Daily Quiz Question
An AD bank receives an inward remittance against a DTA-to-SEZ supply. The transaction has a Shipping Bill number and Port Code. The bank proposes to report it on the DGFT portal as “Deemed Exports” because the FETERS/R-Return purpose code is P1505. What should the bank do?
Report it as Deemed Exports based on P1505.
Report it as Deemed Exports only if the exporter requests it.
Issue the e-BRC and report the transaction on the DGFT portal according to the underlying transaction; it should not be treated as Deemed Exports merely based on P1505
Do not issue an e-BRC for DTA-to-SEZ transactions.