Master Circular on Export of Goods and Services
06\/2010-11 Dated:- 1-7-2010 Master Circular
FEMA
Master Circular on Export of Goods and Services
\nMaster Circular No. 06\/2010-11
\nDated 1-7-2010
\n
\nExport 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) Rules, 2000, as amended from time to time.
\n2. 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.
\n3. This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 01, 2011 and be replaced by an updated Master Circular on the subject.
\nClick here to <\/p>\n
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Working Group and also subject to the = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ion = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \n23 of 110 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n of as under: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n and date of the Reserve Bank approval and\/or = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ulated by Insurance = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n r, countersign PP forms covering = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ills (HAWBS) to individual shippers. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n fema.rbi.org.in = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n s drawn at the = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 10 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n concerned of = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n cent of the average annual export realization during the preceding = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n vestigation by Directorate of = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n site: www.fema.rbi.org.in = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n l tradedivisionexport@rbi.org.in = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ng country. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n olicy, and = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n um of his overseas branch\/correspondent and release the duplicate copy of = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ication submitted by = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n d of the exporter = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n dered it necessary in the public interest, makes the following rules, = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n shall not apply where the payment is made out of funds = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n (see Rule 4) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n d Bhutan). = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ial plots in India exceeding USD 25,000 or 5% of the inward remittance = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 2000. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n regards export of goods and services :- = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n argo and goods supplied under the orders of = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n India for testing subject to re-import into India; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n eserve Bank. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e: www.fema.rbi.org.in = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n or software has been made by a Status = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ified period of 21 days, for reasons beyond = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n oods or software subject to such deductions, if any, as = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n eclared = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n the period = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n pportunity to make a representation in the matter. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n , 2004 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n n under Foreign Exchange Management Act, 1999: I\/We hereby declare that \u00e2\u02dc\u0090\u00e2\u02dc\u0090 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n t CIF = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ndia. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n tracted with the buyer is the same as the full export value declared in the = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 3) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n roval = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n st Office through which the goods have been dispatched will = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ue = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n erve Bank of India. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Bank this duplicate copy = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n obs and Conversion = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n D. Code No. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \/EPZ\/SEZ\/100% EOU\/DTA = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n receipt of Royalty on Software Packages\/Products exported) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n n order and = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ent of royalty = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n eady registered) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n nferred by Section 47 of the Foreign Exchange = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n transactions by debit = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \nauthorised dealers, where the export is covered by the arrangement = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n dia, = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n xport Bills not = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n . = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n end of = = = = = = = =<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nB.18
\nExport of Goods on Lease, Hire, etc.
\n19
\nB.19
\nExport on Elongated Credit Terms..
\n19
\nB.20
\nB.21
\nExport of goods by Special Economic Zones (SEZs).
\nProject Exports and Service Exports.
\n19
\n20
\nB.22
\nExport of Currency…
\n21
\nB.23
\nForfaiting…….
\n.22
\nB.24
\nB.25
\nExports to neighbouring countries by Road, Rail or River
\nBorder Trade with Myanmar..
\n22
\n.23
\nB.26
\nRepayment of State Credits
\n.23
\nB.27
\nCounter-Trade Arrangements with Romania..
\n.23
\nPART-3
\n.24
\nC.
\nOperational Guidelines for AD Category – I banks
\nC.1
\nCiting of Specific Identification Numbers.
\nC.2
\nGR\/SDF\/PP\/SOFTEX procedure…
\n.24
\n22222
\n24
\n24
\nC.3
\nGR forms.
\n.24
\nC.4
\nSDF
\n.26
\nC.5
\nPP Forms.
\n.27
\nC.6
\nRandom verification.
\n28
\nC.7
\nCertification for EEFC Credits
\n28
\nC.8
\nConsolidation of Air Cargo\/ Sea Cargo
\n28
\nC.9
\nDelay in submission of shipping documents by exporters.
\n29
\nC.10
\nCheck-list for Scrutiny of Forms
\n29
\nC.11
\nReturn of Documents to Exporters.
\n31
\nC.12
\nHanding Over Negot<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nC.28
\nExporters' Caution List..
