Master Circular on Export of Goods and Services
09/2009-10 – RBI-29 Dated:- 1-7-2009 Master Circular
FEMA
RBI/2009-10/29
Master Circular No. 09/2009-10
July 1, 2009
To,
All Category – I Authorised Dealer Banks
Madam / Sir,
Master Circular on Export of Goods and Services
Export of Goods and Services from India is allowed in terms of clause (a) of sub-section (1) and sub-section (3) of Section 7 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. G.S.R. 381(E) dated May 3, 2000 viz. Foreign Exchange Management (Current Account) Rules, 2000 as amended from time to time.
2.This Master Circular consolidates the existing instructions on the subject of “Export of Goods and Services from India” at one place. The list of underlying circulars/notifications consolidated in this Master Circular is furnished in Appendix.
3.This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 01, 2010
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t Shipments19
B.17 Counter-Trade Arrangement.19
B.18 Export of Goods on Lease, Hire, etc20
B.19 Export on Elongated Credit Terms21
B.20 Export of goods by Special Economic Zones (SEZs)21
B.21 Project Exports and Service Exports21
B.22 Export of Currency23
B.23 Forfaiting23
B.24 Exports to neighbouring countries by Road, Rail or River23
B.25 Border Trade with Myanmar24
B.26 Repayment of State Credits24
B.27 Counter Trade Arrangement with Romania23.
PART – 326
C. Operational Guidelines for AD Category – I banks26
C.1 Citing of Specific Identification Numbers26
C.2GR/SDF/PP/SOFTEX procedure26
C.3 GR forms26
C.4 SDF28
C.5 PP Forms29
C.6 Random verification30
C.7 Certification for EEFC Credits30
C.8 Consolidation of Air Cargo and Sea Cargo30
C.9 Delay in submission of shipping documents by exporters
31
C. 10 Check-list for Scrutiny of Forms.31
C.11 Return of Documents to Exporters33
C.12 Handing Over Negotiable Copy of Bill of Lading to Master of Vessel/Trade Representative 33
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C.9 Delay
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200046
Annex-252
Notification No.FEMA 23 /2000-RB dated 3rd May 200052
Annex- 397
Notification No.FEMA 14 /2000-RB dated 3rd May 200097
Annex- 4 Self write-off and extension of time101
Annex- 6 EFC statement104
Annex- 7 Export Outstanding(XOS) statement106
PART- 5 List of Circulars108
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PART 1
A. Introduction
(i) Export trade is regulated by the Directorate General of Foreign Trade (DGFT) and its regional offices, functioning under the Ministry of Commerce and Industries, Department of Commerce, Government of India. Policies and procedures required to be followed for exports from India are announced by the DGFT.
(ii), AD Category – I banks may conduct export transactions in conformity with the Foreign Trade Policy in vogue and the Rules framed by the Government of India and the Directions issued by Reserve Bank from time to time. In exercise of the powers conferred by clause (a) of
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ory – I banks have been permitted to issue guarantees on behalf of exporter clients on account of exports out of India subject to specified
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conditions.
(v) There is no restriction on invoicing of export contracts in Indian Rupees in terms of the Rules, Regulations, Notifications and Directions framed under the Foreign Exchange Management Act 1999. Further, in terms of Para 2.40 of the Foreign Trade Policy (September 1, 2004 -March 31, 2009), “All export contracts and invoices shall be denominated either in freely convertible currency or in Indian Rupees but export proceeds shall be realised in freely convertible currency. However, export proceeds against specific exports may also be realised in rupees provided it is through a freely convertible Vostro account of a non-resident bank situated in any country, other than a member country of the ACU or Nepal or Bhutan”.
(vi) Any reference to Reserve Bank sho
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egulations.
Grant of GR waiver
(i) AD Category – I banks may consider requests for grant of GR waiver from exporters for export of goods free of cost, for export promotion up to 2 per cent of the average annual exports of the applicant during the preceding three financial years subject to a ceiling of Rs.5 lakhs. For status holder exporters, the limit as per the present Foreign Trade Policy is Rs. 10 lakhs or 2 per cent of the average annual export realisation during the preceding three licensing years (April-March), whichever is higher.
(ii) Export of goods not involving any foreign exchange transaction directly or indirectly requires the waiver of GR/PP procedure from the Reserve Bank.
B.2 Manner of Receipt and Payment
(i) The amount representing the full export value of the goods exported shall be received through an AD Bank in the manner specified in the Foreign Exchange Management (Manner of Receipt & Payment) Regulations, 2000 notified vide
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importer where the reimbursement from the card issuing bank/organisation will be received in foreign exchange.
(ii) Trade transactions can also be settled in the following manner:
a) All transactions between a person resident in India and a person resident in Nepal may be settled in Indian Rupees. However, in case of export of goods to Nepal, where the importer has been permitted by the Nepal Rashtra Bank to make payment in free foreign exchange, such payments shall be routed through the ACU mechanism.
b) In Precious metals i.e. Gold / Silver / Platinum by the Gem & Jewellery units in SEZs and EOUs, equivalent to value of jewellery exported on the condition that the sale contract provides for the same and the approximate value of the precious metals is indicated in the relevant GR / SDF / PP Forms.
(iii) Settlement system under ACU Mechanism
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(a) In order to facilitate transactions / settle
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ods or software exported should be realized and repatriated to India within a stipulated period from the date of export, as under :
(i) By Units in Special Economic Zones (SEZs): No specific time period has been stipulated;
(ii) By Status Holder Exporters as defined in the Foreign Trade Policy : Within a period of twelve months from the date of export;
(iii) By 100 % Export Oriented Units (EOUs) and units set up under Electronic Hardware Technology Parks (EHTPs), Software Technology Parks (STPs) and Biotechnology Parks (BTPs) schemes : Within a period of twelve months from the date of export on or after September 1, 2004;
(iv) Goods exported to a warehouse established outside India : As soon as it is realized and in any case within fifteen months from the date of shipment of goods; and
(v) In all other cases: With effect from June 3, 2008, this period of realization and repatriation to India has been enhanced to twelve months from the date of export till further review.
B.4 Forei
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foreign currency account with banks in India and outside India subject to certain terms and conditions. Applications for opening the account with a branch of an AD Category – I banks in India may be submitted through the branch at which the account is to be maintained. If the account is to be maintained abroad the application should be made by the exporter giving details of the bank with which the account will be maintained.
(iii) An Indian entity can also open, hold and maintain a foreign currency account with a bank outside India, in the name of its overseas office/branch, by making remittance for the purpose of normal business operations of the said office/branch or representative subject to conditions stipulated in Regulation 7 of Notification No. FEMA 10/2000-RB dated May 3, 2000 and as amended from time to time.
(iv) A unit located in a Special Economic Zone (SEZ) may open, hold and maintain a Foreign Currency Account with an AD Category – I bank in India subject to conditions
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March) are permitted to transact their business through Diamond Dollar Accounts.
(ii) They may be allowed to open not more than five Diamond Dollar Accounts with their banks.
(iii) Eligible firms and companies may apply for permission to their AD Category – I banks in the format prescribed.
B.6 Exchange Earners' Foreign Currency (EEFC) Account
(i) A person resident in India may open with, an AD Category – I bank in India, an account in foreign currency called the Exchange Earners' Foreign Currency (EEFC) Account, in terms of Regulation 4 of the Foreign Exchange Management (Foreign Currency Account by a Person Resident in India) Regulations, 2000 notified under Notification No. FEMA 10/2000-RB dated May 3, 2000 as amended from time to time.
(ii) All categories of foreign exchange earners are allowed to credit up to 100 per cent of their foreign exchange earnings to their EEFC Accounts.
(iii) This account shall be maintained only in the form of non-interest bearing current account.
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s of Notification No. FEMA 3/2000-RB dated May 3, 2000 as amended from time to time.
(vi) AD Category – I banks may permit exporters to repay packing credit advances whether availed in rupee or in foreign currency from balances in their EEFC account and / or rupee resources to the extent exports have actually taken place.
B.7 Setting up of Offices Abroad and Acquisition of Immovable Property for Overseas Offices
(i) At the time of setting up of the office, AD Category – I banks may allow remittances towards initial expenses up to fifteen per cent of the average annual sales/income or turnover during the last two financial years or up to twenty-five per cent of the net worth, whichever is higher.
(ii) For recurring expenses, remittances up to ten per cent of the average annual sales/income or turnover during the last two financial years may be sent for the purpose of normal business operations of the office (trading / non-trading) / branch or representative office outside India subj
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e limits for initial and recurring expenses, to acquire immovable property outside India for its business and for residential purpose of its staff.
(v) The overseas office / branch of software exporter company /firm may repatriate to India 100 per cent of the contract value of each 'off-site' contract.
