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.

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