Master Circular on Export of Goods and Services ((Updated on August 28, 2015)
14/2015-16 Dated:- 1-7-2015 Master Circular
FEMA
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
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ort of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality
B.12
Part Drawings /Undrawn 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 Fo
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t in Transit
C.23
'Netting off' of export receivables against import payments – Units in Special Economic Zones (SEZs)
C.24
Set-off of export receivables against import payables
C.25
Agency Commission on Exports
C.26
Refund of Export 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 Gov
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change Management (Guarantees) Regulations, 2000, notified vide Notification No. FEMA 8/2000-RB dated May 3, 2000, AD Category – I banks have been permitted to issue guarantees on behalf of exporter clients on account of exports out of India subject to 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.” India
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FEMA Regulations.
(ii) Grant of EDF waiver
AD Category – I banks may consider requests for grant of EDF 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 ₹ 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
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e 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 or Bhutan 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 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 stan
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this arrangement, the permissible debits to the NOSTRO collection account are for repatriation of funds representing export proceeds to India for credit to the exporters' account, payment of fee/commission to the OPGSP as per the predetermined rates / frequency/ arrangement; and 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
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and when entered into.
(iv) Settlement System under ACU Mechanism
a) In order to facilitate transactions / settlements, effective January 01, 2009, participants in the Asian Clearing Union will have the option to settle their transactions either in ACU Dollar or in ACU Euro. Accordingly, 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 / receip
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ransaction.
b. Third party payment should be routed through the banking channel only;
c. The exporter should declare the third party remittance in the Export Declaration Form and it would be responsibility of the Exporter to realize and repatriate the export proceeds from such third party named 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
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lized and in any case within fifteen months from the date of shipment of goods.
B.4 Foreign Currency Account
(i) Participants in international exhibition/trade fair have been granted general permission vide Regulation 7(7) of the Foreign Exchange Management (Foreign Currency Account by a Person Resident 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 for
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ulated in Regulation 6 (A) of Notification No. FEMA 10/2000-RB dated May 3, 2000 and as amended from time to time.
(v) A person resident in India being a project / service exporter may open, hold and maintain foreign currency account with a bank outside or in India, subject to the standard terms and conditions 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)
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arners' 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) 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 exchang
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dertaking given to the Reserve Bank or which represents foreign currency loan raised or investment received from outside India or those received for meeting specific obligations by the account holder.
b. Payments received in foreign exchange by a unit in Domestic Tariff Area (DTA) for supplying goods to a unit in Special Economic 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 O
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esentative should not create any financial liabilities, contingent or otherwise, for the head office in India and also not invest surplus funds abroad without prior approval of the Reserve Bank. Any funds rendered surplus should be repatriated to India.
(iii) The details of bank accounts opened in the overseas country should be promptly 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 s
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zed 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) AD Category- I banks can also allow exporters having a minimum of three years' satisfactory track record to receive long term export advance up to a maximum tenor of 10 years 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
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for a term not exceeding two years at a time and further rollover of not more than two years at a time may be allowed subject to satisfaction with relative export performance as per the contract.
b. BG / SBLC should cover only the advance on reducing balance basis.
c. BG / SBLC issued from India in favor of overseas buyer should not be discounted by the overseas branch / 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 goo
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) In the event of the exporter's inability to make the shipment, partly or fully, no remittance towards refund of unutilized portion of advance payment or towards payment of interest should be made without the prior approval of the Reserve Bank.'
(4) (i) As it has been observed that there is substantial increase in the number and amount of advances received for exports remaining 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 referre
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month of re-import into India of the unsold items.
(ii) The sale proceeds of the items sold are repatriated to India in accordance with the Foreign Exchange Management (Realization, Repatriation, and Surrender of Foreign Exchange) Regulations, 2000.
(iii) The exporter shall report to the AD Category – I banks the method of disposal of all items exported, as well as the repatriation of proceeds 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
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re, Mumbai, Bill of Entry shall be filed by the buyer. AD bank may permit such import payments after being satisfied with the bona-fides of the transaction. Further, AD bank shall also maintain a record of such transactions.
B.12 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:
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 be
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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 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 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 gr
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ir agents resident in the country of final destination of goods in cases where:
(i) 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.