(vi) In case of companies taking up 'on site' contracts, they should repatriate the profits of such 'on site' contracts after the completion of the said contracts.
(vii) An audited yearly statement showing receipts under 'off-site' and 'on-site' contracts undertaken by the overseas office, expenses and repatriation thereon may be sent to the AD Category – I banks.
B.8 Advance Payments against Exports
In terms of Regulation 16 of Notification No. FEMA 23 dated May 3, 2000, where an exporter receives advance payment (with or without interest), from a buyer outside India, the exporter shall be under an obligation to ensure that –
(i) the shipment of goods is made within one year from
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– I banks may allow the purchase of foreign exchange from the market for refunding advance payment credited to EEFC account only after utilising the entire balances held in the exporter's EEFC accounts maintained at different branches/banks.
Note: AD Category – I banks may also be guided by Master Circular on Guarantees and Co-acceptances issued by DBOD.
B.9 GR Approval for Trade Fair/Exhibitions abroad
Firms / Companies and other organisations participating in Trade Fair/Exhibition abroad can take/export goods for exhibition and sale outside India without the prior approval of the Reserve Bank. Unsold exhibit items may be sold outside the exhibition/trade fair in the same country or in a third country. Such sales at discounted value are also permissible. It would also be permissible to `gift' unsold goods up to the value of USD 5000 per exporter, per exhibition/trade fair. AD
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Category – I banks m
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subject to the condition that the exporter shall produce relative Bill of Entry within one month of re-import of the exported item from India.
(ii) Where the goods being exported for testing are destroyed during testing, AD Category – I banks may obtain a certificate issued by the testing agency that the goods have been destroyed during testing, in lieu of Bill of Entry for import.
B.11 Part Drawings /Undrawn Balances
(i) In certain lines of export trade, it is the practice to leave a small part of the invoice value undrawn for payment after adjustment due to differences in weight, quality, etc. to be ascertained after arrival and inspection, weighment or analysis of the goods. In such cases, AD Category – I banks may negotiate the bills, provided:
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a) The amount of undrawn balance is considered normal in the particular line of export trade, subject to a maximum of 10 per cent of the full export v
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period prescribed for realisation of proceeds of the export. This procedure should be followed even if, according to the practice in certain trades, a bill for part of the estimated value is drawn in advance against the exports.
(ii) The agents/consignees may deduct from sale proceeds of the goods expenses normally incurred towards receipt, storage and sale of the goods, such as landing charges, warehouse rent, handling charges, etc. and remit the net proceeds to the exporter
(iii) The account sales received from the Agent/Consignee should be verified by the
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AD Category – I banks. Deductions in Account Sales should be supported by bills/receipts in original except in case of petty items like postage/cable charges, stamp duty, etc.
(iv) In case of goods exported on consignment basis, freight and marine insurance must be arranged in India.
(v) AD Category – I banks may allow the exporters to abandon t
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permission/approvals should maintain a proper record of the approvals granted.
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B.14 Direct dispatch of documents by the exporter
(i) AD Category – I banks should normally dispatch shipping documents to their overseas branches/correspondents expeditiously. However, they may dispatch shipping documents direct to the consignees or their agents resident in the country of final destination of goods in cases where:
a) Advance payment or an irrevocable letter of credit has been received for the full value of the export shipment and the underlying sale contract/letter of credit provides for dispatch of documents direct to the consignee or his agent resident in the country of final destination of goods.
b) The AD Category – I banks may also accede to the request of the exporter provided the exporter is a regular customer and the AD Category – I banks is satisfied, on the basis of standing and track
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s agent resident in the country of the final destination of goods, up to USD 1 million or its equivalent, per export shipment, subject to the following conditions:
a) The export proceeds have been realized in full.
b) The exporter is a regular customer of AD Category – I bank for a period of at least six months.
c) The exporter's account with the AD Category – I bank is fully compliant with Reserve Bank's extant KYC / AML guidelines.
d) The AD Category – I bank is satisfied about the bonafides of the transaction.
In case of doubt, the AD Category – I bank may consider filing Suspicious Transaction Report (STR) with FIU_IND (Financial Intelligence Unit in India).
B.15 Invoicing of Software Exports
(i) For long duration contracts involving series of transmissions, the exporters should bill their overseas clients periodically, i.e., at least once a month or on reaching the 'milestone' as provided in the contract entered into with the overseas client and the last invoice / bill shou
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ised on overseas clients as at (i) and (ii) above will be subject to valuation of export declared on SOFTEX form by the designated official concerned of the Government of India and consequent amendment made in the invoice value, if necessary.
B.16 Short Shipments and Shut out Shipments
(i) When part of a shipment covered by a GR form already filed with Customs is short-shipped, the exporter must give notice of short-shipment to the Customs in the form and manner prescribed. In case of delay in obtaining certified short- shipment notice from the Customs, the exporter should give an undertaking to the AD banks to the effect that he has filed the short-shipment notice with the Customs and that he will furnish it as soon as it is obtained.
(ii) Where a shipment has been entirely shut out and there is delay in making arrangements to re-ship, the exporter will give notice in duplicate to the Customs in the form and manner prescribed, attaching thereto the unused duplicate copy of GR form
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and the Rules and Regulations made there under.
(ii) No interest will be payable on balances standing to the credit of the Escrow Account but the funds temporarily rendered surplus may be held in a short-term deposit up to a total period of three months in a year (i.e., in a block of 12 months) and the banks may pay interest at the applicable rate.
(iii) No fund based/or non-fund based facilities would be permitted against the balances in the Escrow Account.
(iv) Application for permission for opening an Escrow Account may be made by the overseas exporter/organisation through his AD Category – I bank to the concerned Regional Office of the Reserve Bank
B.18 Export of Goods on Lease, Hire, etc
Prior approval of the Reserve Bank is required for export of machinery, equipment, etc., on lease, hire basis under agreement with the overseas lessee against collection of lease rentals/hire charges and ultimate re-import. Exporters should apply for necessary permission, through an AD Categ
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them by units in SEZs.
B.21 Project Exports and Service Exports
Export of engineering goods on deferred payment terms and execution of turnkey projects and civil construction contracts abroad are collectively referred to as 'Project Exports'. Indian exporters offering deferred payment terms to overseas buyers and those participating in global tenders for undertaking turnkey/civil construction contracts abroad are required to obtain the approval of the AD Category – I banks/Exim Bank/Working Group at post-award stage before undertaking execution of such contracts. Regulations relating to ' Project Exports' and 'Service exports' are laid down in the revised Memorandum on Project Exports (PEM- October 2003 as amended from time to time).
In order to provide greater flexibility to project exporters and exporters of services in conducting their overseas transactions, the guidelines stipulated vide paragraphs B.10 (i) (f),C 1(ii), D.1 (i), D.3 and D.4(iv) of the PEM have been modified as
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(ies) of their choice with inter-project transferability of funds in any currency or country. The Inter-project transfer of funds will be monitored by the AD Category – I bank(s) / Exim Bank / Working Group.
(iii) Deployment of Temporary Cash Surpluses
Project / Service exporters may deploy their temporary cash surpluses, generated outside India, in the following instruments / products, subject to monitoring by the AD Category – I bank(s) / Exim Bank / Working Group :
(i) investments in short-term paper abroad including treasury bills and other monetary instruments with a maturity or remaining maturity of one year or less and the rating of which should be at least A-1/AAA by Standard & Poor or P-1/Aaa by Moody's or F1/AAA by Fitch IBCA etc. ,
(ii) deposits with branches / subsidiaries outside India of AD Category – I banks in India.
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(iv) Repatriation of Funds in case of On-site Software Con
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e done through an AD bank. Such remittances may be made in advance in one lump sum or at monthly intervals as approved by the authority concerned.
B.24 Exports to neighbouring countries by Road, Rail or River
The following procedure should be adopted by exporters for filing original copies of GR/SDF forms where exports are made to neighboring countries by road, rail or river transport:
(i) In case of exports by barges/country craft/road transport, the form should be presented by exporter or his agent at the Customs station at the border through which the vessel or vehicle has to pass before crossing over to the foreign territory. For this purpose, exporter may arrange either to give the form to the
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person in charge of the vessel or vehicle or forward it to his agent at the border for submission to Customs.
(ii) As regards exports by rail, Customs staff has been posted at certain designated railway
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oods and services against repayment of state credits granted by erstwhile USSR will continue to be governed by the extant directions issued by Reserve Bank, as amended from time to time.
B.27 Counter-Trade Arrangements with Romania
Reserve Bank will consider counter trade proposals from Indian exporters with Romania involving adjustment of value of exports from India against value of imports made into India in terms of a voluntarily entered arrangement between the concerned parties, subject to the condition, among others that the Indian exporter
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should utilise the funds for import of goods from Romania into India within six months from the date of credit to Escrow Accounts allowed to be opened.
