Exported material but rejected ---lying in at the other end

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 November 2016 We exported goods to Hong Kong and the consignment is rejected and party is not paying, Now it is nearing two years and the product are unusable and almost waste.Recall cost of goods will be more than the value and it is better to abandon. Please suggest how to sort out and also what is the procedure to intimate customs and RBI.

Dr.RAMAKRISHNA. C

Dr.RAMAKRISHNA. C (Expert)
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27 December 2016 Approach RBI through your Authorized Dealer ( AD) for write off unrealized export proceeds giving cogent reasons supported by evidence. You are also required to surrender export incentives / benefits( if any) to Authority from which they were obtained. If you are not obtained any such benefits / incentives produce a Chartered Accountant Certificate to AD.