FEMA – 040 – Dated:- 5-12-2003 – Export of Goods and Services – Liberalisation Reserve Bank of IndiaExchange Control DepartmentCentral OfficeMumbai A.P.(DIR Series) Circular No.40 December 5, 2003 ToAll 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 to all exporters and reducing the paper work associated with seeking extension of time or reduction in invoice value or write-off, it has been decided to allow all exporters (including Statu
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003, 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 on behalf of all the banks. 4. Within a month from the close of the calendar year, exporters should submit a statement, as per enclosed format, giving details of export proceeds due, realised and not realised to the concerned Authorised Dealer. E
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lue/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 reduction in invoice value) by the exporter himself, provided the exporter submits evidence to the Authorised Dealer for surrender of export incentives availed of, if any, along with the annual statement. In the case of export bills extended for realisation
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eriod as applicable No of GR/SOFTEX/SDF/PP Amount forms due Fully Realised Partly Realised ( PART B ) (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. 2)Total of Bills in column.( 2) in PART B should not exceed 10% of those in Column.1 of PART A 3) From 2005 onwards, Bills in column 1 of PART A will include those which have been extended for realisation by the exporter himself or with the approval of AD/RBI. 4) In respect of export bills written off (including reduction in invoice value), evidence for surrender of export incentives to be produced. @ For cases of extension Exporter s Signature:
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