One-Time Closure of Old Export Bills in XOS Statements

RBI/2013-14/325 A.P. (DIR Series) Circular No. 62 October 14, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Closing of Old Outstanding Bills: Export-Follow-up –XOS Statements Attention of Authorized Dealer Category – I (AD Category – I) banks is invited to A. P. (DIR Series) Circular No. 12 dated September 9, 2000 in terms of which AD Category – I banks are required to furnish to the Regional Office concerned of the Reserve Bank, a consolidated statement in Form XOS giving details of all export bills outstanding beyond six months from the date of export on a half yearly basis as at the end of June and December every year. 2. On a review, it has been decided that an old export bill may be closed by AD banks as a one time measure, provided that the case is not subject matter of any pending civil suit /criminal suit ; the exporter has not come to the adverse notice of the Directorate of Enforcement (DoE) / Central Bureau of Investigation (CBI)/Directorate of Revenue Intelligence (DRI) /any such other law enforcement agency; has no externalisation problems with the export receipient countries and the export bill falls under following categories: With ceiling of USD 1, 00,000 and outstanding beyond 15 years as on December 31,2012 With ceiling of USD 50,000 and outstanding for more than 5 years as on December 31, 2012, where customers not traceable subject to proof of non traceability from competent authority and under bank’s internal boards approved policy. 3. Report of closed cases should be submitted to concerned Regional Offices of Reserve Bank of India by AD banks in an excel sheet as per the format given in Annex . 4. After closing of cases, there will be no further follow up by ADs andthese outstanding bills will not be reported in future Export Outstanding Statements (XOS). 5. The directions contained in this circular have been issued under sections 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (C.D Srinivasan) Chief General Manager Annex Format for submitting of Export Outstanding data *M-Mandatory, O-Optional S.No.

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/325 · issued 14 Oct 2013. The plain-English explanation above is BankPulse’s own independent summary.

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