\n44
\nPART-4
\n.45<\/p>\n
\n45
\nForeign Exchange Management (Current Account Transactions) Rules, 2000
\nAnnex-2…..
\n.45
\n52
\nNotification No. FEMA 23\/2000-RB dated 3rd May 2000
\nAnnex-3
\nNotification No.FEMA 14\/2000-RB dated 3rd May 2000
\nAnnex-4
\nAnnex-5…
\nAnnex-6
\nAnnex-7
\nAppendix
\n52
\n.95
\n95
\n100
\n101
\n102
\n105
\n108
\nWebsite: www.fema.rbi.org.in
\n2
\nEmail tradedivisionexport@rbi.org.in
\n3 of 110
\nPART-1
\nA.
\n(i)
\nIntroduction
\nExport trade is regulated by the Directorate General of Foreign Trade
\n(DGFT) and its regional offices, functioning under the Ministry of Commerce and
\nIndustry, Department of Commerce, Government of India. Policies and
\nprocedures required to be followed for exports from India are announced by the
\nDGFT, from time to time.
\n(ii) AD Category \u2013 I banks may conduct export transactions in conformity with
\nthe Foreign Trade Policy in vogue and the Rules framed by the Government of
\nIndia and the Directions issue<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\ndated May 3, 2000, AD Category – I banks have been permitted to issue
\nguarantees on behalf of exporter clients on account of exports out of India subject
\nto specified conditions.
\n(V)
\nThere is no restriction on invoicing of export contracts in Indian Rupees in
\nterms of the Rules, Regulations, Notifications and Directions framed under the
\nWebsite: www.fema.rbi.org.in
\n3
\nEmail tradedivisionexport@rbi.org.in
\n4 of 110
\nForeign Exchange Management Act 1999. Further, in terms of Para 2.40 of the
\nForeign Trade Policy (August 27, 2009 – March 31, 2014), \u201cAll export contracts
\nand invoices shall be denominated either in freely convertible currency or in Indian
\nRupees but export proceeds shall be realised in freely convertible currency.
\nHowever, export proceeds against specific exports may also be realised in rupees
\nprovided it is through a freely convertible Vostro account of a non-resident bank
\ns<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n23\/2000-RB dated May 3, 2000 (Annex 2). The exporters shall, however, be liable
\nto realise and repatriate export proceeds as per FEMA Regulations.
\nGrant of GR waiver
\n(i) AD Category – I banks may consider requests for grant of GR waiver from
\nexporters for export of goods free of cost, for export promotion up to 2 per
\ncent of the average annual exports of the applicant during the preceding three
\nfinancial years subject to a ceiling of Rs.5 lakhs. For status holder exporters,
\nthe limit as per the present Foreign Trade Policy is Rs.10 lakhs or 2 per cent
\nof the average annual export realization during the preceding three licensing
\nyears (April-March), whichever is higher.
\n(ii) Export of goods not involving any foreign exchange transaction directly or
\nindirectly requires the waiver of GR\/PP procedure from the Reserve Bank.
\nB.2 Manner of Receipt and Payment
\n(i) The amount representing the full export value of the goods ex<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\neffect that it has received the equivalent amount in foreign exchange, AD
\nCategory I banks may also receive payment for exports made out of India by
\ndebit to the credit card of an importer where the reimbursement from the card
\nissuing bank\/organisation will be received in foreign exchange.
\n–
\n(ii) Trade transactions can also be settled in the following manner:
\na) All transactions between a person resident in India and a person
\nresident in Nepal or Bhutan may be settled in Indian Rupees. However,
\nin case of export of goods to Nepal, where the importer has been
\npermitted by the Nepal Rashtra Bank to make payment in free foreign
\nexchange, such payments shall be routed through the ACU mechanism.
