FEMA – 14/2015-16 – Dated:- 1-7-2015 – RBI/2015-16/83 Master Circular No. 14/2015-16 July 01, 2015 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 Transactions) 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 updated from time to time as and when the fresh instructions are issued. The date up to which the Master Circular has been updated is suitably indicated.
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n Balances B.13 Consignment Exports B.14 Opening / Hiring of Ware houses abroad B.15 Direct dispatch of documents by the exporter B.16 Invoicing of Software Exports B.17 Short Shipments and Shut out Shipments B.18 Counter-Trade Arrangement B.19 Export of Goods on Lease, Hire, etc. B.20 Export on Elongated Credit Terms B.21 Export of goods by Special Economic Zones (SEZs) B.22 Project Exports and Service Exports B.23 Export of Currency B.24 Forfaiting B.25 Export factoring on non-recourse basis B.26 Exports to neighboring countries by Road, Rail or River B.27 Border Trade with Myanmar B.28 Repayment of State Credits B.29 Counter -Trade Arrangements with Romania PART – 3 C. Operational Guidelines for AD Category – I banks C.1 Citing of Specific Identification Numbers C.2 EDF/SOFTEX procedure C.3.1. EDF Form (Erstwhile GR and PP Form) C.3.2. Mid-Sea Trans-Shipment of catch by Deep Sea Fishing Vessels C.4 In case of export of goods / software taking place through EDI ports C.5 SOFTEX Forms
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xport Proceeds C.27 Exporters' Caution List PART – 4 Annex-1 – Current Account Transaction Rules Annex-2 – Form EFC Annex- 3 – Common SOFTEX Form Annex- 4 – Revised SOFTEX Procedure Annex -5 – Delay in Utilization of Advance Received for Exports Appendix 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 Industry, Department of Commerce, Government of India. Policies and procedures required to be followed for exports from India are announced by the DGFT, from time to time. (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 sub-section (1) and sub-section (3) of Section 7 and sub-section (2) of Section 47 of the Foreign Exchange Management
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specified 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 2.52 of the Foreign Trade Policy (2015-2020) – All export contracts and invoices shall be denominated either in freely convertible currency or Indian rupees but export proceeds shall be realized in freely convertible currency. However, export proceeds against specific exports may also be realized 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 Asian Clearing Union (ACU) or Nepal or Bhutan. Indian Rupee is not a freely convertible currency, as yet. (vi) Any reference to the Reserve Bank should first be made to the Regional Office of the Foreign Exchange Department situated in the jurisdiction where the applicant person resides, or the firm / comp
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ng three financial years subject to a ceiling of ₹ 5 lakhs. For status holder exporters, the limit as per the present Foreign Trade Policy is ₹ 10 lakhs or 2 per cent of the average annual export realization during the preceding three licensing years (April-March), whichever is higher. Exports of goods not involving any foreign exchange transaction directly or indirectly requires the waiver of EDF 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 Notification No. FEMA.14/2000-RB dated May 3, 2000 in the following manner: a. Bank draft, pay order, banker's or personal cheques. b. Foreign currency notes/foreign currency travelers cheques from the buyer during his visit to India. c. Payment out of funds held in the FCNR/NRE ac
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pal, 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 EDF Forms. (iii) Processing of export related receipts through Online Payment Gateway Service Providers (OPGSPs) Authorised Dealer Category – I (AD Category – I) banks have been allowed to offer the facility of repatriation of export related remittances by entering into standing arrangements with Online Payment Gateway Service Providers (OPGSPs) subject to the following conditions – a. The AD Category-I banks offering this facility shall carry out the due diligence of the OPGSP. b. This facility shall only be available for export of goods an
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d charge back to the importer where the exporter has failed in discharging his obligations under the sale contract. f. The balances held in the NOSTRO collection account shall be repatriated and credited to the respective exporter's account with a bank in India immediately on receipt of the confirmation from the importer and, in no case, later than seven days from the date of credit to the NOSTRO collection account. g. AD Category -I banks shall satisfy themselves as to the bona-fides of the transactions and ensure that the purpose codes reported to the Reserve Bank in the online payment gateways are appropriate. h. AD Category -I banks shall submit all the relevant information relating to any transaction under this arrangement to the Reserve Bank, as and when advised to do so. i. Each NOSTRO collection account should be subject to reconciliation and audit on a quarterly basis. j. Resolution of all payment related complaints of exporters in India shall remain the responsibility of
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ngly, the Asian Monetary Unit (AMU) shall be denominated as 'ACU Dollar' and 'ACU Euro' which shall be equivalent in value to one US Dollar and one Euro, respectively. b) Further, AD Category – I banks are allowed to open and maintain ACU Dollar and ACU Euro accounts with their correspondent banks in other participating countries. All eligible payments are required to be settled by the concerned banks through these accounts. c) Relaxation from ACU Mechanism- Indo-Myanmar Trade – Trade transactions with Myanmar can be settled in any freely convertible currency in addition to the ACU mechanism. d) In view of the difficulties being experienced by importers/exporters in payments to / receipts from Iran, it has been decided that with effect from December 27, 2010, all eligible current account transactions including trade transactions with Iran should be settled in any permitted currency outside the ACU mechanism, until further notice. (v) Third party payments for export / im
