Budget 2023-24: Scheme to settle export obligation defaults on cards

One-time opportunity to help 1,100 exporters

The Union Budget 2023-24 may propose a dispute resolution scheme for exporters, which will offer a one-time opportunity to settle past issues of disagreement involving export obligation defaults.
 

The scheme, in the works, may provide a window of three-six months for exporters to come clean. It could lower the interest to one-third on delayed Customs duty payment and may even waive penalties, two people privy to the matter said.
 

About 1,100 exporters, a majority of them from micro, small, and medium enterprises, are learnt to have failed to fulfil the stipulated export obligation, making them liable to pay the 10