\nb) In Precious metals i.e. Gold \/ Silver \/ Platinum by the Gem & Jewellery
\nunits in SEZs and EOUS, equivalent to value of jewellery exported on the
\ncondition that the sale contract provides for the same and the
\napproximate value of the precious metals is ind<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nB.3
\nRealisation and Repatriation of export proceeds
\nIt is obligatory on the part of the exporter to realise and repatriate the full value of
\ngoods or software to India within a stipulated period from the date of export, as
\nunder :
\nB.4
\n(i) By Units in Special Economic Zones (SEZs): No specific time period
\nhas been stipulated;
\n(ii)
\n(iii)
\n(iv)
\n(V)
\n(i)
\nBy Status Holder Exporters as defined in the Foreign Trade Policy :
\nWithin a period of twelve months from the date of export;
\nBy 100 % Export Oriented Units (EOUS) and units set up under
\nElectronic Hardware Technology Parks (EHTPs), Software Technology
\nParks (STPs) and Biotechnology Parks (BTPs) schemes: Within a
\nperiod of twelve months from the date of export on or after September
\n1, 2004;
\nGoods exported to a warehouse established outside India: As soon as
\nit is realised and in any case within fifteen months from the date of
\nshipment of goods; and
\nIn all other cases: With effect from June 3, 2008, this period of
\nr<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nconcerned.
\nReserve Bank may consider applications in Form EFC (Annex 6) from
\nexporters having good track record for opening a foreign currency
\naccount with banks in India and outside India subject to certain terms
\nand conditions. Applications for opening the account with a branch of an
\nAD Category – I bank in India may be submitted through the branch at
\nwhich the account is to be maintained. If the account is to be maintained
\nabroad the application should be made by the exporter giving details of
\nthe bank with which the account will be maintained.
\nAn Indian entity can also open, hold and maintain a foreign currency
\naccount with a bank outside India, in the name of its overseas
\noffice\/branch, by making remittance for the purpose of normal business
\noperations of the said office\/branch or representative subject to
\nconditions stipulated in Regulation 7 of Notification No. FEMA 10\/2000-
\nRB dated May 3, 2000 and as amended from time to time.
\nA unit located in a Special E<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\naverage annual turnover of Rs. 3 crores or above during the preceding
\nthree licensing years (licensing year is from April to March) are permitted
\nto transact their business through Diamond Dollar Accounts.
\n(ii) They may be allowed to open not more than five Diamond Dollar
\nAccounts with their banks.
\n(iii) Eligible firms and companies may apply for permission to their AD
\nCategory – I banks in the format prescribed.
\nB.6
\n(i)
\n(ii)
\nExchange Earners' Foreign Currency (EEFC) Account
\nA person resident in India may open with, an AD Category – I bank in
\nIndia, an account in foreign currency called the Exchange Earners'
\nForeign Currency (EEFC) Account, in terms of Regulation 4 of the
\nForeign Exchange Management (Foreign Currency Account by a Person
\nResident in India) Regulations, 2000 notified under Notification No.
\nFEMA 10\/2000-RB dated May 3, 2000 as amended from time to time.
\nAll categories of foreign exchange earners are allowed to credit up to
\n100 per cen<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\ntrade related loans \/ advances to overseas importers out of their EEFC
\nbalances without any ceiling subject to compliance of provisions of
\nNotification No. FEMA 3\/2000-RB dated May 3, 2000 as amended from
\ntime to time.
\n(vi) AD Category – I banks may permit exporters to repay packing credit
\nadvances whether availed in Rupee or in foreign currency from balances
\nin their EEFC account and \/ or Rupee resources to the extent exports
\nhave actually taken place.
\nB.7
\nSetting up of Offices Abroad and Acquisition of Immovable Property
\nfor Overseas Offices
\n(i)
\n(ii)
\nAt the time of setting up of the office, AD Category – I banks may allow
\nremittances towards initial expenses up to fifteen per cent of the average
\nannual sales\/income or turnover during the last two financial years or up
\nto twenty-five per cent of the net worth, whichever is higher.
\nFor recurring expenses, remittances up to ten per cent of the average
\nannual sales\/income or turnover during the l<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\npromptly reported to the AD Bank.
\n(iv) AD Category – I banks may also allow remittances by a company
\nincorporated in India having overseas offices, within the above limits for
\ninitial and recurring expenses, to acquire immovable property outside
\nIndia for its business and for residential purpose of its staff.
