(i) Authorised dealers should closely watch realisation of bills through Bills Register and, in cases where bills remain outstanding beyond the due date for payment, they should take up the matter promptly with exporter concerned. If exporter fails to arrange for delivery of the proceeds on the due date, the matter should be reported to Reserve Bank by letter stating, where possible, the reason for the delay in realisation of proceeds of the exports unless exporter has sought permission for extension of time (see paragraph 6C16). The duplicate copies of GR/PP forms should, however, continue to be held by authorised dealer until full proceeds are realised except in case of undrawn balances covered by Note under paragraph 6C7. Authorised dealers should follow up export outstandings with exporters systematically and vigorously so that action against defaulting exporters does not get delayed. Any laxity noticed in the follow up of realisation of export proceeds by authorised dealers will be viewed seriously by Reserve Bank leading to the invocation of the provision in FERA 1973, authorising it to impose penalty on an authorised dealer.

(ii) Authorised dealers should furnish to Reserve Bank a consolidated statement in form XOS giving details of all export bills which remained unrealised beyond the period of 180 days from the date of shipment as at the end of June and December every year. The statements should be submitted in triplicate within fifteen days from the close of the relative half year. However, authorised dealers should ensure that export bills which remained unrealised and unpaid on the due date of payment are treated as outstanding export bills for all purposes.