Non relisation of export proceeds

This query is : Resolved

Harsh Jain (Querist)
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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..

Dr.RAMAKRISHNA. C

Dr.RAMAKRISHNA. C (Expert)
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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.