未回収輸出為替手形の「償却」 – 物品およびサービスの輸出 – 手続きの簡素化

Exports are available with various incentives in India such as refund of taxes paid with respect to export, various duty free scripts, Duty Drawbacks etc. However, all such incentives are available subject to realisation of consideration for export of goods or services. 

Writing off amount receivables in books of accounts is permitted. However, norms are not that easy when balance with respect to export bills is to be written off. Reserve Bank of India has prescribed various rules and regulations for writing of unrealised export bills.

In this article we will discuss an elaborate insight into what a write-off is, what are the RBI and FEMA guidelines regarding unrealised export bills, Write-off relaxation, and extension of time etc..

1. What is a Write-Off of unrealised export bills?

Whenever a business carries out sale of goods or supply of services then the amount receivable against such sales is recorded as “Accounts Receivables” in books of accounts. However, in many situations, such amounts never get released due to various reasons such as insolvency of the customer, mutual dispute, fraud on part of the customer etc. In such a scenario, amount pertaining to unrealised sales invoices is required to be written off.

In case of export of goods or services, It is obligatory on the part of the exporter to realize the full consideration of exported goods or services in foreign currency within a stipulated period of time from the date of export of goods and services. 

However, if any amount related to export bills becomes non-realisable then before writing off such amount the exporter is required to adhere guidelines and regulations issued by RBI relating to “Write-off” of unrealised export bills vide RBI/2012-13/435 A.P. (DIR Series) Circular No. 88 dated 12 March 2013 .

2. RBI guidelines on write-off of unrealised export bills

1. In case an exporter has not been able to realize the outstanding export dues despite his/her best efforts, he/she may opt either of the following options to write off the unrealised export invoices:
   • Directly approach the Authorized Dealer Category-I, who had handled the relevant shipping documents, or 
   • Exporter may himself-write-off the amount with appropriate supporting documentary evidence along with a request for write off of the unrealized portion.
2. Write off is allowed subject to the fulfilment of stipulations regarding surrender of incentives prior to “write-off” adduced in the A.P. (DIR Series) Circular No. 03 dated 22 July 2010.
3. After Liberalisation and simplification of procedure of write off, limits prescribed for ¨write-offs¨ of unrealized bills:

Self-write-off by an exporter (Other than Status Holder Exporter)5%*Self-write-off by Status Holder Exporters10%*Write-off by AD (Authorized Dealer)10%*

*Of the total export proceeds realized during the previous calendar year.

3. Conditions for “write-off” of Unrealised Export bills

Unrealised export invoices shall be allowed to write off subject to the following conditions:

1. Specified percentage for written off shall be computed on total export proceeds realised during the previous year.
2. Write off shall be allowed for such invoices which remain outstanding for more than 9 months.
3. The exporter is required to provided satisfactory documentation evidence that he has made every effort to collect the dues;
4. The case must fall under any of the under noted categories:
   • The overseas buyer was declared bankrupt, and a certificate from the official liquidator stating that the export earnings could not be recovered was produced.
   • the overseas buyer is not traceable over a reasonably long period of time.
   • The commodities exported were auctioned or destroyed by the importing country's port, customs, and health officials.  
   • The unrealized amount is the balance payable in a case that was settled with the help of the Indian Embassy, Foreign Chamber of Commerce, or another similar organisation.
   • The unrealized amount indicates the outstanding undrawn balance of an export bill (not exceeding 10% of the invoice value) that proved unattainable despite the exporter's best efforts.      
   • The cost of pursuing legal action would be disproportionate to the amount of the unrealized export bill, or if the exporter, even after winning a court battle against the foreign buyer, was unable to carry out the Court's judgement owing to circumstances beyond his control;
   • Bills were written for the difference between the letter of credit value and the actual export value, or the provisional and actual freight charges, but the amount has remained unrealized due to the foreign buyer's failure to pay the bills, and there are no prospects for realisation.

5. If any proportionate export incentives were used in relation to the related shipments, the exporter is required to surrender such incentive (for situations not covered by A. P. (DIR. Series) Circular No.03 dated July 22, 2010). Before allowing the applicable bills to be wiped off, AD Category – I banks should seek paperwork demonstrating the surrender of any export incentives received.

