The Ministry of Finance (MoF) on June 05, 2024, issued a notification regarding the electronic disbursal of duty drawback amount directly to exporter’s bank accounts through PFMS.
The following has been stated: -
• To facilitate trade, the Central Board of Indirect Taxes and Customs (CBIC) will electronically disburse duty drawback amount directly to the exporter’s bank account in a transparent and efficient manner with effect from today, June 05, 2024.
•The payment of duty drawback amounts into the exporters' accounts will be facilitated through the Public Finance Management System (PFMS) automatically. This is another initiative of the CBIC towards paperless Customs and enhanced trade facilitation.
•This new functionality is expected to reduce the time taken for payment of drawback amount by eliminating manual intervention in the drawback disbursal mechanism and increase transparency.
[Release ID: 2022889]