\n(v) The overseas office \/ branch of software exporter company\/firm may
\nrepatriate to India 100 per cent of the contract value of each \u2018off-site'
\ncontract.
\n(vi) In case of companies taking up \u2018on site' contracts, they should repatriate
\nthe profits of such \u2018on site' contracts after the completion of the said
\ncontracts.
\n(vii) An audited yearly statement showing receipts under 'off-site' and 'on-
\nsite' contracts undertaken by the overseas office, expenses and
\nrepatriation thereon may be sent to the AD Category – I banks.
\nB.8
\nAdvance Payments against Exports
\n(1)
\nIn terms of Regulation 16 of Notification No. FEMA 23\/2000-RB dated May
\n3, 2<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(2) Where the export agreement provides for shipment of goods extending
\nbeyond the period of one year from the date of receipt of advance payment, the
\nexporter shall require the prior approval of the Reserve Bank.
\n(3) AD Category – I banks may allow the purchase of foreign exchange from
\nthe market for refunding advance payment credited to EEFC account only after
\nutilizing the entire balances held in the exporter's EEFC accounts maintained at
\ndifferent branches\/banks.
\nNote: AD Category – I banks may also be guided by the Master Circular on
\nGuarantees and Co-acceptances issued by DBOD.
\nB.9 GR Approval for Trade Fair\/Exhibitions abroad
\nFirms \/ Companies and other organizations participating in Trade Fair\/Exhibition
\nabroad can take\/export goods for exhibition and sale outside India without the
\nprior approval of the Reserve Bank. Unsold exhibit items may be sold outside the
\nexhibition\/trade fair in the same country or in a third country. Such sales at
\nWebsite: www.fema.rb<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nB.10 GR approval for Export of Goods for re-imports
\n(i)
\n(ii)
\nAD Category \u2013 I banks may consider request from exporters for granting
\nGR approval in cases where goods are being exported for re-import after
\nrepairs \/ maintenance \/ testing \/ calibration, etc., subject to the condition
\nthat the exporter shall produce relative Bill of Entry within one month of re-
\nimport of the exported item from India.
\nWhere the goods being exported for testing are destroyed during testing,
\nAD Category – I banks may obtain a certificate issued by the testing
\nagency that the goods have been destroyed during testing, in lieu of Bill of
\nEntry for import.
\nB.11 Part Drawings \/Undrawn Balances
\n(i)
\nIn certain lines of export trade, it is the practice to leave a small part of the
\ninvoice value undrawn for payment after adjustment due to differences in
\nweight, quality, etc., to be ascertained after arrival and inspection,
\nweighment or analysis of the goods. In such cases, AD Category<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(i) When goods have been exported on consignment basis, the AD Category-I
\n(ii)
\n(iii)
\nbank, while forwarding shipping documents to his overseas branch\/
\ncorrespondent, should instruct the latter to deliver them only against trust
\nreceipt\/undertaking to deliver sale proceeds by a specified date within the
\nperiod prescribed for realization of proceeds of the export. This procedure
\nshould be followed even if, according to the practice in certain trades, a bill
\nfor part of the estimated value is drawn in advance against the exports.
\nThe agents\/consignees may deduct from sale proceeds of the goods
\nexpenses normally incurred towards receipt, storage and sale of the goods,
\nsuch as landing charges, warehouse rent, handling charges, etc. and remit
\nthe net proceeds to the exporter.
\nThe account sales received from the Agent\/Consignee should be verified
\nby the AD Category – I banks. Deductions in Account Sales should be
\nsupported by bills\/receipts in original except in c<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(iv)
\nAll transactions should be routed through the designated branch of
\nthe AD Banks.
\n(V)
\nThe above permission may be granted to the exporters initially for a
\nperiod of one year and renewal may be considered subject to the
\napplicant satisfying the requirement above.
\n(vi) AD Category – I banks granting such permission\/approvals should
\nmaintain a proper record of the approvals granted.
