Export of Goods and Services – Facilities to Units in Special Economic Zones (SEZs)
091 Dated:- 1-4-2003 Circular
FEMA
Superseded vide A.P. (DIR Series) Circular No. 20 dated 16-01-2026 w.e.f. 01-10-2026
Export of Goods and Services – Facilities to Units in Special Economic Zones (SEZs)
Reserve Bank of India
Exchange Control Department
Central Office
Mumbai 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 (DI
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by the ultimate buyer.
• The exporter has made satisfactory arrangements for realisation of full export proceeds subject to the usual GR procedure.
C. Receipts of payment in precious metals for EOUs and units in SEZs
Attention of authorised dealers is invited 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. 'Netti
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he export / import transactions with ACU countries are kept outside the arrangement.
(v) All the relevant documents are submitted to the concerned authorised dealer who should comply with all the regulatory requirements relating to the transactions.
E. Capitalisation of import payables
Units in SEZs are permitted to issue equity shares 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
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