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PART – 3
C. Operational Guidelines for AD Category – I banks
C.1 Citing of Specific Identification Numbers
(i) In
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ng serial number.
(iii) Customs will certify the value declared by the exporter on both the copies of the GR form at the space earmarked and will also record the assessed value.
(iv) They will then return the duplicate copy of the form to the exporter and retain the original for transmission to Reserve Bank.
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(v) Exporters should submit the duplicate copy of the GR form again to Customs along with the cargo to be shipped.
(vi) After examination of the goods and certifying the quantity passed for shipment on the duplicate copy, Customs will return it to the exporter for submission to the AD Category – I banks for negotiation or collection of export bills.
(vii) Within 21 days from the date of export, exporter should lodge the duplicate copy together with relative shipping documents and an extra copy of the invoice with the AD Category – I banks named in the GR form.
(viii) After the document
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can be obtained by the exporters from the Regional Offices of the Reserve Bank. As part of simplifying the procedures, GR Forms are now made available on-line on the Reserve Bank's website www.rbi.org.in.
(Link :- Notification->FEMA-> Forms->For Printing of GR Form)
Accordingly, the exporters have the option to use the GR Forms available on-line as well.
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]
C.4 SDF
The following system may be followed in case of SDF:
(i) The SDF should be submitted in duplicate (to be annexed to the relative shipping bill) to the Commissioner of Customs concerned.
(ii) After verifying and authenticating the declaration in SDF, the Commissioner of Customs will hand over to the exporter, one copy of the shipping bill marked 'Exchange Control Copy' to which form SDF has been appended for being submitted to the AD Category – I banks within 21 days from the date of export.
(iii) The AD Category – I banks should
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d the relevant shipping documents after full proceeds have been received. The certificate will indicate the number of declaration form, name of the exporter, name of the AD Category – I banks, date of negotiation, bill number, invoice value and the amount actually received by ECGC and private insurance companies regulated by IRDA.
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C.5 PP Forms
The manner of disposal of PP forms is the same as that for GR forms. Postal Authorities will allow export of goods by post only if the original copy of the form has been countersigned by an AD Category – I banks. Therefore, PP forms should be first presented by the exporter to an AD Category – I banks for countersignature.
(i) The AD Category – I banks will countersign the forms after ensuring that the parcel is being addressed to their branch or correspondent bank in the country of import and return the original copy to the exporter, who should submit t
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sation of the export proceeds, that he could do so.
In such cases, particulars of advance payment/letter of credit / AD Category – I bank's certification of standing, etc., of the exporter should be furnished on the form under proper authentication.
(v) Any alteration in the name and address of consignee on the PP form should
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also be authenticated by the AD Category – I Banks under his stamp and signature.
C.6 Random verification
In all the above procedures, AD Category – I Bank should ensure, by random check of the relevant duplicate forms by their internal / concurrent auditors, that non-realisation or short realisation allowed, if any, is within the powers delegated to them or has been duly approved by Reserve Bank, wherever necessary.
C.7 Certification for EEFC Credits
Where a part of the export proceeds are credited to an EEFC account, the export declaration (duplicate) form may be certifi
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ve letter of credit
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specifically provides for negotiation of this document, in lieu of bill of lading.
(ii) Further, relative sale contract with the overseas buyer should also provide that FCR may be accepted in lieu of bill of lading as a shipping document.
C.9 Delay in submission of shipping documents by exporters
In cases where exporters present documents pertaining to exports after the prescribed period of 21days from date of export, AD Category – I banks may handle them without prior approval of Reserve Bank, provided they are satisfied with the reasons for the delay.
C.10 Check-list for Scrutiny of Forms
AD Category – I banks may ensure:
(i) The number on the duplicate copy of a GR form presented to them is the same as that of the original which is usually recorded on the Bill of Lading/Shipping Bill and the duplicate has been duly verified and authenticated by appropriate Customs
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included in the invoice and the bill.
(vii) To negotiate the documents, in cases where the documents are being negotiated by a person other than the exporter who has signed GR/PP/SDF /SOFTEX Form for the export consignment concerned, after ensuring compliance with Regulation 12 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2000
(viii) To accept the variations in the value declared to the customs authorities and that is reflected on the export documents which stem from the terms of contract, on production of documentary evidence after verifying the arithmetical accuracy of the calculations and on conforming the terms of underlying contracts. Some such instances (where the values declared to the customs authorities and that shown on the documents may differ) are enumerated hereunder:
a) The export realisable value may be more than what was originally declared to/accepted by the Customs on the GR/SDF form in certain circumstances such as where in c.i.f. or
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c) To accept for negotiation or collection the bills for exports by sea or air which fall short of the value declared on GR/SDF forms on account of trade, only if the discount has been declared by the exporter on relative GR/SDF form at the time of shipment and accepted by Customs.
C.11 Return of Documents to Exporters
The duplicate copies of GR/SDF/PP forms and shipping documents, once submitted to the AD Category – I banks for negotiation, collection, etc., should not ordinarily be returned to exporters, except for rectification of errors and resubmission.
C.12 Handing Over Negotiable Copy of Bill of Lading to Master of Vessel/Trade Representative
AD Category – I banks may deliver one negotiable copy of the Bill of Lading to the Master of the carrying vessel or trade representative for exports to certain landlocked countries if the shipment is covered by an irrevocable letter of credit and the docum
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ing, beyond the due date for payment or 12 months from the date of export, the matter should be promptly taken up with the concerned exporter. If the exporter fails to arrange for delivery of the proceeds within 12 months or seek extension of time beyond 12 months, the matter should be reported to the RO concerned of the Reserve Bank stating, where possible, the reason for the delay in realising the proceeds.
(ii) The duplicate copies of GR / SDF / PP / SOFTEX Forms should, continue to be held by AD Category – I banks until the full proceeds are realised, except in case of undrawn balances.
(iii) AD Category – I banks should follow up export outstandings with exporters systematically and vigorously so that action against defaulting exporters does not get delayed. Any laxity in the follow up of realisation of export proceeds by AD Category – I banks will be viewed seriously by Reserve Bank, leading to the invocation of the penal provision under FEMA, 1999.
(iv) The stipulation of twe
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anks may allow cash discount to the extent of amount of proportionate interest on the unexpired period of usance, calculated at the rate of interest stipulated in the export contract or at the prime rate/LIBOR of the currency of invoice where rate of interest is not stipulated in the contract.
C.16 Reduction in Invoice Value in other cases
(i) If, after a bill has been negotiated or sent for collection, its amount is to be reduced for any reason, AD Category – I banks may approve such reduction, if satisfied about genuineness of the request, provided:
a. The reduction does not exceed 25 per cent of invoice value:
b. It does not relate to export of commodities subject to floor price stipulations
C. The exporter is not on the exporters' caution list of Reserve Bank, and
d. The exporter is advised to surrender proportionate export incentives availed of, if any.
(ii) In the case of exporters who have been in the export business for more than three years, reduction in invoice value m
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rtionate export incentive, if any, received by him.
C.18 Change of buyer/consignee
Prior approval of Reserve Bank is not required if, after goods have been shipped, they are to be transferred to a buyer other than the original buyer in the event of default by the latter, provided the reduction in value, if any, involved does not exceed 25 per cent of the invoice value and the realisation of export proceeds is not delayed beyond the period of 12 months from the date of export.
C.19 Extension of time and Self write-off by the exporters
(i) For export proceeds due within the prescribed period during a financial year all exporters (other than Status Holder exporters) have been allowed to write off (including reduction in invoice value) outstanding export dues and extend the prescribed period of realisation beyond 12 months or further period as applicable, provided
(a) The aggregate value of such export bills written-off (including reduction in invoice value) and bills extended for rea
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the exporters' annual performance on behalf of all the banks.
(iv) Within a month from the close of the financial year, exporters should submit a statement (Annex 4), giving details of export proceeds due, realised and not realised to the AD Category – I banks concerned.
