What are the irregularities may happen at the time of Export ?

Answer:

·        Exporter’s ERC is not valid / renewed but export finance is allowed.

·        EXP Form is issued, certified where as exporter’s signature verification is not done as per instructions of the Guideline.

·        Export against false LC, improper advising.

·        Lien of Master LC with other bank but export finance is allowed.

·        Excess amount is allowed to import under BB LC in the form of raw materials.

·        BB LC is opened without having any irrevocable export LC.

·        Having no conformity of merchandise in BB LC with Master LC.

·        BB LC is opened exceeding value addition amount.

·        BB LC is opened against fake utilization declaration.

·        Local BB LC is opened where supplier of raw materials and exporter is the same person, or acceptance of bill of exchange is given without taking the delivery of goods.

·        Exporting of certain category of exportable items against fraud GSP certificate/VISA/CO.

·        Allowing of discount against discrepant documents without BB permission.

·        Selling out of imported goods in the local market having no control of the bank over it in bonded ware house.

·        Advising of false LC without establishing authenticity of credit and without verifying the issuing bank credit report.

·        Genuineness of the exporter is not verified – business and business address is bogus.

·        Submission of false shipping documents, goods not shipped, documents are discrepant as per LC terms but negotiated.

·        Shipping news /report from the shipping agent not obtained.

·        Repatriation of fund is not completed within 120 days but bank has not taken any action.

·        False transfer of LC.

·        Packing credit avail against false document. Willful stock-lot but no stock at all/ stock sold out in local market.

·        Selling out of bonded goods due to lack of close supervision.