Government is having second thoughts, about its own policy of requiring exporters to open at least one bank account, at every port or airport, from which they make transactions.
The decision was taken on October 29 at a meeting summoned by the commerce department. The meeting saw a huge participation from exporters and representatives from various departments and ministries.
Earlier, this drawback scheme helped administrative authorities to get hold of input tax reimbursements. However, after reconsideration, exporters can now, do away with just one account with an apex bank designated by the Customs department. Drawback payments for all exports made, will be credited to this account.
marketing@alchempro.com