(v) The AD Category – I banks will be required to verify the statement with their records and review the export performance of the exporter during the financial year to ascertain that in cases where the 10 per cent limit of self extension, write-off (including reduction in invoice value) and non- realisation has been breached, the exporter has sought necessary approval for write-off, reduction in invoice value or extension of time, as the case may be, for the excess over the 10 per cent limit before the end of the financial year. Export bills due in the financial year for which the exporter has extended the period of realisation on his own (within the 10 per cent limit) or sought extension of time from the AD Catego
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the export subject to the following conditions.
a) The export transactions covered by the invoices are not under investigation by Directorate of Enforcement / Central Bureau of Investigation or other investigating agencies,
b) The AD Category – I bank is satisfied that the exporter has not been able to realise export proceeds for reasons beyond his control,
c) The exporter submits a declaration that the export proceeds will be realised during the extended period,
d) While considering extension beyond one year from the date of export, the total outstanding of the exporter does not exceed USD one million or 10 per cent of the average export realisations during the preceding three financial years, whichever is higher.
e) All the export bills outstanding beyond six months from the date of export may be reported in XOS statement. However, where extension of time has been granted by the AD Category – I banks, the date up to which extension has been granted may be indicated in the 'Rema
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supporting documentary evidence with a request for write off of the unrealised portion. AD Category – I banks may accede to such requests subject to the under noted conditions:
a. The relevant amount has remained outstanding for one year or more;
b. The aggregate amount of write off allowed by the AD Category – I banks during a financial year does not exceed 10 per cent of the total export proceeds realised by the concerned exporter through the concerned AD Category – I banks during the previous financial year;
c. Satisfactory documentary evidence is furnished in support of the exporter having made all efforts to realise the dues;
d. The case falls under any of the undernoted categories:
i. The overseas buyer has been declared insolvent and a certificate from the official liquidator indicating that there is no possibility of recovery of export proceeds produced.
ii. The overseas buyer is not traceable over a reasonably long period of time.
iii. The goods exported have been auct
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ut the amount have remained unrealised consequent on dishonour of the bills by the overseas buyer and there are no prospects of realisation.
e. The case is not the subject matter of any pending civil or criminal suit.
f. The exporter has not come to the adverse notice of the Directorate of Enforcement or the Central Bureau of Investigation or any such other law enforcement agency.
g. The exporter has surrendered proportionate export incentives, if any, availed of in respect of the relative shipments. The AD Category – I banks should obtain documents evidencing surrender of export incentives availed of before permitting the relevant bills to be written off.
Where there is no further amount to be realised against the GR/SDF/PP form covered by the write off, AD Category – I banks should certify the duplicate form as under:
“Write off of (Amount in words and figures) permitted in terms of extant Directions to AD Category – I banks.”
Date Stamp & Signature of AD Category – I bank
(ii
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f export,
(iii) the export benefits, if any, availed of by the exporter have been surrendered.
b. The following do not qualify for the “write off” facility:
i. Exports made to countries with externalisation problem i.e. where the overseas buyer has deposited the value of export in local currency but the amount has not been allowed to be repatriated by the central banking authorities of the country.
ii. GR/SDF/PP forms which are under investigation by agencies like, Directorate of Enforcement, Directorate of Revenue Intelligence, Central Bureau of Investigation, etc. as also the outstanding bills which are subject matter of civil/ criminal suit.
c. After the “write off” has been permitted AD Category – I banks may certify the duplicate form as under :-
“Write off of (Amount in words and figures) permitted in terms of A. P. (DIR Series) Circular No.30 dated April 4, 2001.”
Date Stamp & Signature of AD Category – I banks
(iii) AD Category – I banks may forward a statement in form
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m the XOS statement.
(ii) Such write-off will not be restricted to the limit of 10 per cent indicated above
(iii) Surrender of incentives, if any, in such cases will be as provided in the Foreign Trade Policy.
(iv) The claims settled in rupees by ECGC and private insurance companies regulated by IRDA should not be construed as export realisation in foreign exchange.
C.23 Write off in other cases
Cases which are not covered by the above instructions will require prior approval from the Regional Office concerned of the Reserve Bank.
C.24 Shipments Lost in Transit
When shipments from India for which payment has not been received either by negotiation of bills under letters of credit or otherwise are lost in transit, the AD Category – I banks must ensure that insurance claim is made as soon as the loss
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is known.
In cases where the claim is payable abroad, the AD Banks must arrange to collec
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the netting may be done as on the date of balance sheet of the unit in SEZ.
(ii) The details of export of goods are documented in GR (O) forms / DTR as the case may be while details of import of goods / services are recorded through A1 / A2 form as the case may be. The relative GR / SDF forms will be treated as complete by the designated AD Category – I banks only after the entire proceeds are adjusted / received.
(iii) Both the transactions of sale and purchase in 'R' Returns under FET-ERS are reported separately.
(iv) The export / import transactions with ACU countries are kept outside the arrangement.
(v) All the relevant documents are submitted to the concerned AD Category – I
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INDIA- RS
4 BANK O
banks who should comply with all the regulatory requirements relating to the transactions.
C.26 Agency Commission on Exports
(i) AD Category – I banks may allow payment of commission, either by remittance o
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payment of commission satisfies the conditions as at (a) and (b) stipulated in paragraph (i) above.
b) The commission is not payable to Escrow Account holders themselves.
c) The commission should not be allowed by deduction from the invoice value.
(iii) Payment of commission is prohibited on exports made by Indian Partners towards equity participation in an overseas joint venture / wholly owned
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BANK OF
subsidiary as also exports under Rupee Credit Route except commission up to 10 per cent of invoice value of exports of tea & tobacco.
C.27 Refund of Export Proceeds
AD Category – I banks, through whom the export proceeds were originally realised, may consider requests for refund of export proceeds of goods exported from India and being re-imported into India on account of poor quality. While permitting such transactions, AD Category – I banks are required to :
i. exercise due diligence regarding the track
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.
(ii) Such approval may be given even in cases where usance bills are to be drawn for the shipment provided the relative letter of credit covers the full export value and also permits such drawings and the usance bill mature within twelve months from the date of shipment.
(iii) AD Category – I banks should obtain prior approval of the Reserve Bank for issuing guarantees for caution-listed exporters.
******* ****
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Te VION
BANK OF
PART – 4
Annex-1
Foreign Exchange Management (Current Account Transactions) Rules, 2000 Notification No. G.S.R.381(E) dated 3rd May 2000 (as amended from time to time)* : In exercise of the powers conferred by Section 5 and sub-section (1) and clause (a) of sub-section (2) of Section 46 of the Foreign Exchange Management Act, 1999, and in consultation with the Reserve Bank, the Central Government having considered it necessary in the public interest, makes the following rules, na
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. a transaction specified in the Schedule I; or
b. a travel to Nepal and/or Bhutan; or
c. a transaction with a person resident in Nepal or Bhutan.
Provided that the prohibition in clause (c) may be exempted by RBI subject to such terms and conditions as it may consider necessary to stipulate by special or general
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N-RESE
BANK OF
order.
4. Prior approval of Govt. of India . No person shall draw foreign exchange for a transaction included in the Schedule II without prior approval of the Government of India;
Provided that this Rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) Account of the remitter.
5. Prior approval of Reserve Bank
No person shall draw foreign exchange for a transaction included in the Schedule III without prior approval of the Reserve Bank;
Provided that this Rule shall not apply where the payment is made out of funds held in Resident F
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ance of income from racing/riding etc. or any other hobby.
3. Remittance for purchase of lottery tickets, banned/proscribed magazines, football pools, sweepstakes, etc.
4. Payment of commission on exports made towards equity investment in Joint Ventures/ Wholly Owned Subsidiaries abroad of Indian companies.
5. Remittance of dividend by any company to which the requirement of dividend balancing is applicable.
6. Payment of commission on exports under Rupee State Credit Route, except commission upto 10% of invoice value of exports of tea and tobacco.
7. Payment related to “Call Back Services” of telephones.
8. Remittance of interest income on funds held in Non-Resident Special Rupee (Account) Scheme.
Schedule II
Transactions which require prior approval of the Central Government
(see Rule 4)
Purpose of RemittanceMinistry/Department of Govt. of India whose approval is required
1. Cultural ToursMinistry of Human Resources Development, (Department of Education and Culture)
2. Adve
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rges exceeding the rate prescribed by Director General of ShippingMinistry of Surface Transport (Director General of Shipping)
8. Remittances under technical collaboration agreements where payment of royalty exceeds 5% on local sales and 8% on exports and lump-sum payment exceeds USD 2 millionMinistry of Commerce and Industry
9. Remittance of prize money/sponsorship of sports activity abroad by a person other than International / National / State Level sports bodies, if the amount involved exceeds USD 100,000.Ministry of Human Resources Development (Department of Youth Affairs and Sports)
10. Omitted
11. Remittance for membership of P& I ClubMinistry of Finance, (Insurance Division)
Schedule III (See Rule 5)
1. Omitted
2. * Release of exchange exceeding USD 10,000 or its equivalent in one
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BANK OF
calendar year, for one or more private visits to any country (except Nepal and Bhutan).
3. @Gift remittance exc
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job or assignment; the duration of which does not exceed three years, is a resident but not permanently resident.
8. Release of foreign exchange, exceeding USD 25,000 to a person, irrespective of period of stay, for business travel, or attending a conference or specialised training or for maintenance expenses of a patient going abroad for medical treatment or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment/check-up.
