July 21 2016
The Supreme Court-constituted Special Investigation team on black money has directed the enforcement directorate to probe nearly 788 exporters who failed to bring back export earnings back into India within the stipulated time frame as per existing laws.
The exporters, who have been identified, have more than Rs 100 crore each of export earnings that have not been brought back within one year. All exporters have to bring foreign exchange into the country as export proceeds within one year of the date of exports, according to RBI regulations. Failure to bring back the earnings within a year is a violation of the foreign exchange management act.