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d in the EDF; d. It would be responsibility of the Exporter to realize and repatriate the export proceeds from such third party named in the EDF; e. Reporting of outstanding, if any, in the XOS would continue to be shown against the name of the exporter. However, instead of the name of the overseas buyer from where the proceeds have to be realized, the name of the declared third party should appear in the XOS; f. In case of shipments being made to a country in Group II of Restricted Cover Countries, (e.g. Sudan, Somalia, etc.), payments for the same may be received from an Open Cover Country; and g. In case of imports, the Invoice should contain a narration that the related payment has to be made to the (named) third party, the Bill of Entry should mention the name of the shipper as also the narration that the related payment has to be made to the (named) third party and the importer should comply with the related extant instructions relating to imports including those on advance payme
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dent in India) Regulations, 2000 notified vide Notification No. FEMA 10/2000-RB dated May 3, 2000 for opening a temporary foreign currency account abroad. Exporters may deposit the foreign exchange obtained by sale of goods at the international exhibition/trade fair and operate the account during their stay outside India provided that the balance in the account is repatriated to India through normal banking channels within a period of one month from the date of closure of the exhibition/trade fair and full details are submitted to the AD Category – I banks concerned. (ii) Reserve Bank may consider applications in Form EFC (Annex 2) from exporters having good track record for opening a 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 bank in India may be submitted through the branch at which the account is to be maintained. If the account is to be maintained ab
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itions in the Memorandum PEM. B.5 Diamond Dollar Account (DDA) (i) Under the scheme of Government of India, firms and companies dealing in purchase / sale of rough or cut and polished diamonds / precious metal jewellery plain, minakari and / or studded with / without diamond and / or other stones, with a track record of at least 2 years in import / export of diamonds / colored gemstones / diamond and colored gemstones studded jewellery / plain gold jewellery and having an average annual turnover of ₹ 3 crores or above during the preceding three licensing years (licensing year is from April to 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. (iv) AD Category-I banks are required to submit quarterly reports to the Foreign Exchange Department,
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ent in India) Regulations, 2000 notified under Notification No. FEMA 10/2000-RB dated May 3, 2000 as amended from time to time. (ii) Resident individuals are permitted to include resident close relative(s) as defined in the Companies Act 1956 as a joint holder(s) in their EEFC bank accounts on former or survivor basis. (iii) This account shall be maintained only in the form of non-interest bearing current account. No credit facilities, either fund-based or non-fund based, shall be permitted against the security of balances held in EEFC accounts by the AD Category – I banks. (iv) All categories of foreign exchange earners are allowed to credit 100% of their foreign exchange earnings to their EEFC Accounts subject to the condition that a) The sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments.
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onomic Zone out of its foreign currency account. (vii) AD Category – I banks may permit their exporter constituents to extend trade related loans / advances to overseas importers out of their EEFC balances without any ceiling subject to compliance of provisions of Notification No. FEMA 3/2000-RB dated May 3, 2000 as amended from time to time. (viii) 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, remi
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ptly reported to the AD Bank. (iv) AD Category – I banks may also allow remittances by a company incorporated in India having overseas offices, within the above 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 (1) In terms of Regulation 16 of Notification No. FEMA 23/2000-RB dated May 3, 2000, where an exporter receives advance payment (with or without
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to be utilized for execution of long term supply contracts for export of goods subject to the conditions as under: (i) Firm irrevocable supply orders and contracts should be in place. Product pricing should be in consonance with prevailing international prices. (ii) Company should have capacity, systems and processes in place to ensure that the orders over the duration of the said tenure can actually be executed. (iii) The facility is to be provided only to those entities, which have not come under the adverse notice of Enforcement Directorate or any such regulatory agency or have not been caution listed. (iv) Such advances should be adjusted through future exports. (v) The rate of interest payable, if any, should not exceed LlBOR plus 200 basis points. (vi) The documents should be routed through one Authorized Dealer bank only. (vii) Authorised Dealer bank should ensure compliance with AML / KYC guidelines (viii) Such export advances shall not be permitted to be used to liquidate Rupe