9. Release of exchange for meeting expenses for medical treatment abroad exceeding the estimate from the doctor in India or hospital/doctor abroad.
10. Release of exchange for studies abroad exceeding the estimate from the institution abroad or USD 100,000, per academic year, whichever is higher.
11. Commission, per transaction, to agents abroad for sale of residential flats or commercial plots in India exceeding USD 25,000 or 5% of the inward remittance whichever is more.
12. Omitted
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ands amended vide A. P . (DIR Series) Circular Nos. 24 and 45 dated December 20, 2006 and April 30,2007.
$ Stands amended vide A.P. (DIR Series) Circular No. 46 dated April 30, 2007.
** Stands amended vide A.P. (DIR Series) Circular No. 47 dated April 30, 2007.
Necessary Gazette Notifications are being issued.
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Te VION
BANK OF
Annex-2
Notification No.FEMA 23 /2000-RB dated 3rd May 2000
In exercise of the powers conferred by clause (a) of sub-section (1) and subsection (3) of section 7, sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following regulations relating to export of goods and services from India, namely:
1. Short title and commencement :-
(i) These Regulations may be called the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000.
(ii) They shall come into force on 1st day of June, 2000.
2. D
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hase or any other similar arrangement;
(vi) 'form' means form annexed to these Regulations;
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Te VION
BANK OF
(vii)
'schedule' means schedule appended to these Regulations;
'software' means any computer programme, database, drawing, design, audio/video signals, any information by whatever name called in or on any medium other than in or on any physical medium ;
(viii)
'specified authority' means the person or the authority to whom the declaration as specified in Regulation 3 is to be furnished;
(ix)
(x) 'Working Group' means the Group constituted by the Reserve Bank for the purpose of considering proposals of export of goods and services on deferred payment terms or in execution of a turnkey project or a civil construction contract;
the words and expressions used but not defined in these Regulations shall have the same meanings respectively assigned to them in the Act.
(xi)
3. Declaration as regards e
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ber as specified.
(3)For the removal of doubt, it is clarified that, in respect of export of services to which none of the Forms specified in these Regulations apply, the exporter may export such services without furnishing any declaration, but shall be liable to realise the amount of foreign exchange which becomes due or accrues on account of such export, and to repatriate the same to India in accordance with the provisions of the Act, and these Regulations, as also other rules and regulations made under the Act.
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ESERY 4 BANK OF
4. Exemptions :-
Notwithstanding anything contained in Regulation 3, export of goods or services may be made without furnishing the declaration in the following cases, namely:
a)trade samples of
payment;goods and publicity material supplied free of
b)personal effects of travellers, whether accompanied or unaccompanied;
c)ship's stores, trans-shipment cargo and goods supplied under the o
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the Export Processing Zones, Electronic Hardware
Technology Parks, Electronic Software Technology Parks or Free
Trade Zones to be re-exported, namely:
1)imported goods found defective, for the purpose of their replacement by the foreign suppliers/collaborators;
2)goods imported from foreign suppliers/collaborators on loan basis; 3)goods imported from foreign suppliers/collaborators free of cost, found surplus after production operations.
(ia)goods listed at items (1), (2) and (3) of clause (i) to be re-exported by units in Special Economic Zones, under intimation to the Development
Commissioner of Special Economic Zones/concerned Assistant Commissioner or Deputy Commissioner of Customs;
j)replacement goods exported free of charge in accordance with the provisions of Exim Policy in force, for the time being.
k) l)goods sent outside India for testing subject to re-import into India;
defective goods sent outside India for repair and re-import provided the goods are accompanied by a certif
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eclaration in form GR /SDF shall be submitted in duplicate to the Commissioner of Customs.
(ii) After duly verifying and authenticating the declaration form, the Commissioner of Customs shall forward the original declaration form/data to the nearest office of the Reserve Bank and hand over the duplicate form to the exporter for being submitted to the Authorised dealer.
B. Declaration in Form PP
(2) (i) The declaration in form PP shall be submitted in duplicate to the Authorised Dealer named in the form.
(ii) The Authorised Dealer shall, after countersigning the declaration form, hand over the original form to the exporter who shall submit it to the postal authorities through which the goods are being despatched. The postal authorities after despatch of the goods shall forward the declaration form to the nearest office of the Reserve Bank.
C. Declaration in Form SOFTEX
(3) (i) The declaration in form SOFTEX in respect of export of computer software and audio/video/television softw
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rt of declaration :-
The Commissioner of Customs or the postal authority or the official of Ministry of Information Technology, Department of Electronics to whom the declaration form is submitted, may, in order to satisfy themselves of due compliance with Section 7 of the Act and these regulations, require such evidence in support of the declaration as may establish that –
a) the exporter is a person resident in India and has a place of business in India;
b) the destination stated on the declaration is the final place of the destination of the goods exported;
c) the value stated in the declaration represents –
1) the full export value of the goods or software; or
2) where the full export value of the goods or software is not ascertainable at the time of export, the value which the exporter, having regard to the prevailing market conditions expects to receive on the sale of the goods in the overseas market.
Explanation :
For the purpose of this regulation, 'final place of destin
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patriated to India within twelve months from the date of export :
Provided that where the goods or software are exported by the units in Special Economic Zones, the stipulation of the period of realization and repatriation to India of full export value of goods or software shall not apply3.
Provided that where the goods are exported to a warehouse established outside India with the permission of the Reserve Bank, the amount representing the full export value of goods exported shall be paid to the Authorised Dealer as soon as it is realised and in any case within fifteen months from the date of shipment of goods;
Provided further that the Reserve Bank, or subject to the directions issued by that Bank in this behalf, the Authorised Dealer may, for a sufficient and reasonable cause shown, extend the said period of twelve months or fifteen months, as the case may be.
(2)
(a) Where the export of goods or software has been made by a Status Holder Exporter, as defined in the EXIM Policy
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LESERY BANK OF
10. Export on Elongated Credit Terms :-
No person shall enter into any contract to export goods on the terms which provide for a period longer than twelve months for payment of the value of the goods to be exported :
Provided that the Reserve Bank may, for reasonable and sufficient cause shown, grant approval to enter into a contract on such terms.
11. Submission of export documents :-
The documents pertaining to export shall, within 21 days from the date of export as, as the case may be, from the date of certification of SOFTEX form, be submitted to the Authorised Dealer mentioned in the relevant declaration form:
Provided that, subject to the directions issued by the Reserve Bank from time to time, the Authorised Dealer may accept the documents pertaining to export submitted after the expiry of the specified period of 21 days, for reasons beyond the control of the exporter.
12. Transfer of documen
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otiated or sent for collection and shall be governed by these Regulations accordingly.
13. Payment for the Export :-
In respect of export of any goods or software for which a declaration is required to be furnished under Regulation 3, no person shall except with the permission of the Reserve Bank or, subject to the directions of the Reserve Bank, permission of an Authorised dealer, do or refrain from doing anything or take or refrain from taking any action which has the effect of securing –
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GY-RESER Te VION
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That the payment for the goods or software is made otherwise than in the specified manner; or
(i)
(ii) That the payment is delayed beyond the period specified under these Regulations; or
(iii) That the proceeds of sale of the goods or software exported do not represent the full export value of the goods or software subject to such deductions, if any, as may be allowed by the Reserve Bank or, s
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f a foreign state shall be governed by the terms and conditions set out in the relative public notices issued by the Trade Control Authority in India and the instructions issued from time to time by the Reserve Bank.
(ii) An export under the line of credit extended to a bank or a financial institution operating in a foreign state by the Exim Bank for financing exports from India, shall be governed by the terms and conditions advised by the Reserve Bank to the Authorised Dealers from time to time.
C. Counter Trade
Any arrangement involving adjustment of value of goods imported into India against value of goods exported from India, shall require prior approval of the Reserve Bank.
15. Delay in Receipt of Payment :-
Where in relation to goods or software export of which is required to be declared on the specified form, the specified period has expired and the payment therefor has not been made as aforesaid, the Reserve Bank may give to any person who has sold the goods or
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The rate of interest, if any, payable on the advance payment does not exceed London Inter-Bank Offered Rate (LIBOR) + 100 basis points, and iii) The documents covering the shipment are routed through the Authorised Dealer through whom the advance payment is received;
Provided that in the event of the exporter's inability to make the shipment, partly or fully, within one year from the date of receipt of advance payment, no remittance towards refund of unutilised portion of advance payment or towards payment of interest, shall be made after the expiry of the said period of one year, without the prior approval of the Reserve Bank.
(2) Notwithstanding anything contained in clause (i) of sub-regulation (1), where the export agreement provides for shipment of goods extending beyond the period of one year from the date of receipt of advance payment, the exporter shall require the prior approval of the Reserve Bank.