(ii) 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 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 t
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g 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 should be raised not later than 15 days from the date of completion of the contract. It would be in order for the exporters to submit 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
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irely 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 EDF and the shipping bill. The Customs will verify that the shipment was actually shut out, certify the copy of the notice as correct and forward it to the Reserve Bank together with unused duplicate copy of the EDF. In this case, the 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 un
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as lessee against collection of lease rentals/hire charges and ultimate re-import. Exporters should apply for necessary permission, through an AD Category – I banks, to the Regional Office concerned of the Reserve Bank, giving full particulars of the goods to be exported.
B.20 Export on Elongated Credit Terms
Exporters intending to export goods on elongated credit terms may submit their proposals giving full particulars through their banks for consideration 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
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for undertaking turnkey/civil construction contracts abroad are required to obtain the approval of the AD Category – I banks/ Exim Bank 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 of Instructions on Project and Service Exports (PEM-July 2014).
(ii) Accordingly, AD banks / Exim Bank may consider awarding post-award approvals without any 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 Authori
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ry. The Inter-project transfer of funds will be monitored by the AD Category – I bank(s) / Exim Bank.
(c) Deployment of Temporary Cash Surpluses
Subject to monitoring by the AD Category – I bank(s) / Exim Bank, Project / Service exporters may deploy their temporary cash surpluses, generated outside India 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., ,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 contract
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g only through an airport.
B.24 Forfaiting
Export-Import Bank of India (EXIM Bank) and AD Category – I banks have been permitted to undertake forfaiting, for financing of export receivables. Remittance of commitment fee / service charges, etc., payable by the exporter as approved by the EXIM Bank / AD Category – I banks concerned may be 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.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 arrangeme
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dit evaluation details from the correspondent bank abroad.
* KYC and due diligence on the exporter shall be ensured by the Export Factor.
B.26 Exports to neighboring countries by Road, Rail or River
The following procedure should be adopted by exporters for filing original copies of EDF 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 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 sta
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nt directions issued by the Reserve Bank, as amended from time to time.
B.29 Counter -Trade Arrangements with Romania
The 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 should utilize 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.
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, 20
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he calendar year and a six- digit running serial number.
(iv) Customs will certify the value declared by the exporter on both the copies of the EDF form at the space earmarked and will also record the assessed value.
(v) They will then return the duplicate copy of the form to the exporter and retain the original for transmission to the Reserve Bank.
(vi) Exporters should submit the duplicate copy of the EDF form again to Customs along with the cargo to be shipped.
(vii) 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.
(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, t
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/Softex Form No)
(xiii) 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 bank. Therefore, EDF forms which involve sending goods by post should be first presented by the exporter to an AD Category – I bank for countersignature. The procedure is as under:
(a) 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 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 r
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d-Sea Trans-shipment of catch by Deep Sea Fishing Vessels
(i) Since deep sea fishing involves continuous sailing outside the territorial limit, trans-shipment of catches takes place in the high sea leading to procedural constraints in regulatory reporting requirement viz. the Declaration of Export in terms of Notification No.FEMA.23/2000/RB dated May 3, 2000.
(ii) For mid-sea trans-shipment of catches by Indian owned vessels, as per the norms prescribed by the Ministry of agriculture, Government of India, the EDF declaration procedure in this 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 o
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eir running serial number on both the copies of EDF and will return the duplicate copy to the exporter as the value certification of the export has already been done as mentioned above.
(i) Rules, Regulations and Directions issued in respect of the procedure for submission of the EDF by exporter to the AD Category-I banks, and the disposal of these forms by these banks will be same as applicable to the other exporters.
C.4 In case of export of goods / software done through EDI ports
(i) The relative shipping bill should be submitted in duplicate to the 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
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he 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.
C.5 SOFTEX Forms
(i) A software exporter, whose annual turnover is at least ₹ 1000 crore or who files at least 600 SOFTEX forms annually, will be eligible to submit a statement in excel format as per Annexure A, giving all particulars along with quadruplicate set of SOFTEX form to the nearest STPI. STPI will then verify the details and decide on a percentage sample check of the documents in details. 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
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ional Offices of RBI has been dispensed with accordingly.
