Electronic Fund Transfer (EFT) for exporters

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Staff Reporter | 08 Nov, 2008
Electronic Fund Transfer (EFT) is the facility provided to exporters for submitting the licence fee through the Internet without visiting the bank for the payment.

This procedure is being proposed to facilitate payments through electronic means. The facility is available only for electronically filed applications.

This Electronic payment facility is applicable for deposit of application fees in case of all licencing schemes. However Electronic Payment facility is mandatory for DEPB, DES, EPCG and DFIA Licensing Schemes.

Banks through which electronic payment can be made:
Currently Electronic payment can be made through ICICI Bank, IDBI Bank, HDFC Bank, UTI Bank, State Bank of India, Bank of India, Punjab National Bank and Union Bank of India.

Requirements for making Electronic Payment:
An exporter having valid Importer Exporter Code (IEC) need to have an Internet Banking account, his ID and password from any of the banks mentioned earlier.

Benefits of making Payment through Electronic Fund Transfer:
The licence fee can be submitted simultaneously while filing the E-Com application without visiting the Bank. It will also reduce the time required to make the payment as compared to manual mode like DD, etc.

Moreover the payment made through electronic means is secured. Payment can be made only by logging on valid unique ID and password provided to the exporter by the Bank. The transaction is carried out in secured environment through Banks gateway specially created for the purpose.

Refund of fee once paid through EFT:
The fee once received will not be refunded except in the following circumstances viz:

(a) Where the fee has been deposited in excess of the specified amount of fee
(b) Where fee has been deposited but no application has been made
(c) Where the fee has been deposited in error but the applicant is exempt from payment of fee

Processing of refund of fee submitted through net banking can be made through an application in hard copy as per form given in appendix 6-B. This can be submitted to the licensing authority against whom the e-com number has been generated.

On receipt of application the licensing authority passes the refund after they have verify from the Pay and Accounts Office, Ministry of Commerce & Industry, New Delhi that the amount was credited.

However no claim for refund of application fee is entertained by the licensing authority after expiry of one year from the date of payment to the concerned bank. On merits, for reasons to be recorded in writing, the licensing authority may condone the delay. However application for refund of fees are not entertained after the expiry of three years with regard to the date of payment to the concerned bank.

Refund Order of fees are valid for three months from the date of issue. Request for revalidating the same are usually considered on merits by the authority which issued the Refund Order.