17. Issue of directions by Reserve Bank in certain cases :-
(1) Without p
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in the order ;
b) that any declaration to be furnished to the specified authority shall be submitted to the Authorised Dealer for its prior approval, which may, having regard to the circumstances, be given or withheld or may be given subject to such conditions as may be specified by the Reserve Bank by the directions issued from time to time.
c) that a copy of the declaration to be furnished to the specified authority shall be submitted to such authority or organisation as may be indicated in the order for certifying that the value of goods or software specified in the declaration represents the proper value thereof.
(2) No direction under sub-regulation (1) shall be given by the Reserve Bank and no approval under clause (b) of that sub-regulation shall be withheld by the Authorised Dealer unless the exporter has been given a reasonable opportunity to make a representation in the matter.
18. Project exports
Where an export of goods or services is proposed to be made on deferred pa
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hange (EDI) system for
processing shipping bills notified by the Central Government.
Form PP: To be completed in duplicate for export by Post.
Form SOFTEX: To be completed in triplicate for declaration of export of software otherwise than in physical form, i.e. magnetic tapes/discs, and paper media.
Amended vide Notification No. FEMA 36/2001-RB dated February 27, 2001 G.S.R.119(E)/March 21, 2001
No. FEMA 57/2002-RB dated April 1, 2002
Amended
vide Notification
G.S.R.473(E)/July 8, 2002
Amended vide Notification No. FEMA 99/2003-RB dated August 27, 2003 G.S.R.773(E)/September 29, 2003
Amended vide Notification No. FEMA 107/2003-RB dated October 29, 2003 G.S.R.900 (E)/December 22, 2003
Amended vide Notification No FEMA 114/2004-RB dated March 13, 2004 G.S.R.279 (E)/April 23, 2004
Amended vide Notification No. FEMA 116/2004-RB dated March 25, 2004 G.S.R.352 (E)/June 8, 2004
Amended vide Notification No FEMA 176/2008-RB dated July 23, 2008 G.S.R.576 (E)/August 5, 2008
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Analysis of Export valueCurren cyAmountFull export value or where not ascertainable, the value which exporter expects to receive on the sale of goods.
FOB Value
Freight
InsuranceCurren cy
Commission Rate
DiscountAmoun t
Other Deductions
EXCHANGE CONTROL DECLARATION (GR) FORM NO.
Is Export under L/C arrangements?Ye sNoFor customs
If yes, name of advising bank in IndiaCustoms Assessable value Rs.
Bank through which payment is to be received(Rupees)
Export value Verified
Customs Appraiser
Whether payment is to be received through the ACU Yes/NoDate of ShipmentCustoms Appraiser
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64
RESERY
DANK O
Declaration under Foreign Exchange Management Act, 1999: I/We hereby declare that I/we am/are the Seller/Consignor of the goods in respect of which this declaration is made and that the particulars given above are true and that (a) *the value as contracted with the buyer is the same as the full export value declared over
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65
4 BANK OF
EXCHANGE CONTROL DECLARATION (GR) FORM NO.
Duplicate
ExporterInvoice No. & DateSB No. & Date
ConsigneeAR4/AR4A No. & Date
Q/Cert. No. & DateImporter-Exporter Code No.
Export Trade Control
If export under:
Deferred Credit
Joint Venture
Rupee Credit
Others
RBI's Approval/Cir. No. & Date
L/C. No.
Custom House
Agent
Type of shipment :
Outright Sale
Consignment Export
Others (Specify)
Pre-Carriage by
of
Place Receipt by Pre-Carrier
Vessel/Flight
Rotation No.
No.
Port Loading of
Nature contract CIF
of
/FOB
/C&F
Other (Specify)
Exchange Rate u/s 14 of CA Currency of invoice
Port of Discharge
Country Destination
of
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66
Email : tradedivisionexport@rbi.org.in
BANK OF
S. No.Marks & No.Container Nos.No. & Kind of Pkgs.Statistical Code & Description of GoodsQuantityValue FOB
Net Weight
Gross Weight
Total FOB value (in words)
Analysis of Export valueCurrencyAmount
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(b) *the full export value of the goods is not ascertainable at the time of export and that the value declared is that which I/we, having regard to the prevailing market conditions, expect to receive on the sale of goods in the overseas market.
I/We undertake that I/we will deliver to the bank named herein the foreign exchange representing the full export value of the goods on or before @ in the manner specified in the Regulations under the Act, I/we further declare that I/we am/are resident in India and I/we have a place of business in India.
I/We* am/are OR am/are not in Caution List of the Reserve Bank of India.
Date
(Signature of Exporter)
@ State appropriate date of delivery which must be within six months from the date of shipment, but for exports to warehouses established outside India with the permission of the Reserve Bank, the date of delivery must be within fifteen months.
*Strike out whichever is not applicable
FOR AUTHORISED DEALER'S USE
Uniform Code
Number
*Indicate ( )
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thorised
dealer)
Date :
Address
:
SPACE FOR USE BY RESERVE BANK OF INDIA
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69
Te VION
BANK OF
SDF
[See Regulation 3(1)] [In duplicate]
Shipping Bill No.
Date :
Declaration under Foreign Exchange Management, Act, 1999 :
I/We hereby declare that I/We am/are the *Seller/Consignor of the goods in respect of which this declaration is made and that the particulars given in the Shipping Bill No.
dated are true and that (a) *the value as contracted with the buyer is the same as the full export value declared in the above shipping bill (b) *the full export value of the goods is not ascertainable at the time of export and that the value declared is that which I/We, having regard to the prevailing market conditions, expect to receive on the sale of goods in the overseas market.
I/We undertake that I/We will deliver to the bank named herein The foreign in
exchange representing the full export value of the goods o
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pplicable
The SDF Form was included in the Statement sent to Reserve Bank with the R Return for the fortnight ending sent on
We certify and confirm that we have received the total amount of amount) as under being the proceeds of exports declared on this form.
(Currency
Date of receip tCurren cyCredit to Nostro Account in. CountryDebit to NR Rupee Account of a Bank in. countryPeriod of R Return with which the realisation has been reported to RBI
In our nameIn the name of **Held with usHeld with **
(1)(2)(3)(4)(5)(6)(7)
** (Write the name of the concerned Indian Authorised Dealer Branch) Any other manner of receipt (Specify)
(Stamp & Signature of Authorised dealer) Date :
Address :
SPACE FOR USE BY RESERVE BANK OF INDIA
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71
BANK OF
FORM PP* EXCHANGE CONTROL Exporter's Declaration ORIGINAL
Form Number : (Please see 'Notes to Exporters')
1. (a) Name of the Post Office
(b) Number and date of Parcel Receipt
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r unless these have been declared on this form
Insurance
(Rate. …. )
Discount
Agency Commission
(Rate.
*see FEM (Export of Goods & Services) Regulation, 2000.
13. Customs Assessable Value (Rupees)
Customs
(For Use) Export verified (Customs Appraiser)
Value
14. If the export is made under general permission of the Reserve Bank of India, Number and date of its approval
15. If the export is made under L/C arrangements, name of advising bank in India
16. State if the payment is to be received through the Asian Clearing Union: * Yes/No
17. Name & address of bank through whom payment is to be received
I/We hereby declare that I/we am/are the *SELLER/CONSIGNOR of the goods in respect of which the declaration is made and that the particulars given above are true and that *(a) the export value as contracted with the buyer is the same as the full export value declared above/*(b) the full export value of goods is not ascertainable at the time of export and that the value declared
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pasted on the Parcel.
(2) The PP Form procedure applies to postal exports to all territories outside India excluding Nepal and Bhutan. The PP Form should be completed in duplicate in all cases.
(3) The Original should be submitted by the exporter to the Post Office after having it countersigned by an Authorised Dealer in foreign exchange. The Post Office through which the goods have been despatched will forward the Original to the nearest office of Reserve Bank of India.
(4) All documents relating to export of goods from India must be passed through the medium of an Authorised Dealer in foreign exchange in India within 21 days of the date of shipment of the goods.
(5) The amount representing the full export value of goods must be realised on the due date for payment or within six months from the date of shipment, whichever is earlier.
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74
RESERY
BANK OF
Note : Government of India/Indian Financial institution
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ht
Sale/(ii)
export/(iii)
Consignment
Others
(Specify). ..
9. Description of goods :
10.
Quantity
Unitt
of
goods
:
. _Quantity
11.
Currency of Invoice
[+Ton/Kilogram/Litre/Cubic Metre/
Metre/Metre/Number/Others
Sq.
(Specify)]
….
