New: disbursal of duty drawback directly to exporter’s bank accounts - Finance Ppl

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Duty drawback disbursal directly to exporter’s bank accounts

CBIC has brought a change in the method of duty back disbursement, where there will be  electronic disbursement of duty drawback amount directly to exporter's bank account,  getting facilitated through Public Finance Management System (PFMS) w.e.f 5th June, 2024.

This initiative is aimed at reducing time involved for payment of drawback amount under the present system, by eliminating manual intervention in the drawback disbursal mechanism.

Backdrop: 
Previously, duty drawback claims are processed through customs automated system ® which gets enumerated in a scroll / computerized customs drawback advice (CCDA) ®which is then sent to authorised bank branch along with single cheque of consolidated amount, for payment of duty drawback amounts into the exporters' accounts. 

Change in process: 
w.e.f 5th June 2024, payment of drawback amount into the exporters' bank accounts post scroll out, will be through PFMS automatically. consequently, practice of printing the drawback stroll and issuing cheque to authorized banks for total disbursement amount, shall be discontinued.