\nB.14 Direct dispatch of documents by the exporter
\n(i)
\nAD Category – I banks should normally dispatch shipping documents to
\ntheir overseas branches\/correspondents expeditiously. However, they may
\nWebsite: www.fema.rbi.org.in
\nEmail tradedivisionexport@rbi.org.in
\n15
\n16 of 110
\n(ii)
\n(iii)
\ndispatch shipping documents direct to the consignees or their agents
\nresident in the country of final destination of goods in cases where:
\na)
\nb)
\nc)
\nAdvance payment or an irrevocable letter of credit has been received
\nfor the full value of the export shipment and the underlying sale\n<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nmonitoring purposes, by the exporters within 21 days from the date
\nof shipment of export.
\nAD Category – I banks may regularize cases of dispatch of shipping
\ndocuments by the exporter direct to the consignee or his agent resident in
\nthe country of the final destination of goods, up to USD 1 million or its
\nequivalent, per export shipment, subject to the following conditions:
\na)
\nThe export proceeds have been realised in full.
\nWebsite: www.fema.rbi.org.in
\n16
\n:
\nEmail tradedivisionexport@rbi.org.in
\n17 of 110
\nb)
\nThe exporter is a regular customer of AD Category – I bank for a
\nperiod of at least six months.
\nc)
\nThe exporter's account with the AD Category – I bank is fully
\ncompliant with the Reserve Bank's extant KYC \/ AML guidelines.
\nd)
\nThe AD Category – I bank is satisfied about the bonafides of the
\ntransaction.
\nIn case of doubt, the AD Category – I bank may consider filing Suspicious
\nTransaction Report (STR) with FIU_<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nSTPI \/ EPZ\/FTZ \/SEZ for valuation \/ certification not later than 30 days
\nfrom the date of invoice \/ the date of last invoice raised in a month, as
\nindicated above. The designated officials may also certify the SOFTEX
\nWebsite: www.fema.rbi.org.in
\n17
\nEmail: tradedivisionexport@rbi.org.in
\n18 of 110
\n(iv)
\nForms of EOUs, which are registered with them.
\nThe invoices raised on overseas clients as at (i) and (ii) above will be
\nsubject to valuation of export declared on SOFTEX form by the designated
\nofficial concerned of the Government of India and consequent amendment
\nmade in the invoice value, if necessary.
\nB.16 Short Shipments and Shut out Shipments
\n(i)
\nWhen part of a shipment covered by a GR form already filed with Customs
\nis short-shipped, the exporter must give notice of short-shipment to the
\nCustoms in the form and manner prescribed. In case of delay in obtaining
\ncertified short-shipment notice from the Customs, the exporter should give
\nan undertaking t<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nan Escrow Account opened in India in US Dollar will be considered by the
\nReserve Bank.
\nWebsite: www.fema.rbi.org.in
\n18
\nEmail tradedivisionexport@rbi.org.in
\n19 of 110
\n(i)
\n(ii)
\n(iii)
\n(iv)
\nAll imports and exports under the arrangement should be at international
\nprices in conformity with the Foreign Trade Policy and Foreign Exchange
\nManagement Act, 1999 and the Rules and Regulations made there under.
\nNo interest will be payable on balances standing to the credit of the Escrow
\nAccount but the funds temporarily rendered surplus may be held in a short-
\nterm deposit up to a total period of three months in a year (i.e., in a block of
\n12 months) and the banks may pay interest at the applicable rate.
\nNo fund based\/or non-fund based facilities would be permitted against the
\nbalances in the Escrow Account.
\nApplication for permission for opening an Escrow Account may be made by
\nthe overseas exporter \/ organisation throug<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nthat country itself subject to the conditions that:
\n(i)
\n(ii)
\nProcessing \/ manufacturing charges are suitably loaded in the export price
\nand are borne by the ultimate buyer.
\nThe exporter has made satisfactory arrangements for realisation of full
\nexport proceeds subject to the usual GR procedure.
\nAD Category – I banks may permit units in DTAs to purchase foreign exchange for
\nmaking payment for goods supplied to them by units in SEZs.
