of such cases and to avoid difficulties in processing of refund of fine claims it has been decided that no request(s) for refund of fine(s) shall be entertained after expiry of 3 years from the date of recovery of fine on account of various violations under the Export Finance Scheme. Therefore, you may circulate the said instructions to your customers/exporters for meticulous compliance in future.

3. All other instructions on the subject shall remain unchanged.

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