@Where the full export12. Analysis of export value :
value is notParticularsCurrencyAmount
ascertainable value expected on sale of goods in the oversease market may be shown
@Full Export value
No application forF.O.B. Value
76
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LESERY & DANK O
Freight
for
permission remittance/deduction From the declared value on account of agency Commission and/or discount will be Entertained by the Reserve Bank or Authorised Dealer unless these have been declared on this form
Insurance
Discount
(Rate.
Agency Commission
(Rate
)
13. Customs Assessable Value
(For Use) Export verified (Customs Appraiser)
Customs
Value
(Rupees)
14. If the export is made under general permi
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epresenting the full export value of the goods on or beforet in the manner prescribed in rule 9 of the Foreign Exchange Regulation Rules, 1974. I/We further declare that I/we am/are resident in India and I/we have a place of business in India. I/We* am/are not in the Caution List of the Reserve Bank of India.
+State approximate date of delivery which must be the due date for payment or within six months from the date of shipment, whichever is earlier. *Strike out whichever is not applicable.
(For A.D.'s use)
(Signature of Exporter)
Stamp
&
Date:
Signature
of
Authorised
dealer
Dat e :
Addres S :
Bank's
Uniform
Code No.
Note : All documents relating to export of goods from India must be passed through the medium of an Authorised Dealer in foreign exchange in India within 21 days of the date of shipment of the goods.
78
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BANK OF
FOR AUTHORISED DEALER'S USE Uniform Code Number :
.
Date of *(i) negoti
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eted by the exporter and that they have been duly authenticated by the Postal authorities wherever necessary.
2. On receipt of the full export value of the shipment declared on this Form, the Authorised Dealer will forward to the Reserve Bank this duplicate copy of the Form together with a copy of the Customs certified Shipper's Invoice, duly certified. In respect of shipments made on consignment basis, the Account
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79
Email : tradedivisionexport@rbi.org.in
RESERY & BANK OF
Sales received from the consignee in original in support of the proceeds actually realized should also be forwarded along with this copy of the Form.
3. In case the net amount received falls short of the full export value declared on the Form for reasons other than deduction of bank charges, please indicate the authority conferred on the Authorised Dealers by or under the Exchange Control Manual or the Authorised Dealer's Circular or Circulars, as the case may be, or the Reserve B
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me of Authorised datacom STPI/VSNL/DOT/Internet/Others service provider
(Please specify)
9. Type of software exported (Please mark on the appropriate box on the left side).
81 Email : tradedivisionexport@rbi.org.in
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BANK OF
(a) Computer Software
RBI Code
Data Entry jobs and Conversion Software Data Processing
9
0
6
Software Development
0 7
9
Software Product, Packages
0 8
9
Others (Please specify)
9
0
9
(b) Other Software
Video/TV Software
9 1 0
Others (Please specify)
9 1 1
10. Analysis of Export Value
Currency
Amount
(a) Full export value of which :-
i) Net value of exports without transmission charges
ii) Transmission charges included in invoice
(b) Transmission charges (if payable separately by the overseas client)
(c)
Deduct: Agency commission,
at the rate of …….
%
(d) Any other deductions as permitted by RBI (please specify)
(e) Amount to be realised [(a+b) – (c+d)]
11. How export value will be realise
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)
14. Calculation of royalty amount
(Enclose copy of communication from the foreign customer)
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83
BANK OF
15. Name and address of designated Authorised
Dealer in India through whom payment has been received/to be received A.D. Code No.
SECTION -C
16. Declaration by exporter
I/We hereby declare that I/we am/are the seller of the software in respect of which this declaration is made and that the particulars given above are true and that the value to be received from the buyer represents the export value contracted and declared above. I/we also declare that the software has been developed and exported by using Authorised and legitimate datacom links.
I/We undertake that I/we will deliver to the bank named above the foreign exchange representing the full value of the software exported as above on or before (i.e. within six months from the date of invoice/date of last invoice raised during a month), in the manne
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rough data-communication links and receipt of Royalty on the Software Packages/Products exported)
DUPLICATE
FORM NO: AB
1. Name and address of the exporter
2. STPI Centre within whose jurisdiction the unit is situated
3. Import-Export Code Number
4. Category of exporter : STP/EHTP/EPZ/SEZ/100% EOU/DTA unit
5. Buyer's name and address including country and their relationship with exporting unit (if any)
6. Date and Number of Invoice
Yes
a) Whether export contract/ purchase order already registered with STPI. (If 'No', please attach copy of the contract/purchase order)
No
7.
b) Does contract stipulate payment of royalty
No
Yes
SECTION – A (For exports through data communication link)
8. Name of Authorised datacom STPI/VSNL/DOT/Internet/Others service provider
(Please specify)
9. Type of software exported (Please mark on the appropriate box on the left side).
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86
Email : tradedivisionexport@rbi.org.in
BANK OF
(a) Computer SoftwareRB
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ame and address of Authorised Dealer
(b) Authorised Dealer Code No.
(b) Bank Guarantee
(a) Name and address of Authorised Dealer
(b) Authorised Dealer Code No.
(c) Any other arrangement
(a) Name and address of
e.g. advance payment, etc. Authorised Dealer
including transfer/remittance to bank account maintained (b) Authorised Dealer Code No.
overseas (Please specify)
SECTION – B (For receipt of Royalty on Software Packages/Products exported)
12. Details of Software Package(s)/ Product(s) exported
(a) Date of export
(b) GR/SDF/PP/SOFTEX Form No. on
which exports were declared
(c) Royalty agreement details
%age and amount of royalty
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88
Te VION
4 BANK OF
Period of royalty agreement (Enclose copy of Royalty
agreement, if not already registered)
13. How royalty value will be realised (as defined in Royalty agreement)
14 Calculation of royalty amount
(Enclose copy of communication from the forei
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w.fema.rbi.org.in
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89
De – VION
BANK O
Enclosure:
(1) Copy of Export Contract [7(a)] (2) Copy of Royalty Agreement [12(c)]
(3) Copy of communication from foreign customer [14]
Space for use of the competent authority (i.e. STPI/FTZ/EPZ/SEZ) on behalf of Ministry of Information Technology
Certified that the software described above was actually transmitted and the export/royalty value declared by the exporter has been found to be in order and accepted by us.
Place:
(Signature of Designated Official of
Date: STPI/FTZ/EPZ/SEZ
on behalf of Ministry of Information Technology) Name:
Stamp
Designation:
For Authorised Dealer's use only
Certificate by Authorised Dealer
AD's Uniform Code No.
The SOFTEX Form included in the ENC statement sent to the Reserve Bank with the 'R' Return (NOSTRO/VOSTRO) for the period ending
sent on (Currency name)
We certify and confirm that we have received the total amount of. as under being the
(Currency)
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PI Centre within whose jurisdiction the unit is situated
3. Import-Export Code Number
: STP/EHTP/EPZ/SEZ/100%
4. Category of exporter EOU/DTA unit
5. Buyer's name and address including country and their relationship with exporting unit (if any)
6. Date and Number of Invoice
Yes
No
7. a) Whether export contract/ purchase order already registered with STPI. (If 'No', please attach copy of the contract/purchase order)
b) Does contract stipulate payment of royalty
No
Yes
SECTION – A (For exports through data communication link)
8. Name of Authorised datacom STPI/VSNL/DOT/Internet/Others service provider
(Please specify)
9. Type of software exported (Please mark on the appropriate box on
Website : www.fema.rbi.org.in
Email : tradedivisionexport@rbi.org.in
92
N-RESER
the left side).
(a) Computer Software
RBI Code
Data Entry jobs and Conversion Software Data Processing
0 6
9
Software Development
0 7
9
Software Product, Packages
0 8
9
Others (Please spec
= = = = = = = =
Plain text (Extract) only
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= = = = = = = =
.
including transfer/remittance to bank account maintained
(b) Authorised Dealer Code No.
overseas (Please specify)
SECTION – B (For receipt of Royalty on Software Packages/Products exported)
12 Details of Software Package(s)/ Product(s) exported Date of export
(a)
(b) GR/SDF/PP/SOFTEX Form No. on
which exports were declared
(c) Royalty agreement details
%age and amount of royalty
Period of royalty agreement
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94
BANK OF
(Enclose copy of Royalty
agreement, if not already registered)
13. How royalty value will be realised (as defined in Royalty agreement)
14 Calculation of royalty amount
(Enclose copy of communication from the foreign customer)
15. Name and address of designated Authorised Dealer in India through whom payment has been received/to be received A.D. Code No.
