Fema penal provisions for not repatriating export recivables
This query is : Resolved
04 August 2016
What are the penal provisions under FEMA Or any other law if the exporter is not able to repatriate the export receivables even after the Timelimit defined by RBI.?
12 August 2016
If export proceeds are not realized with in the stipulated or extended period by RBI, a fiscal penalty equivalent to a maximum of 5 times the value of unrealized export proceeds are liable to be imposed under the provisions of FEMA-1999. Under section 11 of the Foreign Trade (Development & Regulation) Act -1992 as amended similar penal provisions are envisaged. Under para 2.54 of current Foreign Trade Policy 2015-20 all benefits /incentives availed against un realized exports must be returned.
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