FEMA – 39 – Dated:- 14-1-2016 – 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 approving authority, which shall consider the proposal in accordance with the guidelines issued by the Reserve Bank from time to time. Further, attention of Authorized Dealers (
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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 the revision in the Memorandum to the notice of their constituents concerned. 5. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Fore
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