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ranch / subsidiary of bank in India. Note: AD Category – I banks may also be guided by the Master Circular on Guarantees and Co-acceptances issued by DBR. (xii) AD Category – I banks may allow the purchase of foreign exchange from the market for refunding advance payment credited to EEFC account only after utilizing the entire balances held in the exporter s EEFC accounts maintained at different branches/banks. (3) AD Category- I banks may allow exporters to receive advance payment for export of goods which would take more than one year to manufacture and ship and where the export agreement provides for shipment of goods extending beyond the period of one year from the date of receipt of advance payment subject to the following conditions:- (i) The KYC and due diligence exercise has been done by the AD Category – I bank for the overseas buyer; (ii) Compliance with the Anti-Money Laundering standards has been ensured; (iii) The AD Category-I bank should ensure that export advance receiv
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ng outstanding beyond the stipulated period on account of non-performance of such exports (shipments in case of export of goods), AD Category -I banks are advised to efficiently follow up with the concerned exporters in order to ensure that export performance (shipments in case of export of goods) are completed within the stipulated time period. (ii) It is further reiterated that AD category -I banks should exercise proper due diligence and ensure compliance with KYC and AML guidelines so that only bonafide export advances flow into India. Doubtful cases as also instances of chronic defaulters may be referred to Directorate of Enforcement (DoE) for further investigation. A quarterly statement indicating details of such cases (as per Annex -5) may be forwarded to the concerned Regional Offices of RBI within 21 days from the end of each quarter. B.9 EDF Approval for Trade Fair/Exhibitions abroad 1. Firms / Companies and other organizations participating in Trade Fair/Exhibition abroad ca
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roceeds to India. (iv) Such transactions approved by the AD Category – I banks will be subject to 100 per cent audit by their internal inspectors/auditors. B.10 EDF approval for Export of Goods for re-imports (i) AD Category – I banks may consider request from exporters for granting EDF approval in cases where goods are being exported for re-import after repairs / maintenance / testing / calibration, etc., 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 Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality (i) In order to facilitate re-export of unsold rough diamonds imported on free
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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: 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 value. b. An undertaking is obtained from the exporter on the duplicate of EDF forms that he will surrender/account for the balance proceeds of the shipment within the period prescribed for realization. (ii) In cases where the exporter has not been able to arrange for repatriation of the undrawn balance in spite of best efforts, AD Category – I banks, on being satisfied with the bona fides of the case, should ensure that the exporter has realized at least the value for which the bill was initially drawn (excluding undrawn balances) or 90 per cent of the value declared on EDF form, whichever is more and a period of one year has elapsed from th
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inal except in case of petty items like postage/cable charges, stamp duty, etc. (iv) In case the goods are exported on consignment basis, freight and marine insurance must be arranged in India. (v) AD Category – I banks may allow the exporters to abandon the books, which remain unsold at the expiry of the period of the sale contract. Accordingly, the exporters may show the value of the unsold books as deduction from the export proceeds in the Account Sales. B.14 Opening / Hiring of Ware houses abroad AD Category – I banks may consider the applications received from exporters and grant permission for opening / hiring warehouses abroad subject to the following conditions: (i) Applicant s export outstanding does not exceed 5 per cent of exports made during the previous financial year. (ii) Applicant has a minimum export turnover of USD 100,000/- during the last financial year. (iii) Period of realization should be as applicable. (iv) All transactions should be routed through the designate
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o the request of the exporter provided the exporter is a regular customer and the AD Category – I bank is satisfied, on the basis of standing and track record of the exporter and arrangements have been made for realization of export proceeds. 2. AD Category – I banks may also permit 'Status Holder Exporters (as defined in the Foreign Trade Policy), and units in Special Economic Zones (SEZ) to dispatch the export documents to the consignees outside India subject to the terms and conditions that: (i) The export proceeds are repatriated through the AD banks named in the EDF. (ii) The duplicate copy of the EDF is submitted to the AD banks for monitoring purposes, by the exporters within 21 days from the date of shipment of export. 3. AD Category – I banks may regularize cases of dispatch of shipping documents by the exporter direct to the consignee or his agent resident in the country of the final destination of goods, up to USD 1 million or its equivalent, per export shipment, subject
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mit a combined SOFTEX form for all the invoices raised on a particular overseas client, including advance remittances received in a month. (ii) Contracts involving only one-shot operation , the invoice/bill should be raised within 15 days from the date of transmission. (iii) The exporter should submit declaration in Form SOFTEX in quadruplicate in respect of export of computer software and audio / video / television software to the designated official concerned of the Government of India at STPI / EPZ /FTZ /SEZ for valuation / certification not later than 30 days from the date of invoice / the date of last invoice raised in a month, as indicated above. The designated officials may also certify the SOFTEX Forms of EOUs, which are registered with them. (iv) The invoices raised 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 invoi