C.6 Random verification
(iv) 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-realization or short realization allowed, if any, is within the powers delegated to them or has been duly approved by the 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 certified as under:
“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 w
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tion of shipping documents even in cases, where export transactions are not backed by letters of credit, provided their 'relative sale contract' with overseas buyer provides for acceptance of FCR as a shipping document in lieu of bill of lading. However, the acceptance of such FCR for purchase/discount would purely be the credit decision of the bank concerned who, among others, should satisfy itself about the bona fides of the transaction and the track record of the overseas buyer and the Indian supplier since FCRs are not negotiable documents. It would be advisable for the exporters 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 Retu
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(i.e. April to March) and same should be reported in EDPMS.
C.13 Follow-up of Overdue Bills
(i) AD Category – I banks should closely watch realization of bills and in cases where bills remain outstanding, beyond the due date for payment 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 the stipulated period or seek extension of time beyond the stipulated period, the matter should be reported to the Regional Office concerned of the Reserve Bank stating, where possible, the reason for 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
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of interest is not stipulated in the contract.
C.15 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
The exporter is not on the exporters' caution list of the Reserve Bank, and
(c) 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 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 p
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y, involved does not exceed 25 per cent of the invoice value and the realization of export proceeds is not delayed beyond the period of 12 months from the date of export.
C.18 Extension of Time
(i) The Reserve Bank of India has permitted the AD Category – I banks to extend the period of realization of export proceeds beyond stipulated period of realization from the date of export, up to a period of six months, at a time, irrespective of the invoice value of 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 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
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Regional Office concerned of the Reserve Bank in form ETX through his AD Category – I bank with appropriate documentary evidence.
C.19 Write off of export bills
(i) An exporter who has not been able to realize the outstanding export dues despite best efforts, may either self-write off or approach the AD Category – I banks, who had handled the relevant shipping documents, with appropriate supporting documentary evidence with a request for write off of the unrealized portion subject to the fulfillment of stipulations regarding surrender of incentives prior to” write-off” adduced in the A.P. (DIR Series) Circular No. 03 dated 22 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 th
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ssy, Foreign Chamber of Commerce or similar Organization;
(e) The unrealized amount represents the undrawn balance of an export bill (not exceeding 10% of the invoice value) remaining outstanding and turned out to be unrealizable despite all efforts made by the exporter;
(f) The cost of resorting to legal action would be disproportionate to the unrealized amount of the export bill or where the exporter even after winning the Court case against the overseas buyer could not execute the Court decree due to reasons beyond his control;
(g) Bills were drawn for the difference between the letter of credit value and actual export value or between the provisional 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 a
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ities of the country.
(b) EDF which are under investigation by agencies like, Enforcement Directorate, Directorate of Revenue Intelligence, Central Bureau of Investigation, etc. as also the outstanding bills which are subject matter of civil / criminal suit.
vii) AD banks should report write off of export bills through EDPMS to the Reserve Bank.
viii) AD banks are advised to put in place a system under which their internal inspectors or auditors (including external auditors appointed by authorised dealers) should carry out random sample check / percentage check of “write-off” outstanding export bills.
ix) Cases not covered by the above instructions / beyond the above 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 suppo
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idelines;
(b) The exporter produces a certificate from the Foreign Mission of India concerned, about the fact of non-recovery of export proceeds from the buyer; and
(c) This would not be applicable in self write off cases.
C.22 Shipments Lost in Transit
(i) 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 is known.
(ii) In cases where the claim is payable abroad, the AD Category – banks must arrange to collect the full amount of claim due on the lost shipment, through the medium of their 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 t
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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 banks who should comply with all the regulatory requirements relating to the transactions.
C.24 – Set-off of export receivables against import payables
AD category -I banks may deal with the cases of set-off of export receivables against import payables, subject to following terms and conditions:
(i) The import is as per the Foreign Trade Policy in force.
(ii) Invoices/Bills of Lading/Airway 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 sep
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ogy, Government of India / EPZ authorities as the case may be. In cases where the commission has not been declared on EDF/SOFTEX form, remittance may be allowed after satisfying the reasons adduced by the exporter for not declaring commission on Export Declaration Form, provided a valid agreement/written understanding between the exporters and/or beneficiary for payment of commission exists.
(b) The relative shipment has already been made.
(ii) AD Category – I banks may allow payment of commission by Indian exporters, in respect of their exports covered under counter trade arrangement through Escrow Accounts designated in US Dollar, subject to the following conditions:
(a) The 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
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be re-imported within three months from the date of remittance and
(v) Ensure that all procedures as applicable to normal imports are adhered to.