\nB.21 Project Exports and Service Exports
\nExport of engineering goods on deferred payment terms and execution of turnkey
\nprojects and civil construction contracts abroad are collectively referred to as
\n'Project Exports'. Indian exporters offering deferred payment terms to overseas
\nbuyers and those participating in global tenders for undertaking turnkey\/civil
\nconstruction contracts abroad are required to obtain the approval of the AD
\nCategory I banks\/EXIM Bank\/Working Group at post-award stage before
\nundertaking execution of such cont<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n–
\nWebsite: www.fema.rbi.org.in
\n20
\nEmail tradedivisionexport@rbi.org.in
\n21 of 110
\nreporting requirement and would be monitored by the AD Category – I bank(s) \/
\nEXIM Bank \/ Working Group.
\n(ii)
\nInter-Project Transfer of Funds [D 1 (i) & D 3]
\nAD Category – I bank(s) \/ EXIM Bank \/ Working Group may permit exporters to
\nopen, maintain and operate one or more foreign currency account\/s in a
\ncurrency(ies) of their choice with inter-project transferability of funds in any
\ncurrency or country. The Inter-project transfer of funds will be monitored by the AD
\nCategory – I bank(s) \/ EXIM Bank \/ Working Group.
\n(iii)
\nDeployment of Temporary Cash Surpluses
\nProject\/Service exporters may deploy their temporary cash surpluses, generated
\noutside India, in the following instruments \/ products, subject to monitoring by the
\nAD Category – I bank(s) \/ EXIM Bank \/ Working Group :
\n(a)
\ninvestments in short-term paper abroad inclu<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\ngranted under the Regulations, will require prior permission of the Reserve Bank.
\nWebsite: www.fema.rbi.org.in
\nEmail: tradedivisionexport@rbi.org.in
\n21
\n22 of 110
\nB.23 Forfaiting
\nExport-Import Bank of India (EXIM Bank) and AD Category – I banks have been
\npermitted to undertake forfeiting, for financing of export receivables. Remittance of
\ncommitment fee \/ service charges, etc., payable by the exporter as approved by
\nthe EXIM Bank \/ AD Category – I banks concerned may be done through an AD
\nbank. Such remittances may be made in advance in one lump sum or at monthly
\nintervals as approved by the authority concerned.
\nB.24 Exports to neighbouring countries by Road, Rail or River
\nThe following procedure should be adopted by exporters for filing original copies
\nof GR\/SDF forms where exports are made to neighboring countries by road, rail or
\nriver transport:
\n(i)
\n(ii)
\nIn case of exports by barges\/country craft\/road transport, the form should
\nbe presented by exporter or his<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nB.25 Border Trade with Myanmar
\nThis is governed by the Agreement on Border Trade between India and Myanmar.
\nPeople living along both sides of the India-Myanmar border are permitted to
\nexchange certain specified locally produced commodities (Annex 5) under the
\nbarter trade arrangement. They can also trade in freely convertible currency. AD
\nbanks should follow the guidelines stipulated in A.P.(DIR Series) Circular No.17
\ndated October 16, 2000.
\nB.26 Repayment of State Credits
\nExport of goods and services against repayment of state credits granted by
\nerstwhile USSR will continue to be governed by the extant directions issued by the
\nReserve Bank, as amended from time to time.
\nB.27 Counter -Trade Arrangements with Romania
\nThe Reserve Bank will consider counter trade proposals from Indian exporters
\nwith Romania involving adjustment of value of exports from India against value of
\nimports made into India in terms of a voluntarily entered arrangement between the
\nconcer<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nC.3 GR forms
\n(i)
\nGR forms should be completed by the exporter in duplicate and both the
\ncopies submitted to the Customs at the port of shipment along with the
\nshipping bill.
\n(ii) Customs will give their running serial number on both the copies after
\nadmitting the corresponding shipping bill. The Customs serial number will
\nhave ten numerals denoting the code number of the port of shipment, the
\ncalendar year and a six-digit running serial number.
\n(iii)
\n(iv)
\n(V)
\nCustoms will certify the value declared by the exporter on both the copies of
\nthe GR form at the space earmarked and will also record the assessed
\nvalue.