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original EDF received earlier from Customs will be cancelled. If the shipment is made subsequently, a fresh set of EDF should be completed B.18 Counter-Trade Arrangement Counter trade proposals involving adjustment of value of goods imported into India against value of goods exported from India in terms of an arrangement voluntarily entered into between the Indian party and the overseas party through an Escrow Account opened in India in US Dollar will be considered by the Reserve Bank subject to following conditions: (i) All imports and exports under the arrangement should be at international prices in conformity with the Foreign Trade Policy and Foreign Exchange Management Act, 1999 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 ba
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sideration to the Regional Office concerned of the Reserve Bank. B.21 Export of goods by Special Economic Zones (SEZs) (i) Units in SEZs are permitted to undertake job work abroad and export goods from that country itself subject to the conditions that: a. Processing / manufacturing charges are suitably loaded in the export price and are borne by the ultimate buyer. b. The exporter has made satisfactory arrangements for realization of full export proceeds subject to the usual EDF procedure. AD Category – I banks may permit units in DTAs to purchase foreign exchange for making payment for goods supplied to them by units in SEZs. (ii) Export of Services by Special Economic Zones (SEZs) to DTA Unit. Authorised Dealer Banks are permitted to sell foreign exchange to a unit in the DTA for making payment in foreign exchange to a unit in the SEZ for the services rendered by it (i.e. a unit in SEZ) to a DTA unit. It must be ensured that in the Letter of Approval (LoA) issued to the SEZ unit by
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monetary limit and permit subsequent changes in the terms of post award approval within the relevant FEMA guidelines / regulations. Project and service exporters may approach AD banks / Exim Bank based on their commercial judgment. The respective AD bank / Exim Bank should monitor the projects for which post-award approval has been granted by them. (iii) The stipulation of time limit of 30 days for the exporter undertaking Project Exports and Service contracts abroad to submit form DPX1/ PEX-1 /TCS-1 to the Approving Authority (AA) for seeking post award approval will not apply henceforth. (iv) In order to provide greater flexibility to project & service exporters in conducting their overseas transactions, facilities have been provided as under: (a) Inter-Project Transfer of Machinery The stipulation regarding recovery of market value (not less than book value) of the machinery, etc., from the transferee project has been withdrawn. Further, exporters may use the machinery / equipm
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ing 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., ,and as deposits with branches / subsidiaries outside India of AD Category – I banks in India. (d) Repatriation of Funds in case of On-site Software Contracts The requirement of repatriation of 30 per cent of contract value in respect of on-site contracts by software Exporter Company / firm has been dispensed with. They should, however, repatriate the profits of on-site contracts after completion of the contracts. B.23 Export of Currency In terms of Foreign Exchange Management (Export and Import of Currency) Regulations, 2000 notified vide Notification No. FEMA 6/ 2000-RB dated 3rd May 2000, as amended from time to time, permission of Reserve Bank is required for any export of Indian currency except to the extent permitted under any general permission granted under the Regulations as under: (i) Any person resident in India may take outside India (other than to Nepal and Bh
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oncerned. B.25 Export factoring on non-recourse basis Taking into account the recommendation made by the Technical Committee on Facilities and Services to the Exporters (Chairman: Shri G. Padmanabhan), it has been decided to permit AD banks to factor the export receivables on a non-recourse basis, so as to enable the exporters to improve their cash flow and meet their working capital requirements subject to conditions as under: AD banks may take their own business decision to enter into export factoring arrangement on non-recourse basis. They should ensure that their client is not over financed. Accordingly, they may determine the working capital requirement of their clients taking into account the value of the invoices purchased for factoring. The invoices purchased should represent genuine trade invoices. In case the export financing has not been done by the Export Factor, the Export Factor may pass on the net value to the financing bank/ Institution after realising the export procee
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s 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 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 stations for attending to Customs formalities. They will collect the EDF for goods loaded at these stations so that the goods may move straight on to the foreign country without further formalities at the border. The list of designated railway stations can be obtained from the Railways. For goods loaded at stations other than the designated stations, exporters must arrange to present EDF to the Customs Officer at the Border Land Customs Station where Customs formalities are completed. B.27 Border Trade with Myanmar This is governed by the Agreement on Border Trade between India and Myanmar. People liv
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within six months from the date of credit to Escrow Accounts allowed to be opened. PART – 3 C. Operational Guidelines for AD Category – I banks C.1 Citing of Specific Identification Numbers In all applications / correspondence with the Reserve Bank, the specific identification number as available on the EDF and SOFTEX forms should invariably be cited. C.2 EDF/SOFTEX procedure In terms of Regulation 6 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 notified vide Notification No. FEMA.23/2000-RB dated 3rd May 2000, as amended from time to time export declaration forms should be disposed of as under: C.3.1. EDF Form i) The procedure relating to the exports of goods through EDI ports will remain the same. However, the requirement of declaring the exports of goods / software in the SDF in case of exports taking place through the EDI ports has been dispensed with as the mandatory statutory requirements contained in the erstwhile SDF have been subsumed in the
