''The duty drawback amount will be paid into the accounts of exporters automatically through the Public Finance Management System (PFMS). "This is another initiative of CBIC towards paperless customs and improved trade facilitation," the Finance Ministry said.
This new functionality is expected to reduce the time taken for payment of drawback amount and increase transparency by eliminating manual intervention in the drawback distribution mechanism.
Duty drawback under Section 75 of the Customs Act, 1962 provides exemption from customs duty on any imported material or excisable material used in the manufacture of export goods.
Duty drawback claims are processed through Customs Automated System (CAS), counted in a scroll, computerized Customs Drawback Advice (CCDA), printed and consolidated for payment of duty drawback amount. The amount is sent to the authorized bank branch with the endorsement of a single cheque. Accounts of exporters.
This causes delay in disbursement of duty refund.
This new functionality is expected to reduce the time taken for payment of drawback amount and increase transparency by eliminating manual intervention in the drawback distribution mechanism.
Duty drawback under Section 75 of the Customs Act, 1962 provides exemption from customs duty on any imported material or excisable material used in the manufacture of export goods.
Duty drawback claims are processed through Customs Automated System (CAS), counted in a scroll, computerized Customs Drawback Advice (CCDA), printed and consolidated for payment of duty drawback amount. The amount is sent to the authorized bank branch with the endorsement of a single cheque. Accounts of exporters.
This causes delay in disbursement of duty refund.
