27 September 2016
I want to know that what are the consequences of non realization of export proceeds beyond 6 months. The company has not filed any extension request with RBI. The company has no imports and not claiming any rebate or duty drawback..
26 October 2016
Dear Jain, Non realization of export proceeds is contravention of Foreign Exchange Management Act -1999. Under the Act a fiscal penalty up to 5 times the value of unrealized export proceeds are levible . This is in addition to surrender of export incentives if any availed on the un realized export proceeds.
CAclubindia