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he 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. (viii) 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 EDF form. (ix) After the documents have been negotiated / sent for collection, the AD Category – I banks should report the transaction through Export Data Processing and Monitoring System (EDPMS) to the Reserve Bank. (x) The duplicate copy of the form together with a copy of invoice etc. shall be retained by the AD Category – I banks and may not be submitted to the Reserve Bank. (xi) In the case of exports made under deferred credit arrangement or to joint ventures abroad against equity participation or under rupee credit agreement, the number and date of the Reserve Bank approval and/or number and da
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al copy to the exporter, who should submit the form to the post office with the parcel. (b) The duplicate copy of the EDF form will be retained by the AD banks to whom the exporter should submit relevant documents together with an extra copy of invoice for negotiation/collection, within the prescribed period of 21 days. (c) The concerned overseas branch or correspondent should be instructed to deliver the parcel to consignee against payment or acceptance of relative bill. (d) AD Category – I banks may, however, countersign EDF forms covering parcels addressed direct to the consignees, provided: (e) An irrevocable letter of credit for the full value of the export has been opened in favor of the exporter and has been advised through the AD Category – I banks concerned. Or The full value of the shipment has been received in advance by the exporter through an AD Category – I banks. Or The AD Category – I bank is satisfied, on the basis of the standing and track record of the exporter and t
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is regard has been rationalized in consultation with the Government of India as outlined below should be followed by the exporter in conformity with Regulation 3 of Notification No.FEMA.23/2000-RB dated May 3, 2000. (a) The exporters may submit the EDF, duly signed by the Master of the Vessel in lieu of Custom Certification, indicating the composition of the catch, quantity, export value, date of transfer of catch, etc. (b) The date of transfer of catch may be indicated in the column for Date of Shipment with suitable remarks. (c) Bill of Lading / Receipt of Trans-shipment issued by the carrier vessel should include the EDF Number. (d) The EDF should be duly supported by a certificate from an international cargo surveyor. (e) The prescribed period of realization and repatriation should be reckoned with reference to the date of transfer of catch as certified by the Master of the Vessel or the date of the invoice, whichever is earlier. (f) The EDF, both original and duplicate, should ind
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Commissioner of Customs concerned. (ii) After verifying and authenticating, the Commissioner of Customs will hand over to the exporter, one copy of the shipping bill marked Exchange Control Copy for being submitted to the AD Category – I banks within 21 days from the date of export. (iii) The AD Category – I banks should accept the Exchange Control (EC) copy of the shipping bill submitted by the exporter for collection/negotiation of shipping documents. (iv) The manner of disposal of EC copy of Shipping Bill is the same as that for EDF. The duplicate copy of the form together with a copy of invoice etc. shall be retained by the AD Category – I banks and may not be submitted to the Reserve Bank. (v) In cases where ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority (IRDA) initially settles the claims of exporters in respect of exports insured with them and subsequently receives the export proceeds from the buyer/buyer s country through the ef
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tails. Software companies will submit all the documents on demand to STPI within 30 days of their advice or any reasonable/extended time at the discretion of the Director, STPI, at the request from the exporter. STPI will thus certify the statement and SOFTEX forms in bulk on the Top Sheet regarding the values etc. and will thereafter forward the first copy of the revised SOFTEX format to the concerned Regional Office of RBI, the duplicate copy along with bulk statement in excel format to Authorised Dealers for negotiation / collection / settlement, the third copy to the exporter and the last copy will be retained by STPI for its own record. Under the revised procedure, the exporters, however, will have to provide information about all the invoices including the ones lesser than US$25000, in the bulk statement in excel format. [The revised procedure for submission of the SOFTEX form and other relevant documents are detailed in the Annex 4] The procedure has been effective at all STPIs
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Proceeds amounting to …… representing ….. percent of the export realization credited to the EEFC account maintained by the exporter with…… C.8 Consolidation of Air Cargo/Sea Cargo (i) Consolidation of Air Cargo (a) Where air cargo is shipped under consolidation, the airline company s Master Airway Bill will be issued to the Consolidating Cargo Agent. The Cargo agent in turn will issue his own House Airway Bills (HAWBs) to individual shippers. (b) AD Category – I banks may negotiate HAWBs only if the relative letter of credit specifically provides for negotiation of these documents in lieu of Airway Bills issued by the airline company. (ii) Consolidation of Sea Cargo (a) AD Category – I banks may accept Forwarder s Cargo Receipts (FCR) issued by IATA approved agents, in lieu of bills of lading, for negotiation / collection of shipping documents, in respect of export transactions backed by letters of credit, if the relative letter of credit specifically