C.27 Exporters' Caution List
(i) AD Category – I banks will also be advised whenever exporters are cautioned in terms of provisions contained in Regulation 17 of “Export Regulations” (Annex 2). They may approve EDF of exporters who have been placed on caution list if the exporters concerned produce evidence of having received an advance payment or an irrevocable letter of credit in their favor covering the full value of the proposed exports.
(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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turns and Statements
December 30, 2000
7
A.P.(DIR Series) Circular No.27
Foreign Exchange Management Act, 1999 – Export of Goods and Services – Forwarder's Cargo Receipt
March 2, 2001
8
A.P. (DIR Series) Circular No.28
Foreign Exchange Management Act, 1999
March 30, 2001
9
A.P.(DIR Series) Circular No. 30
'Write off' of Unrealized Export Bills – Simplification of Procedure
April 4, 2001
10
A.P.(DIR Series) Circular No.35
Foreign Exchange Management Act, 1999 – Export of Goods and Services
June 11, 2001
11
A.P. (DIR Series) Circular No.4
Counter-Trade Arrangements with Romania
August 27, 2001
12
A.P. (DIR Series) Circular No.5
Export of Goods and Services
August 27, 2001
13
A.P. (DIR Series) Circular No.6
Export of Goods and Services
September 24, 2001
14
A.P. (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 – Export
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ervices
July 4, 2002
24
A.P. (DIR Series) Circular No.10)
Export of Goods and Services – Facilities to units in Special Economic Zones (SEZs
August 14, 2002
25
A.P. (DIR Series) Circular No.11
Exchange Earners' Foreign Currency (EEFC) Account Scheme – Amendment
August 14, 2002
26
A.P. (DIR Series) Circular No.12
Export of Goods and Services
August 28, 2002
27
A.P. (DIR Series) Circular No.21
Disposal of duplicate copies of Export Declaration Forms
September 16, 2002
28
A.P. (DIR Series) Circular No.28)
Opening, holding and maintaining Foreign Currency Account in India by Unit in Special Economic Zones (SEZs
October 3, 2002
29
A.P. (DIR Series) Circular No.33
Export of Goods and Services
October 23, 2002
30
A.P. (DIR Series) Circular No.34
Exchange Earners' Foreign Currency (EEFC) Account Scheme
October 31, 2002
31
A.P. (DIR Series) Circular No.41
Issue of Corporate Guarantee in lieu of Bid Bond Guarantee
November 8, 2002
32
A.P. (DIR Series) Circu
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nd Services – Exports to Warehouses Abroad
May 2, 2003
40
A.P. (DIR Series) Circular No.104
Foreign Exchange Management Act, 1999 – Liberalization
May 31, 2003
41
A.P. (DIR Series) Circular No.105
Supply of goods by Special Economic Zones (SEZs) to Units in Domestic Tariff Area (DTA) against payment in foreign exchange
June 16, 2003
42
A.P. (DIR Series) Circular No.8
Foreign Exchange Management Act, 1999
August 16, 2003
43
A.P. (DIR Series) Circular No.12
Export of Goods and Services
August 20, 2003
44
A.P. (DIR Series) Circular No.20
Opening of Foreign Currency Account in India by Project / Service Exporter for Execution of Contract Abroad
September 23, 2003
45
A.P. (DIR Series) Circular No.22
Export of Goods and Services – Payment of Claims by ECGC
September 24, 2003
46
A.P. (DIR Series) Circular No.26
Export of Goods and Services – Export of Books on Consignment Basis
October 3, 2003
47
A.P. (DIR Series) Circular No.30
Export of Goods and Services
Oc
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o.97
Foreign Exchange Management Act, 1999 –
June 21, 2004
57
A.P. (DIR Series) Circular No.9
Foreign Exchange Management Act, 1999
September 1, 2004
58
A.P. (DIR Series) Circular No.10
Export of Goods and Services to Latin American Countries
September 13, 2004
59
A.P. (DIR Series) Circular No.25
Period of Realization for 100% EOUs Extended to One Year
November 1, 2004
60
A.P. (DIR Series) Circular No.28
Indo-Myanmar Trade – Relaxation from ACU Mechanism
November 19, 2004
61
A,P. (DIR Series) Circular No.21
Export of Goods and Services – Liberalization – GR Approval for export
January 10, 2006
62
A.P. (DIR Series) Circular No.31
Export of Goods and Services – Extension of period of realization
