Export on Elongated Credit Terms

Export on Elongated Credit Terms :

Normally, proceeds or export of goods, other than those for which exporters have been permitted to offer commercial credit, have to be realised within six months from the date of shipment whichever is earlier (or 15 months from the date of shipment in respect of exports to Indian-owned warehouses established abroad with the permission of the Reserve Bank).

In some cases, however, the overseas buyers may be seeking longer period for payment of proceeds of commodities which are normally exported from India on cash terms generally on the ground that remittances or proceeds are not permitted within 6 months or earlier by the buyers' country in view of its difficult balance of payments position.

Exporters intending to export goods on elongated credit terms may submit their proposals giving full particulars through their banks to the concerned Regional Office or Reserve Bank for consideration.

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