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porters to ensure due diligence on the overseas buyer, in such cases. C.9 Delay in submission of shipping documents by exporters In cases where exporters present documents pertaining to exports after the prescribed period of 21 days from date of export, AD Category – I banks may handle them without prior approval of the Reserve Bank, provided they are satisfied with the reasons for the delay. C.10 Return of Documents to Exporters The duplicate copies of EDF 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.11 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 credi
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the delay in realizing the proceeds. (ii) The duplicate copies of EDF/SOFTEX Forms should, continue to be held by AD Category – I banks until the full proceeds are realized, except in case of undrawn balances. (iii) AD Category – I banks should follow up export outstanding with exporters systematically and vigorously so that action against defaulting exporters does not get delayed. Any laxity in the follow up of realization of export proceeds by AD Category – I banks will be viewed seriously by the Reserve Bank, leading to the invocation of the penal provision under FEMA, 1999. (iv) With operationalization of EDPMS on March 01, 2014, realization of all export transaction for shipping documents after February 28, 2014 should be reported in EDPMS and old outstanding shipping bills prior to March 01, 2014 should continue to be reported in XOS till completion of the cycle. C.14 Reduction in Invoice Value on Account of Prepayment of Usance Bills Occasionally, exporters may approach AD Categ
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vailed 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 may be allowed, without any percentage ceiling, subject to the above conditions as also subject to their track record being satisfactory, i.e., the export outstanding do not exceed 5 per cent of the average annual export realization during the preceding three financial years. (iii) For the purpose of reckoning the percentage of export bills outstanding to the average export realizations during the preceding three financial years, outstanding of exports made to countries facing externalization problems may be ignored provided the payments have been made by the buyers in the local currency. C.16 Export Claims (i) AD Category – I banks may remit export claims on application, provided the relative export proceeds have already been realized and repatriated to India and the exporter is not on the caution list of the Reserve Bank. (ii) In all such cases o
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Central Bureau of Investigation or other investigating agencies, (b) The AD Category – I bank is satisfied that the exporter has not been able to realize export proceeds for reasons beyond his control, (c) The exporter submits a declaration that the export proceeds will be realized 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 realizations 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 Remarks column. (f) In cases where the exporter has filed suits abroad against the buyer, extension may be granted irrespective of the amount involved / outstanding.
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July 2010. After liberalizing and simplifying the procedure, the limits prescribed for write-offs of unrealized export bills are as under: Self write-off by an exporter (Other than Status Holder Exporter) 5%* Self write-off by Status Holder Exporters 10%* Write-off by Authorized Dealer Bank- 10%* *of the total export proceeds realized during the previous calendar year. (ii) The above limits will be related to total export proceeds realized during the previous calendar year and will be cumulatively available in a year. (iii) The above write-off will be subject to conditions that the relevant amount has remained outstanding for more than one year, satisfactory documentary evidence is furnished in support of the exporter having made all efforts to realize the dues, and the case falls under any of the undernoted categories: (a) The overseas buyer has been declared insolvent and a certificate from the official liquidator indicating that there is no possibility of recovery of export proceed
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l and the actual freight charges but the amounts have remained unrealized consequent on dishonor of the bills by the overseas buyer and there are no prospects of realization. (iv) The exporter has surrendered proportionate export incentives (for the cases not covered under A. P. (DIR. Series) Circular No.03 dated July 22, 2010), 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. (v) In case of self-write-off, the exporter should submit to the concerned AD bank, a Chartered Accountant s certificate, indicating the export realization in the preceding calendar year and also the amount of write-off already availed of during the year, if any, the relevant EDF to be written off, Bill No., invoice value, commodity exported, country of export. The CA certificate may also indicate that the export benefits, if any, availed of by the
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ove limits, may be referred to the concerned Regional Office of Reserve Bank of India. C.20 Write off in cases of Payment of Claims by ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority (IRDA) (i) AD Category – I banks shall, on an application received from the exporter supported by documentary evidence from the ECGC and private insurance companies regulated by IRDA confirming that the claim in respect of the outstanding bills has been settled by them, write off the relative export bills and delete them from 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 realization in foreign exchange. C.21 Write-off – Relaxation As announced in the Foreign Trade Policy (FT
