FEMA – 091 – Dated:- 1-4-2003 – Export of Goods and Services – Facilities to Units in Special Economic Zones (SEZs) Reserve Bank of IndiaExchange Control DepartmentCentral OfficeMumbai 400 001 A.P.(DIR Series) Circular No.91 April 1, 2003 To All Authorised Dealers in Foreign Exchange Madam / Sirs, Export of Goods and Services – Facilities to Units in Special Economic Zones (SEZs) Attention of authorised dealers is invited to A.P. (DIR Series) Circular No.28 dated March 30, 2001 and subsequent circulars issued extending various facilities to units in Special Economic Zones. It has been decided to extend the following facilities to the units located in the Special Economic Zones (SEZs) : – A. Realisation of export proceeds In terms of para 11(c) of AP (DIR Series) Circular No.28 dated March 30, 2001, units situated in Special Economic Zones have been permitted to realise and repatriate to India the full value of goods or software within a period of twelve months from the date of export.
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
d to para. A.4 of Annexure to AP (DIR Series) Circular No.12 dated September 9, 2000 in terms of which the amount representing the full export value of goods exported shall be received through an authorised dealer in the manner specified in Notification No.FEMA. 14/2000-RB dated May 3, 2000 (Manner of Receipt & Payment) Regulations, 2000. It has been decided that payment of export may also be received by the Gem & Jewellery units in SEZs and EOUs in form of precious metals i.e. Gold / Silver / Platinum equivalent to value of jewellery exported on the condition that the sale contract provides for the same and the approximate value of the precious metal is indicated in the relevant GR/SDF/PP forms. D. Netting off of export receivables against import payments It has been decided that authorised dealers may allow requests received from exporters for netting off of export receivables against import payments for units located in Special Economic Zones subject to the following : (i) T
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
hares to non-residents against import of capital goods subject to the following :- a. The valuation should be verified by a Committee consisting of Development Commissioner and the appropriate Customs officials. b. The SEZ units issuing equity in the above manner should report the particulars of the shares issued in the form FC-GPR prescribed under para 9 of Schedule I [Regulation 5(1)] to Notification No.FEMA.20/2000- RB dated May 3, 2000 to the concerned Regional Office under whose jurisdiction the SEZ falls, together with the copy of the valuation certificate. A copy of the report may be forwarded to Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India, Udyog Bhavan, New Delhi-110 001. 2. Necessary amendments to the Foreign Exchange Management Regulations are being notified separately. 3. These facilities will be available in respect of the shipments made on or after April 1, 2003. 4. Authorised Dealers may bring the contents o
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =