We exported a material to USA on 19.06.12. worth $1375.00. It was sent along with two more items in the same Invoice. It was rejected due to a minor issue on 20.07.12. We had claimed DBK which was credited to our bank account. Now we are not going to get the payment for the same. So, I am worried about the DBK which is credited by RBI. What should be done in this case. Please help. Please inform, what would be other implications. Thank you.
Since your export has been rejected - you will not receive payment within the time prescribed by RBI under FEMA Act. Thus the Drawback will become refundable by you
You will receive a notice from AC/DC asking you to refund the sum which you should within 30 days of the notice. If you dont then interest will become payable on the sum.
Karia Overseas
Ahmedabad
CA
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