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r overseas branch/correspondent and release the duplicate copy of EDF only after the amount has been collected. (iii) A certificate for the amount of claim received should be furnished on the reverse of the duplicate copy. (iv) AD Category – I banks should ensure that amounts of claims on shipments lost in transit which are partially settled directly by shipping companies/airlines under carrier s liability abroad are also repatriated to India by exporters. C.23 Netting off of export receivables against import payments – Units in Special Economic Zones (SEZs) AD Category – I banks may allow requests received from exporters for netting off of export receivables against import payments for units located in Special Economic Zones subject to the following: (i) The netting off of export receivables against import payments is in respect of the same Indian entity and the overseas buyer / supplier (bilateral netting) and the netting may be done as on the date of balance sheet of the unit in SEZ
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Bills and Exchange Control copies of Bills of Entry for home consumption have been submitted by the importer to the Authorized Dealer bank. (iii) Payment for the import is still outstanding in the books of the importer. (iv) Both the transactions of sale and purchase may be reported separately in R Returns. (v) The relative EDF will be released by the AD bank only after the entire export proceeds are adjusted / received. (vi) The set-off of export receivables against import payments should be in respect of the same overseas buyer and supplier and that consent for set-off has been obtained from him. (vii) The export / import transactions with ACU countries should be kept outside the arrangement. (viii) All the relevant documents are submitted to the concerned AD bank who should comply with all the regulatory requirements relating to the transactions. C.25 Agency Commission on Exports (i) AD Category – I banks may allow payment of commission, either by remittance or by deduction from in
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itions 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 subsidiary as also exports under Rupee Credit Route except commission up to 10 per cent of invoice value of exports of tea & tobacco. C.26 Refund of Export Proceeds AD Category – I banks, through whom the export proceeds were originally realized 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 record of the exporter (ii) Verify the bona-fides of the transactions (iii) Obtain from the exporter a certificate issued by D
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he 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. Annex – 1 -Foreign Exchange Management (Current Account Transactions) Rules, 2000 Annex-2 – Form EFC Annex 3- Common SOFTEX Form Annex-4- Revised SOFTEX Procedure Annex 5- Quarterly Statement showing details of overdue Export Advances Appendix List of Circulars which have been consolidated in the Master Circular on Export of Goods and Services Sr. No Circular No. Subject Date 1 A.D. (MA Series) Circular No.15 May 31, 1993 2 A.P. (DIR Series) Circular No.12 Foreign Exchange Management Act 1999 – Export of Goods and Services September 9, 2000 3 A.P.(DIR Series) Circular No.6 Exchange Earners' Foreign Currency (EEFC) Account Scheme August 14,2000 4 A.P.(DIR Series) Circular No.16 Exchange Earners' Foreign Currency (EEFC) Account
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. (DIR Series) Circular No.9 Export of Goods and Services – Certification of SOFTEX Forms October 25, 2001 15 A.P. (DIR Series) Circular No.10 Asian Clearing Union (ACU) Mechanism – Exports to Nepal November 1, 2001 16 A.P. (DIR Series) Circular No.20 Export of goods & services -Extension of period of realization January 28, 2002 17 A.P. (DIR Series) Circular No.30 Export of Goods for Exhibition / Trade Fairs outside India March 26, 2002 18 A.P. (DIR Series) Circular No.34 Facilities to Status Holder Exporters-Credit to the EEFC account April 1, 2002 19 A.P. (DIR Series) Circular No.35 Export of Goods and Services -Facilities to Status Holder Exporters April 1, 2002 20 A.P. (DIR Series) Circular No.38 Foreign Exchange Management Act, 1999 – Export of goods and services – Reduction in value April 12, 2002 21 A.P. (DIR Series) Circular No.53 Use of Credit Cards AP (DIR Series) Circular No.53 (June 27, 2002) June 27, 2002 22 A.P. (DIR Series) Circular No.54 Maintenance of foreign curr
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Series) Circular No.41 Issue of Corporate Guarantee in lieu of Bid Bond Guarantee November 8, 2002 32 A.P. (DIR Series) Circular No.61 "Write-off" of unrealized export bills-Surrender of export incentives December 14, 2002 33 A.P. (DIR Series) Circular No.62 Exchange Earners' Foreign Currency (EEFC) Account Scheme December 17, 2002 34 A.P. (DIR Series) Circular No.71 Acquisition of immovable property outside India- Branches/trading offices overseas January 13, 2003 35 A.P.(DIR Series) Circular No.76 R-Return and Guide to Authorised Dealers for Compilation of R Returns – Submission of Documents / Statements/ Schedules – Discontinuation February 3, 2003 36 A.P. (DIR Series) Circular No.78 Exchange Earners Foreign Currency (EEFC) Account Scheme February 14, 2003 37 A.P. (DIR Series) Circular No.91 Export of Goods and Services – Facilities to Units in Special Economic Zones (SEZs) April 1, 2003 38 A.P. (DIR Series) Circular No.94 Export of Goods and Services – Export of goods
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(DIR Series) Circular No.30 Export of Goods and Services October 21, 2003 48 A.P. (DIR Series) Circular No.32 Export of Goods and Services – Project Exports October 28, 2003 49 A.P. (DIR Series) Circular No.40 Export of Goods and Services – Liberalization December 5, 2003 50 A.P. (DIR Series) Circular No.61 Exemption from Declaration of Export of Goods and Software – January 31, 2004 51 A.P. (DIR Series) Circular No.68 Export of Goods and Services – Liberalization February 11, 2004 52 A.P. (DIR Series) Circular No.73 Export of Goods by way of Gifts – Liberalization – February 20, 2004 53 A.P. (DIR Series) Circular No.77 Foreign Exchange Management Act, 1999 – Guidelines for Compilation of R-Returns March 13, 2004 54 A.P. (DIR Series) Circular No.94 Exchange Earners' Foreign Currency (EEFC) Account Scheme – Trade Related Loans/Advances June 7, 2004 55 A.P. (DIR Series) Circular No.96 Exchange Earner's Foreign Currency (EEFC) Account Scheme – Liberalization – June 15, 2004 56 A.
