Export of Goods and Services – Project Exports
39 Dated:- 14-1-2016 Circular
FEMA
Superseded vide A.P. (DIR Series) Circular No. 20 dated 16-01-2026 w.e.f. 01-10-2026
RBI/2015-16/287
A.P. (DIR Series) Circular No. 39
January 14, 2016
To
All Category – I Authorised Dealer Banks
Madam/ Sir,
Export of Goods and Services – Project Exports
Attention of Authorised Dealers is invited to Regulation 18 of Notification No. FEMA 23/2000-RB dated 3rd May 2000 viz. Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 in terms of which export of goods or services on deferred payment terms or in execution of a turnkey project or a civil construction contract requires prior approval of the app
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/ regulations. Project and service exporters may accordingly approach AD banks / Exim Bank based on their commercial judgment.
2. As it has been advised by the Government of India that i) the 'OCCI' has been renamed as 'Project Export Promotion Council' (PEPC) and ii) civil construction contracts may include turnkey engineering contracts, process and engineering consultancy services and Project construction items (excluding steel & Cement) along with civil construction contracts, it has been decided to make the necessary changes in Memorandum of Instructions on Project and Service Exports (PEM) accordingly.
3. The revised Memorandum of Instructions on Project and Service Exports (PEM) is enclosed.
4. Authorized Dealers may bring th
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