SECTION -C
16. Declaration by exporter
I/We hereby declare that I/we am/are the seller of the software in respect of which th
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lf of Ministry of Information Technology
Certified that the software described above was actually transmitted and the export/royalty value declared by the exporter has been found to be in order and accepted by us. Place:
(Signature of Designated Official of
Date:
STPI/FTZ/EPZ/SEZ
on behalf of Ministry of Information Technology)
Name:
Stamp
Designation:
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96
Te VION
BANK OF
Annex- 3
Notification No. FEMA 14 /2000-RB dated 3rd May 2000
In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following regulations in respect of the manner of receipt and payment in foreign exchange, namely:
1. Short title and commencement :-
i) These Regulations may be called the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000.
ii) They shall come into effect on 1st day of June, 2000.
2. Definitions :-
I
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ealer, whether by way of remittance from a foreign country (other than Nepal and Bhutan) or by way of reimbursement from his branch or correspondent outside India against payment for export from India, or against any other payment, shall be as mentioned below:
GroupManner of receipt of foreign exchange
(1) member countries in the Asian Clearing Union (except Nepal)namely, Bangladesh Islamic Republic of Iran , Myanmar ,Pakistan and SriLankaa) payment for all eligible current transactions by debit to the Asian Clearing Union dollar account in India of a bank of the member country in which the other party to the transaction is resident or by credit to the Asian Clearing Union dollar account of the authorised dealer maintained with the correspondent bank in the member country; and b) payment in any permitted currency in all other cases
(2) all countries other than those mentioned in (1).a) payment in rupees from the account of a bank situated in any country other than a member country of
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by debit to FCNR/NRE account maintained by the buyer with an authorised dealer or an authorised bank in India ;
iii) in rupees from the credit card servicing bank in India against the charge slip signed by the buyer where such payment is made by the buyer through a credit card ;
iv) from a rupee account held in the name of an Exchange House with an authorised dealer if the amount does not exceed two lakh rupees per export transaction ;
v) in accordance with the directions issued by the Reserve Bank to authorised dealers, where the export is covered by the arrangement between the Central Government and the Government of a foreign country or by the credit arrangement entered into by the Exim Bank with a financial institution in a foreign state;
vi) in the form of precious metals i.e. gold /silver /platinum equivalent to value of jewellery exported by Gems and Jewellery units in Special Economic Zones and Export Oriented Units on the condition that the sale contract provides for the
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ntry; and b) payment in any permitted currency in other cases
(2) all countries other than those mentioned in (1).a) payment in rupees from the account of a bank situated in any country other than a member country of Asian Clearing Union or Nepal or Bhutan; or b) payment in any permitted currency.
” (1 A) In respect of imports into India from Myanmar, payment may be made in any freely convertible currency or through ACU Mechanism to Myanmar”
(2) In respect of import into India,
a) where the goods are shipped from a member country of Asian Clearing Union (other than Nepal) but the supplier is resident of a country other than a member country of Asian Clearing Union, payment may be made in a manner specified for countries in Group (2) of Regulation 5 ;
b) in all other cases, payment shall be made in a currency appropriate to the country of shipment of goods.
6. Manner of Payment in certain cases :-
Notwithstanding anything contained in Regulation 5 –
(1) where an import is covered
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005
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101
Te VION
BANK OF
Annex- 4 (C.19-Self write-off and extension of time)
(PART A)
Annual statement to be furnished to Authorised Dealers by exporters giving details of export performance during a calendar year as on 31 Dec …..
(Amount in Rs 000s)
Total Export Proceeds Due within the Prescribed period of 180 days or higher period as applicableTotal Export Proceeds realized within the prescribed period of 180 days or higher period as applicableExport proceeds not realized within the Prescribed Period of 180 days or higher period as applicable
No.of GR/SOFTEX/ Amount SDF/PP forms dueNo.of GR/SOFTEX/ Amount SDF/PP formsNo.of GR/SOFTEX/ Amount SDF/PP forms
Fully Realised
Partly Realised
(PART B)(Amount in Rs 000s)
Details of Export Bills not Realised (partly or fully) within the prescribed period GR/SOFTEX/ Amount SDF/PP No.Details of Extension / Reduction in invoice value/ Write off by the Exporter himse
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eed
2. Pulses and Beans
3. Fresh Vegetable
4. Fruits
5. Garlic
6. Onions
7. Chillies
8. Spices (excluding nutmeg, mace, cloves, Cassia)
9. Bamboo
10. Minor forest products excluding Teak
11. Betel Nuts and leaves
12. Food items for local consumption
13. Tobacco
14. Tomato
15. Reed Broom
16. Sesame
17. Resin
18. Corriander Seeds
19. Soyabean
20. Roasted Sunflower Seeds
21. Katha
22. Ginger
23. Any other commodities as may be mutually agreed upon between the two sides
103
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Te VION
BANK OF
Annex- 6 (para B 4, Part of the Master Circular)
EFC
(Application for opening foreign currency account with a bank in India or abroad by exporters)
Instructions:
1. The application should be completed in duplicate and submitted through the designated branch of a bank authorised to deal in foreign exchange in India with which the foreign currency account is to be maintained/which will monitor the account,
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ed with a bank out-side India, name and address of the branch of a bank in India which will monitor the transactions put through the foreign currency accounts.
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4 BANK OF
5.Details of exports made and proceedsFinancialTotalAmountOutstanding at
realised during the period the preceding 3 years and outstanding at the end of the period.Yearexports
made (Rs.)realised
(Rs.)the end of the
period (Rs.)
6.Details of imports made Calendar YearFinancialYearCountryAmount (Rs.)
Country Amount (Rs.) during the preceding
3 years, country-wise.
7.In case the account is proposed to be opened with a bank abroad, indicate the details of arrangements made for availing of loans/ overdrafts/lines of credit from the bank with which the account will be maintained.
8.Quarterwise projections of export receipts to be cred- ited to the account and payments in foreign exchange (itemwise) to be made from the account under various heads, durin
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x- 7 (para C.14, Part of the Master Circular)
XOS
A. D. Code No
Statement of particulars of export bills outstanding beyond prescribed period/ due date of realisation as at 30th June/ 31St December
Part I – Outstanding export bills other than those on deferred payment terms
Sr .Bill No.Name & AddreExporter S CodeDat e ofDue date ofGR/P P/Port of ShipmShippi ng bill No.Name & addresCommo dity
NandexpSOFTent
o.dateSS of export erNo./ IE Code No.ortreali – sati onEX form No.and dates of the overse as buyer
1.2.3.4.5.6.7.8.9.10.11
Invoice valueAmount RealisedAmount Outstandin gRupee equivalent of outstanding amount (To be classified as)Remarks
Currenc y and AmountCurrenc y and AmountCurrency and AmountCash exportsExports on consignmen t basisUndrawn balances
12.13.14.15.16.17.18.
Total
107
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BANK O
Part II – Exports on deferred payment terms where installments (including interest) are outstanding beyond due date
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)
Add: Addition during the half- year under report
Less: Deletion during the half-year
Net position of outstanding as on
(End of half-year under report)
We certify that all export bills i.e. export bills purchased, negotiated and sent for collection, outstanding beyond the prescribed period / due date of realisation of as at the end of half-year under report have been included in this statement.
(Signature of Authorised
Place: Official)
Stamp
Name:
Date :
Designation:
******
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109
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Te VION
BANK OF
PART 5
List of circulars which have been consolidated in the Master Circular on Export of Goods and Services
Sr.No.Circular NoDate
1.A.D. (MA Series) Circular No. 15May 31, 1993
2.A.P.( DIR Series) Circular No. 12September 9, 2000
3.A.P.(DIR Series) Circular No.4August 27, 2001
4.A.P.(DIR Series) Circular No.5August 27, 2001
5.A.P.(DIR Series) Circular No.6September 24, 2001
6.A.P.(DIR Series) Circular No.9O
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February 14, 2003
27.A.P.(DIR Series) Circular No.91April 1, 2003
28.A.P.(DIR Series) Circular No.94April 26, 2003
29.A.P.(DIR Series) Circular No.100May 2, 2003
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30.A.P.(DIR Series) Circular No.104May 31, 2003
31.A.P.(DIR Series) Circular No. 105June 16, 2003
32.A.P.(DIR Series) Circular No.8August 16, 2003
33.A.P.(DIR Series) Circular No.12August 20, 2003
34.A.P.(DIR Series) Circular No.20September 23,2003
35.A.P.(DIR Series) Circular No.22September 24, 2003
36.A.P.(DIR Series) Circular No.26October 3, 2003
37.A.P.(DIR Series) Circular No.30October 21, 2003
38.A.P.(DIR Series) Circular No.32October 28, 2003
39.A.P.(DIR Series) Circular No.40December 5, 2003
40.A.P.(DIR Series) Circular No.61January 31, 2004
41.A.P.(DIR Series) Circular No.68February 11, 2004
42.A.P.(DIR Series) Circular No.73February 20, 2004
43.A.P.(DIR Series) Circular No.94June 7, 2004
44.A.P.(DIR Series) Circular No.96Jun
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