\nThey will then return the duplicate copy of the form to the exporter and
\nretain the original for transmission to the Reserve Bank.
\nExporters should submit the duplicate copy of the GR form again to
\nWebsite: www.fema.rbi.org.in
\n24
\nEmail tradedivisionexport@rbi.org.in
\n25 of 110
\n(vi)
\nCustoms along with the cargo to be shipped.
\nAfter examination <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nnumber and date of the relative RBI circular should be recorded at the
\nappropriate place on the GR form.
\nWhere Duplicate copy of GR form is misplaced or lost, AD Category |
\nbanks may accept another copy of duplicate GR form duly certified by
\nCustoms.
\nNote: At present, GR Forms [to be completed in duplicate for export otherwise
\nthan by Post including export of software in physical form i.e. magnetic tapes \/
\ndiscs and paper media] can be obtained by the exporters from the Regional
\nOffices of the Reserve Bank. As part of simplifying the procedures, GR Forms are
\nnow made available on-line on the Reserve Bank's website www.rbi.org.in.
\n(Link:- Notification FEMA Forms For Printing of GR Form)
\nAccordingly, the exporters have the option to use the GR Forms available on-line
\nas well.
\nWebsite: www.fema.rbi.org.in
\n25
\nEmail tradedivisionexport@rbi.org.in
\n26 of 110
\nC.4
\nSDF
\nThe following system may be followed in case of SDF:
\n(i)
\n(ii)<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nRegulatory and Development Authority (IRDA) initially settles the claims of
\nexporters in respect of exports insured with them and subsequently receives the
\nexport proceeds from the buyer\/buyer's country through the efforts made by them,
\nthe share of exporters in the amount so received is disbursed through the bank
\nwhich had handled the shipping documents. In such cases, ECGC and private
\ninsurance companies regulated by IRDA will issue a certificate to the bank, which
\nhad handled the relevant shipping documents after full proceeds have been
\nreceived. The certificate will indicate the number of declaration form, name of the
\nexporter, name of the AD Category I banks, date of negotiation, bill number,
\ninvoice value and the amount actually received by ECGC and private insurance
\ncompanies regulated by IRDA.
\n–
\nWebsite: www.fema.rbi.org.in
\n26
\nEmail tradedivisionexport@rbi.org.in
\n27 of 110
\nC.5
\nPP Forms
\nThe manner of disposal of PP forms is the same as that<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nparcels addressed direct to the consignees, provided:
\na)
\nAn irrevocable letter of credit for the full value of the export has been
\nopened in favour of the exporter and has been advised through the
\nAD Category – I banks concerned.
\nOr
\nb)
\nThe full value of the shipment has been received in advance by the
\nexporter through an AD Category – I banks.
\nOr
\nc)
\nThe AD Category – I bank is satisfied, on the basis of the standing
\nand track record of the exporter and the arrangements made for
\nrealization of the export proceeds, that he could do so.
\nWebsite: www.fema.rbi.org.in
\n27
\nEmail tradedivisionexport@rbi.org.in
\n28 of 110
\nIn such cases, particulars of advance payment\/letter of credit \/ AD Category -1
\nbank's certification of standing, etc., of the exporter should be furnished on the
\nform under proper authentication.
\n(v)
\nAny alteration in the name and address of consignee on the PP form
\nshould also be authenticated by the AD Category – I bank<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nAD Category – I banks may negotiate HAWBs only if the relative
\nletter of credit specifically provides for negotiation of these
\ndocuments in lieu of Airway Bills issued by the airline company.
\nWebsite: www.fema.rbi.org.in
\n28
\nEmail tradedivisionexport@rbi.org.in
\n29 of 110
\n(b) Consolidation of Sea Cargo
\n(i)
\n–
\nAD Category I banks may accept Forwarder's Cargo Receipts
\n(FCR) issued by steamship companies or their agents (instead of
\n'IATA' approved agents), in lieu of bills of lading, for negotiation \/
\ncollection of shipping documents, of export transactions backed by
\nletters of credit, only if the relative letter of credit specifically provides
\nfor negotiation of this document, in lieu of bill of lading.
