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RBI Master Direction on export of goods and services states that ECGC claims are not treated as realisation and so, BRC cannot be issued. While writing off bills on the basis of ECGC claim and closing my shipping bill in EDPMS, the bank wants me to surrender export incentives, whereas HBP states that ECGC claims can be considered for claiming export incentives. Under which conditions can ECGC claims be considered for availing export incentives, so that I can get my shipping bill closed in the EDPMS without surrendering incentives?
Para C.24 of the RBI Master Direction no.16/2015-16 dated January 1, 2016 (as amended), deals with write-off in cases of payment of claims by ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority of India. It clearly says that surrender of incentives, if any, in such cases will be as provided in the Foreign Trade Policy (FTP). So, your bankers must proceed in accordance with Para 2.85 of HBP and not demand surrend
RBI Master Direction on export of goods and services states that ECGC claims are not treated as realisation and so, BRC cannot be issued. While writing off bills on the basis of ECGC claims and closing my shipping bill in EDPMS, the bank wants me to surrender export incentives, whereas HBP states that ECGC claims can be considered for claiming export incentives. Under which conditions can ECGC claims be considered for availing export incentives, so that without I can get my shipping bill closed in the EDPMS without surrendering incentives? Para C.24 of the RBI Master Direction no.16/2015-16 dated January 1, 2016 (as amended), deals with write-off in cases of payment of claims by ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority of India. It clearly says that surrender of incentives, if any, in such cases will be as provided in the Foreign Trade Policy (FTP). So, your bankers must proceed in accordance with Para 2.85 of HBP and not dema
1. INTRODUCTION
The Reserve Bank of India (the RBI ) has introduced
the Foreign Exchange Management (Export of Goods and Services)
(Amendment) Regulations, 2021 (the Amendment
Regulations ) through a notification1 dated January 08, 2021,
and amended the Foreign Exchange Management (Export of Goods and
Services) Regulations, 2015 (the Principal
Regulations ). The RBI aims to introduce certain exemptions
related to the aviation sector through the Amendment Regulations by
substituting the erstwhile Regulation 4(ea) of the Principal
Regulations.
2. KEY CHANGE
The Amendment Regulations have substituted the erstwhile
Regulation 4(ea) of the Principal Regulations by including the
newly inserted Regulation 4(ea) which is as follows: (ea) re-export of leased aircraft/ helicopter and/or