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Exporters get 6 more months to make drawback claims
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SME Times News Bureau | 23 Jun, 2010
Exporters will get more time to make a claim for drawback re-export of imported goods as the Finance Ministry has recently amended drawback rules to empower the Customs Commissioner to provide six month extension of time limit for filing of drawback claims.
Currently, exporters are allowed to make a claim for drawback for re-export of imported goods within three months from the date on which an order permitting clearance and loading of goods for exportation has been issued.
Assistance commissioner or deputy commissioner could give a further period of three months for making the claim.
As per the new amendment, exporters will get six more months beyond the three month extension that was allowed to be provided earlier.
However, the amendment stated that an exporter looking for an extension of time limit would now be required to pay a fee, which is one per cent of free on board (FOB) value of exports or Rs 1,000 for applying to the Assistant Commissioner for three-month extension.
Fee for an applying to the Customs Commissioner, for extending the time limit is two percent of FOB value or Rs 2,000, whichever is less.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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