Export of Goods and Services – Liberalisation
040 Dated:- 5-12-2003 Circular
FEMA
Superseded vide A.P. (DIR Series) Circular No. 20 dated 16-01-2026 w.e.f. 01-10-2026<\/p>\n
Export of Goods and Services – Liberalisation<\/p>\n
Reserve Bank of India<\/p>\n
Exchange Control Department<\/p>\n
Central Office<\/p>\n
Mumbai<\/p>\n
A.P.(DIR Series) Circular No.40<\/p>\n
December 5, 2003<\/p>\n
To<\/p>\n
All Authorised Dealers in Foreign Exchange<\/p>\n
Madam \/ Sirs,<\/p>\n
Export of Goods and Services – Liberalisation<\/p>\n
Attention of Authorised Dealers is invited to A.P (DIR Series) Circular No.12 dated September 9, 2000, as amended from time to time, relating to Export of Goods and Services and Part C of the said circular wherein directions have been issued for allowing write-off, reduction in invoice value and extension of time limit for realisation of export proceeds to exporters in respect of outstanding \/ overdue export bills<\/p>\n
2. With a view to simplifying and liberalising the procedure, providing full flexibility <\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n r realisation on January 1, 2004 (ie., within the prescribed period of 180 days). In the case of exports where Reserve Bank has prescribed longer period of realisation, the said facility would be available for exports made prior to July 2003, but proceeds of which are due for realisation within the prescribed period of one year.<\/p>\n 3. Exporters dealing with more than one Authorised Dealer can avail of this facility through each AD, i..e., the limit of 10 per cent for self write-off (including reduction in invoice value) and extension of time for realisation of export proceeds would be applicable for export bills lodged for realisation with that Authorised Dealer. However, exporters operating under a consortium of banks or with multiple banks will also have the option of computing the 10 per cent limit on an aggregate basis with all the banks, provided the lead bank of the consortium or in case of multiple banking, a nodal bank undertakes to verify the exporters' annual performance <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e excess over the 10 per cent limit before the end of the calendar year. In cases where exporters have failed to comply with this requirement, Authorised Dealers may promptly advise the said exporter to seek extension of time\/reduction in invoice value\/write-off in respect of non-realisation in excess of the 10 per cent limit, failing which, the Authorised Dealers may inform the exporter about the withdrawal of this facility of self write-off \/ extension of time, within a month, under advice to the concerned Regional Office of the Reserve Bank.<\/p>\n 5. Requests received from exporters in terms of Paragraph 4 above may be dealt with by the Authorised Dealers as per the existing instructions relating to extension of time for realisation of export proceeds, reduction in invoice value and write-off issued by the Reserve Bank.<\/p>\n 6. Regarding disposal of GR\/SOFTEX\/SDF\/PP forms under the above facility, Authorised Dealers may release the respective forms relating to the write-off (including re<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n bsp; <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \nNo of GR\/SOFTEX\/SDF\/PP Amount forms due<\/p>\n Export proceeds not realised within the prescribed Period of 180 days or longer period as applicable<\/p>\n No of GR\/SOFTEX\/SDF\/PP Amount forms due<\/p>\n <\/p>\n <\/p>\n Fully Realised<\/p>\n Partly Realised<\/p>\n <\/p>\n ( PART B )<\/p>\n &nb<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n (Amount in Rs 000s )<\/p>\n <\/p>\n Details of Export Bills not Realised (partly or fully) within the prescribed period<\/p>\n GR No. Amount<\/p>\n <\/p>\n Details of Extension \/Reduction in invoice value\/ write-off by the exporter himself<\/p>\n Amount Revised due date<\/p>\n @ <\/p>\n Extension\/Reduction in invoice value \/write-off sought from AD<\/p>\n Amount Revised due date<\/p>\n @<\/p>\n <\/p>\n (1)<\/p>\n (2)<\/p>\n (3)<\/p>\n <\/p>\n <\/p>\n <\/p>\n Total<\/p>\n <\/p>\n <\/p>\n <\/p>\n NOTE: 1) The exporter should approach AD\/RBI for extension of time in respect of bills in Column (3) in PART B. <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Export of Goods and Services – Liberalisation040 Dated:- 5-12-2003 CircularFEMASuperseded vide A.P. (DIR Series) Circular No. 20 dated 16-01-2026 w.e.f. 01-10-2026 Export of Goods and Services – Liberalisation Reserve Bank of India Exchange Control Department Central Office Mumbai A.P.(DIR Series) Circular No.40 December 5, 2003 To All Authorised Dealers in Foreign Exchange Madam \/ Sirs, Export … Continue reading “Export of Goods and Services – Liberalisation”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-331","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=331"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/331\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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