Rules for exporters simplified

Mumbai: The Reserve Bank of India (RBI) has allowed exporters to write off outstanding export dues. The apex bank has also extended the prescribed period of realisation beyond 180 days, subject to certain conditions.

The exporters, including status-holders, will be permitted this facility provided the aggregate value of such export bills written-off (including reduction in invoice value) and bills extended for realisation does not exceed 10 per cent of export proceeds due during the calendar year and are not a subject of investigation by the Enforcement Directorate or CBI or any other investigating agency, a RBI notification said.

The facility will be available for exports undertaken after 1 July 2003 and where proceeds are due for realisation on 1 January 2004.

But, in the case of exports where the RBI has prescribed longer period of realisation, the facility will be available for exports prior to July 2003, but proceeds of which were due for realisation within the prescribed period of one year.

The RBI has also said that exporters dealing with more than one authorised dealer (AD) can avail of this facility through each AD within the set limit.