Export of Goods and Services – Liberalisation
040 Dated:- 5-12-2003 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Superseded vide A.P. (DIR Series) Circular No. 20 dated 16-01-2026 w.e.f. 01-10-2026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 – Liberalisation
Reserve Bank of India
Exchange Control Department
Central Office
Mumbai
A.P.(DIR Series) Circular No.40
December 5, 2003
To
All Authorised Dealers in Foreign Exchange
Madam / Sirs,
Export of Goods and Services – Liberalisation
Attention of Authorised Dealers is invited to A.P (DIR Series) Circular No.12 dated September 9, 2000, as amended from time to time, relating to Export of Goods and Services and Part C of the said circular wherein directions have been issued for allowing write-off, reduction in invoice value and extension of time limit for realisation of export proceeds to exporters in respect of outstanding / overdue export bills
2. With a view to simplifying and liberalising the procedure, providing full flexibility
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r realisation on January 1, 2004 (ie., within the prescribed period of 180 days). In the case of exports where Reserve Bank has prescribed longer period of realisation, the said facility would be available for exports made prior to July 2003, but proceeds of which are due for realisation within the prescribed period of one year.
3. Exporters dealing with more than one Authorised Dealer can avail of this facility through each AD, i..e., the limit of 10 per cent for self write-off (including reduction in invoice value) and extension of time for realisation of export proceeds would be applicable for export bills lodged for realisation with that Authorised Dealer. However, exporters operating under a consortium of banks or with multiple banks will also have the option of computing the 10 per cent limit on an aggregate basis with all the banks, provided the lead bank of the consortium or in case of multiple banking, a nodal bank undertakes to verify the exporters' annual performance
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e excess over the 10 per cent limit before the end of the calendar year. In cases where exporters have failed to comply with this requirement, Authorised Dealers may promptly advise the said exporter to seek extension of time/reduction in invoice value/write-off in respect of non-realisation in excess of the 10 per cent limit, failing which, the Authorised Dealers may inform the exporter about the withdrawal of this facility of self write-off / extension of time, within a month, under advice to the concerned Regional Office of the Reserve Bank.
5. Requests received from exporters in terms of Paragraph 4 above may be dealt with by the Authorised Dealers as per the existing instructions relating to extension of time for realisation of export proceeds, reduction in invoice value and write-off issued by the Reserve Bank.
6. Regarding disposal of GR/SOFTEX/SDF/PP forms under the above facility, Authorised Dealers may release the respective forms relating to the write-off (including re
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bsp;
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No of GR/SOFTEX/SDF/PP Amount forms due
Export proceeds not realised within the prescribed Period of 180 days or longer period as applicable
No of GR/SOFTEX/SDF/PP Amount forms due
Fully Realised
Partly Realised
( PART B )
&nb
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(Amount in Rs 000s )
Details of Export Bills not Realised (partly or fully) within the prescribed period
GR No. Amount
Details of Extension /Reduction in invoice value/ write-off by the exporter himself
Amount Revised due date
@
Extension/Reduction in invoice value /write-off sought from AD
Amount Revised due date
@
(1)
(2)
(3)
Total
NOTE: 1) The exporter should approach AD/RBI for extension of time in respect of bills in Column (3) in PART B.
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