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	<title>CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | </title>
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		<title>CBIC Implements New Drawback Payment System from June 5, 2024</title>
		<link>https://www.nyca.in/cbic-implements-new-drawback-payment-system-from-june-5-2024/</link>
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		<pubDate>Fri, 31 May 2024 05:55:06 +0000</pubDate>
				<category><![CDATA[GST]]></category>
		<category><![CDATA[Doing Business in India]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[2024 Notice]]></category>
		<category><![CDATA[2024 PFMS Rollout]]></category>
		<category><![CDATA[CBIC Customs Notice]]></category>
		<category><![CDATA[CBIC Duty Drawback Update]]></category>
		<category><![CDATA[CBIC Instruction No. 15/2024]]></category>
		<category><![CDATA[CBIC May 29]]></category>
		<category><![CDATA[CBIC New Payment Procedure]]></category>
		<category><![CDATA[CBIC Trade Notice]]></category>
		<category><![CDATA[Central Nodal eDDO]]></category>
		<category><![CDATA[Customs Automated System (CAS)]]></category>
		<category><![CDATA[Customs Refund Payments]]></category>
		<category><![CDATA[Disbursal of Drawback Amounts]]></category>
		<category><![CDATA[Duty Drawback Disbursal]]></category>
		<category><![CDATA[Duty Drawback Payments]]></category>
		<category><![CDATA[Duty Drawback Scroll Process]]></category>
		<category><![CDATA[ePAO Approval for Drawback]]></category>
		<category><![CDATA[Exporter Bank Accounts PFMS]]></category>
		<category><![CDATA[Exporter Payment Process]]></category>
		<category><![CDATA[June 5]]></category>
		<category><![CDATA[PFMS for Exporters]]></category>
		<category><![CDATA[PFMS Implementation 2024]]></category>
		<category><![CDATA[Public Finance Management System (PFMS)]]></category>
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					<description><![CDATA[<p>CBIC announces Instruction No. 15/2024-Customs: New PFMS-based Drawback payments for exporters effective from June 5, 2024. Learn more about the changes</p>
<p>The post <a rel="nofollow" href="https://www.nyca.in/cbic-implements-new-drawback-payment-system-from-june-5-2024/">CBIC Implements New Drawback Payment System from June 5, 2024</a> appeared first on <a rel="nofollow" href="https://www.nyca.in">CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases</a>.</p>
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															<img fetchpriority="high" decoding="async" width="1024" height="576" src="https://www.nyca.in/wp-content/uploads/2024/05/CBIC-Implements-New-Drawback-Payment-System-From-June-5-2024-1024x576.jpg" class="attachment-large size-large wp-image-10220" alt="" srcset="https://www.nyca.in/wp-content/uploads/2024/05/CBIC-Implements-New-Drawback-Payment-System-From-June-5-2024-1024x576.jpg 1024w, https://www.nyca.in/wp-content/uploads/2024/05/CBIC-Implements-New-Drawback-Payment-System-From-June-5-2024-300x169.jpg 300w, https://www.nyca.in/wp-content/uploads/2024/05/CBIC-Implements-New-Drawback-Payment-System-From-June-5-2024-768x432.jpg 768w, https://www.nyca.in/wp-content/uploads/2024/05/CBIC-Implements-New-Drawback-Payment-System-From-June-5-2024-1536x864.jpg 1536w, https://www.nyca.in/wp-content/uploads/2024/05/CBIC-Implements-New-Drawback-Payment-System-From-June-5-2024-700x394.jpg 700w, https://www.nyca.in/wp-content/uploads/2024/05/CBIC-Implements-New-Drawback-Payment-System-From-June-5-2024-539x303.jpg 539w, https://www.nyca.in/wp-content/uploads/2024/05/CBIC-Implements-New-Drawback-Payment-System-From-June-5-2024.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" />															</div>
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									<p>The CBIC has issued Instruction No. 15/2024-Customs on May 29, 2024, detailing the disbursal of Drawback amounts into exporters&#8217; accounts via the Public Finance Management System (PFMS), effective from June 05, 2024.</p><p>Currently, Duty Drawback claims are processed through the Customs Automated System (CAS), listed in a scroll/Computerised Customs Drawback Advice (CCDA), and sent to the Authorised Bank branch with a single consolidated cheque for payment to exporters&#8217; accounts.</p><p>However, from June 05, 2024, the payment of Drawback amounts will be facilitated through PFMS. The following procedures will be discontinued:</p>								</div>
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										<span class="elementor-icon-list-text">Printing of the Drawback scroll for transmission to the Authorised Bank</span>
									</li>
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											<span class="elementor-icon-list-icon">
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										<span class="elementor-icon-list-text">Issuance of cheques for the total amount to be disbursed under a scroll</span>
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									<p>Instead, the new procedure will be as follows:</p>								</div>
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										<span class="elementor-icon-list-text">An authorised officer at each Customs location will process the Duty Drawback scroll queue.</span>
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								<li class="elementor-icon-list-item">
											<span class="elementor-icon-list-icon">
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										<span class="elementor-icon-list-text">The scrolls generated at different locations will be automatically processed by CAS for transmission to the Central Nodal eDDO.</span>
									</li>
								<li class="elementor-icon-list-item">
											<span class="elementor-icon-list-icon">
							<i aria-hidden="true" class="fas fa-circle"></i>						</span>
										<span class="elementor-icon-list-text">The central nodal eDDO will forward the consolidated All-India duty drawback scroll to the nodal ePAO.</span>
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											<span class="elementor-icon-list-icon">
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										<span class="elementor-icon-list-text">After approval from the nodal ePAO, the duty drawback amounts will be credited into the exporters' bank accounts linked with PFMS.</span>
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									<p>The jurisdictional Principal Chief Commissioners/Chief Commissioners must ensure the following actions are completed before June 05, 2024:</p>								</div>
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											<span class="elementor-icon-list-icon">
							<i aria-hidden="true" class="fas fa-circle"></i>						</span>
										<span class="elementor-icon-list-text">All Drawback scrolls generated prior to June 05, 2024, should be processed, sent to agency banks, and cheques issued.</span>
									</li>
								<li class="elementor-icon-list-item">
											<span class="elementor-icon-list-icon">
							<i aria-hidden="true" class="fas fa-circle"></i>						</span>
										<span class="elementor-icon-list-text">The cheque number of the last cheque issued for Duty Drawback must be communicated to the jurisdictional PAO and the authorised bank, confirming that no future Drawback payments will be made through the bank. If no future payments are to be made via cheque, the cheque books issued for Drawback payments must be returned to the PAO.</span>
									</li>
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											<span class="elementor-icon-list-icon">
							<i aria-hidden="true" class="fas fa-circle"></i>						</span>
										<span class="elementor-icon-list-text">If the same cheque book is used for Customs refund payments and retained for that purpose, this must be noted in the LoP against the cheque issued.</span>
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									<p>A suitable Trade Notice should be issued to inform trade and staff. Any difficulties in implementing this instruction should be reported to the Board.</p>								</div>
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		<p>The post <a rel="nofollow" href="https://www.nyca.in/cbic-implements-new-drawback-payment-system-from-june-5-2024/">CBIC Implements New Drawback Payment System from June 5, 2024</a> appeared first on <a rel="nofollow" href="https://www.nyca.in">CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases</a>.</p>
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