6. In the case of self-write-off, the exporter must submit a Chartered Accountant's certificate to the concerned AD bank indicating following details:
   • export realisation in the previous calendar year,
   • Amount write-off already claimed during the year, if any, 
   • the relevant GR / SDF Nos. to be written off;
   • Bill No., invoice value, commodity exported, and country of export. 
   • The CA certificate may also indicate that the exporter's export benefits, if any, have been surrendered.

4. Cases where “Write-Off” facility is not available

Following export bills shall not be allowed to be write off under this scheme:

1. Exports to countries with externalisation issues, in which the overseas buyer has deposited the export value in local currency but the amount cannot be repatriated by the country's central banking authorities.
2. The Enforcement Directorate, Directorate of Revenue Intelligence, Central Bureau of Investigation, and others are investigating the EDF (export declaration form), as well as outstanding debts that are the subject of civil and criminal actions.

5. Write-off in cases of payment of claims by ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority (IRDA)

1. ADは、輸出者からの申請に基づき、ECGC（インド輸出信用保証公社）またはIRDA（インド保険規制開発局）の規制を受ける民間保険会社から、未回収の輸出代金に対する保険金が支払われたことを証明する書類が提出された場合、当該輸出為替手形の償却を行うものとする。
2. このような償却は、前述の10％の制限を受けないものとする。
3. インセンティブは、外国貿易政策に従って返還されるものとする。
4. ECGCおよびIRDAの規制を受ける民間保険会社によってルピーで決済された保険金は、外貨による輸出代金の回収とはみなされないものとする。

6. 償却の緩和措置

2009年8月27日より、2009-14年度外国貿易政策（FTP）に示されている通り、以下の条件を満たす場合、FTPの輸出促進スキームに基づく輸出代金の回収は義務付けられないものとする。

1. 現行の基準に基づき、インド準備銀行またはインド準備銀行を代理するADカテゴリーI銀行は、個別の事案に応じて償却を承認することができる。
2. 輸出者が、輸出代金が買主から回収できなかったことを証明する、関係するインド在外公館からの書類を提出すること。
3. これは自己償却のケースには適用されない。
4. Duty Drawback Scheme（関税払戻制度）を除き、輸出者がFTP 2009-14に基づく輸出促進スキームを利用している場合、ADカテゴリーI銀行は、前述の要件が満たされていることを条件に、比例した輸出インセンティブの返還を求めないことが推奨される。ECGC（インド輸出信用保証公社）による保険金支払いやインド準備銀行による償却が認められた場合であっても、払戻額は回収されなければならない。

7. 輸出代金回収期限の延長

1. インド準備銀行は、ADカテゴリーI銀行に対し、輸出額にかかわらず、輸出日から9ヶ月を超えて輸出代金の回収期限を一度に最大6ヶ月間延長する権限を付与した。ただし、以下の条件に従うものとする：
   • 当該請求書に関連する輸出取引について、執行局（Directorate of Enforcement）／中央捜査局（CBI）およびその他の捜査機関による調査が行われていないこと。
   • 輸出者が不可抗力により輸出代金を回収できなかったとADカテゴリーI銀行が判断すること。
   • 輸出者が、延長期間内に輸出代金が回収されることを証明すること。
   • 輸出日から9ヶ月を超える延長を申請する場合、輸出者の未回収残高の合計が100万米ドル、または過去3会計年度の平均輸出回収額の10％のいずれか大きい額を超えてはならない。
   • XOS明細書には、輸出日から6ヶ月以上経過したすべての未回収輸出請求書を含める必要がある。ADカテゴリーI銀行が期限延長を認めた場合、延長が認められた期日を「備考」欄に記載することができる。
   • 金額の多寡や未払いの有無にかかわらず、輸出者が外国で買主に対して訴訟を起こしている場合には、延長を認めることができる。
2. 輸出者が不可抗力により延長期間内に貨物の代金を回収できず、さらなる期間延長により回収が見込まれる場合。また、(i)項に該当しない場合は、ADカテゴリーI銀行を通じて、適切な証拠書類を添えて、ETX様式にてインド準備銀行の管轄地域事務所に申請書（2部）を提出しなければならない。