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30, 2006 65 A.P. (DIR Series) Circular No.18 Establishment of Offices Abroad December 4, 2006 66 A.P. (DIR Series) Circular No.26 Liberalizations in Project and Service Exports January 8, 2007 67 A.P. (DIR Series) Circular No.33 Liberalization of Export and Import procedures February 28, 2007 68 A.P. (DIR Series) Circular No.37 Export of Goods and Services Refund of Export Proceeds – Liberalization April 5, 2007 69 A.P. (DIR Series) Circular No.71 Data on Project Export Finance June 8, 2007 70 A.P. (DIR Series) Circular No.13 Exchange Earner's Foreign Currency (EEFC) Account- Liberalization October 6, 2007 71 A.P. (DIR Series) Circular No.30 Compilation of Bank-wide consolidated R-Return February 25,2008 72 A.P. (DIR Series) Circular No.49 Export of Goods and Services – Payments of Claims by Insurance Companies-Write off June 3, 2008 73 A.P. (DIR Series) Circular No.50 Export of Goods and Services- Realization and Repatriation of Export Proceeds-Liberalization June 3, 2008 74 A.P (
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ccount Transactions – Liberalization May 13, 2010 83 A.P. (DIR Series) Circular No.57 Export of Goods and Software – Realization and Repatriation of Export proceeds – Liberalization June 29, 2010 84 A.P. (DIR Series) Circular No.03 Export of Goods and Services – Unrealized export bills – Write-off – Surrender of export incentives July 22, 2010 85 A.P. (DIR Series) Circular No.17 Processing and Settlement of Export related receipts facilitated by Online Payment Gateways November 16, 2010 86 A.P. (DIR Series) Circular No.30 ACU Mechanism – Payments for import of Oil or Gas December 23, 2010 87 A.P. (DIR Series) Circular No.31 ACU Mechanism – Indo-Iran Trade December 27, 2010 88 A.P. (DIR Series) Circular No.47 Export of Goods and Software – Realization and Repatriation of export proceeds – Liberalization March 31, 2011 89 A.P. (DIR Series) Circular No.15 Exchange Earners Foreign Currency (EEFC) Account and Resident Foreign Currency (RFC) account – Joint holder – liberalization September
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– Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year February 21, 2012 98 A.P. (DIR Series) Circular No.84 Compilation of R-Returns : Reporting under FETERS February 29, 2012 99 A.P. (DIR Series) Circular No.92 Opening of Diamond Dollar Accounts (DDAs) – Change in periodicity of the reporting March 13, 2012 100 A.P. (DIR Series) Circular No.98 Discontinuation of Supplying Printed GR forms by Reserve Bank March 30, 2012 101 A.P. (DIR Series) Circular No.124 Exchange Earner's Foreign Currency (EEFC) Account May 10, 2012 102 A.P. (DIR Series) Circular No.128 Exchange Earner s Foreign Currency Account May 16, 2012 103 A.P. (DIR Series) Circular No.08 Exchange Earner's Foreign Currency Account July 18, 2012 104 A.P. (DIR Series) Circular No.12 EEFC Account, Diamond Dollar Account and Resident Foreign Currency Account – Review of Guidelines July 31, 2012 105 A.P. (DIR Series) Circular No.46 Supply of Goods and Services by Special
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Export of Goods and Services – Realization and Repatriation period for units in Special Economic Zones (SEZ) June 13, 2013 113 A.P. (DIR Series) Circular No.109 Processing and Settlement of Export related receipts facilitated by Online Payment Gateways – Enhancement of the value of transaction June 13, 2013 114 A.P. (DIR Series) Circular No.118 Export of Goods and Services – Project Exports June 26, 2013 115 A.P. (DIR Series) Circular No.14 Export of Goods and Software – Realization and Repatriation of export proceeds – Liberalization July 22, 2013 116 A.P. (DIR Series) Circular No.43 Export of Goods and Services – Simplification and Revision of Declaration Form for Exports of Goods/Software September 13, 2013 117 A.P. (DIR Series) Circular No.51 Export of Goods and Services – Project Exports September 20, 2013 118 A.P. (DIR Series) Circular No.60 Export Outstanding Statement (XOS) Online Bank wide Submission October 01, 2013 119 A.P. (DIR Series) Circular No.62 Closing of Old Outstand
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Project Exports July 22, 2014 128 A.P. (DIR Series) Circular No.15 Compilation of R-return : Reporting under FETERS – Discontinuation of ENC and Sch 3 to 6 File July 28, 2014 129 A.P.(DIR Series) Circular No. 37 Export of Goods / Software / Services – Period of Realization and Repatriation of Export Proceeds – For exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs November 20, 2014 130 A.P.(DIR Series) Circular No. 74 Delay in Utilization of Advance Received for Exports February 9, 2015 131 A.P. (DIR Series) Circular No.93 Export of Goods and Services – Project Exports April 1, 2015 132 A.P.(DIR Series) Circular No. 101 Export of Goods and Services – Declaration of Exports of Goods / Software May 14 , 2015 133 A.P.(DIR Series) Circular No. 1 Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality July 02, 2015 134 A.P.(DIR Series) Circular No. 5 Export factoring on non-recourse
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