April 21, 2006
63
A.P. (DIR Series) Circular No.32
Remittance of initial and recurring expenses for Branch offices opened abroad
April 21, 2006
64
A.P. (DIR Series) Circular No.15
Exchange Earner's Foreign Currency (EEFC) Account-Liberalization of Procedure
N
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oceeds-Liberalization
June 3, 2008
74
A.P (DIR Series) Circular No.4
Exchange Earner's Foreign Currency (EEFC) Account
August 4, 2008
75
A.P (DIR Series) Circular No.6
Export of Goods and Services- Direct Dispatch of Shipping Documents Realization and Repatriation of Export Proceeds – Liberalization
August 13, 2008
76
A.P (DIR Series) Circular No.43
Settlement system under ACU Mechanism
December 26, 2008
77
A.P (DIR Series) Circular No.51
Opening of Diamond Dollar Accounts – Liberalization
February 13, 2009
78
A.P. (DIR Series) Circular No.60
On-line downloading of GR Forms
March 26, 2009
79
A.P. (DIR Series) Circular No.70
Export of Goods and Software – Realization and Repatriation of export Proceeds – Liberalization
June 30, 2009
80
A.P (DIR Series) Circular No.13
Opening of Diamond Dollar Accounts (DDAs) – Modification
October 29, 2009
81
A.P. (DIR Series) Circular No.14
Maldives Monetary Authority now ACU Member
October 30, 2009
82
A.P. (DIR S
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rency (EEFC) Account and Resident Foreign Currency (RFC) account – Joint holder – liberalization
September 15, 2011
90
A.P. (DIR Series) Circular No.35
Processing and Settlement of Export related receipts facilitated by Online Payment Gateways – Enhancement of the value of transaction
October 14, 2011
91
A.P. (DIR Series) Circular No.40
Export of Goods and Software – Realization and Repatriation of export proceeds – Liberalization
November 01, 2011
92
A.P. (DIR Series) Circular No.47
“Set-off” of export receivables against import payables – Liberalization of Procedure
November 17, 2011
93
A.P. (DIR Series) Circular No.48
Mid – Sea Trans-shipment of catch by Deep Sea Fishing Vessel
November 21, 2011
94
A.P. (DIR Series) Circular No.65
Export of Goods and Services – Forwarder's Cargo Receipt
January 12, 2012
95
A.P. (DIR Series) Circular No.73
Opening of Diamond Dollar Accounts (DDAs
January 31, 2012
96
A.P. (DIR Series) Circular No.80
Export of Goods and Serv
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d 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 Economic Zones to Units in Domestic Tariff Areas
October 23, 2012
106
A.P. (DIR Series) Circular No.47
Export of Goods and Services – Simplification and Revision of Softex Procedure
October 23, 2012
107
A.P. (DIR Series) Circular No.52
Export of Goods and Software – Realization and Repatriation of export proceeds – Liberalization
November 20, 2012
108
A.P. (DIR Series) Circular No.66
Export of Goods and Services – Simplification and Revision of Softex Procedure at SEZs
January 01, 2013
109
A.P. (DIR Series) Circular No.79
Exchange Earner's Foreign Currency Account, Diamond Dollar Account & Resident Foreign Currency Domestic Account
January 22, 2013
110
A.P. (DIR Series) Circular No.88
“Write-off” of unrealized export bills – Export of Goods and Services – Simplification of procedure
March 12
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ices – 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 Outstanding Bills : Export – Follow-up – XOS Statements
October 14, 2013
120
A.P. (DIR Series) Circular No.63
Memorandum of Procedure for Channeling Transactions through Asian Clearing Union (ACU)
October 18, 2013
121
A.P. (DIR Series) Circular No.70
Third party payments for export/import transactions
November 08, 2013
122
A.P. (DIR Series) Circular No.100
Third party payments for export/import transactions
February 4, 2014
123
A.P. (DIR Series) Circular No.101
Export of Goods and Services: Export Data Processing and Monitoring System (EDPMS)
February 4, 2014
124
A.P. (DIR Series) Circular No. 109
Export of Goods and Services: Export Data Processing and Monitoring System (EDPMS)
February 28, 2014
125
A.P. (DIR Series) Circular No.132
Export of Goo
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