\n(ii) Further, relative sale contract with the overseas buyer should also
\nprovide that FCR may be accepted in lieu of bill of lading as a
\nshipping document.
\nC.9
\nDelay in submission of shipping documents by exporters
\nIn cases where exp<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n29
\nEmail tradedivisionexport@rbi.org.in
\n30 of 110
\n(iv) The documents submitted do not reveal any material inter se discrepancies
\n(V)
\n(vi)
\nin regard to description of goods exported; export
\ncountry of destination.
\nvalue or
\nWhere the marine insurance is taken by the exporters on buyer's account to
\nverify, that the actual amount paid is received from the buyer through
\ninvoice and the bill.
\nTo accept the Bill of Lading\/Airway Bill issued on 'freight prepaid' basis
\nwhere the sale contract is on f.o.b., f.a.s. etc. basis provided the amount of
\nfreight has been included in the invoice and the bill.
\n(vii) To negotiate the documents, in cases where the documents are being
\nnegotiated by a person other than the exporter who has signed GR\/PP\/SDF
\n\/SOFTEX Form for the export consignment concerned, after ensuring
\ncompliance with Regulation 12 of Foreign Exchange Management (Export
\nof Goods and Services) Regulations, 2000.
\n(viii) To accept the variations in the val<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\ntime of shipment; but the results of such analysis will become
\nWebsite: www.fema.rbi.org.in
\n30
\nEmail tradedivisionexport@rbi.org.in
\n31 of 110
\nc)
\navailable only after the shipment has been made. Sometimes,
\ncontracts may provide for payment of penalty for late shipment of
\ngoods in conformity with trade practice concerning the commodity. In
\nthese cases, while exporters declare to the Customs the full export
\nvalue based on the contract price, invoices submitted along with
\nshipping documents for negotiation\/ collection may reflect a different
\nvalue arrived at after taking into account the results of analysis of
\nsamples or late shipment penalty, as the case may be.
\nTo accept for negotiation or collection the bills for exports by sea or
\nair which fall short of the value declared on GR\/SDF forms on
\naccount of trade, only if the discount has been declared by the
\nexporter on relative GR\/SDF form at the time of shipment and
\naccepted by Customs.
\nC.11 Return of Do<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(ii)
\n(iii)
\nof payment, the fortnightly period of R Supplementary Return with which
\nthe ENC statement covering the transaction was sent to the Reserve Bank,
\nshould be available.
\nAD Category – I banks should ensure that all types of export transactions
\nare entered in the Export Bills Register and are given bill numbers on a
\nfinancial year basis (i.e. April to March).
\nThe bill numbers should be recorded in ENC statement and other relevant
\nreturns submitted to the Reserve Bank.
\nC.14 Follow-up of Overdue Bills
\n(i)
\n(ii)
\n(iii)
\n(iv)
\n(V)
\n–
\nAD Category \u2013 I banks should closely watch realization of bills and in cases
\nwhere bills remain outstanding, beyond the due date for payment or 12
\nmonths from the date of export, the matter should be promptly taken up
\nwith the concerned exporter. If the exporter fails to arrange for delivery of
\nthe proceeds within 12 months or seek extension of time beyond 12
\nmonths, the matter should be reported to the Regional Office concern<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nWebsite: www.fema.rbi.org.in
\n32
\nEmail tradedivisionexport@rbi.org.in
\n33 of 110
\nthe Reserve Bank, on a half-yearly basis, a consolidated statement in Form
\nXOS (Annex 7) giving details of all export bills outstanding beyond six
\nmonths from the date of export as at the end of June and December every
\nyear. The statement should be submitted in triplicate within fifteen days
\nfrom the close of the relative half-year.
\nC.15 Reduction in Invoice Value on Account of Prepayment of Usance Bills
\nOccasionally, exporters may approach AD Category – I banks for reduction in
\ninvoice value on account of cash discount to overseas buyers for prepayment of
\nthe usance bills. AD Category – I banks may allow cash discount to the extent of
\namount of proportionate interest on the unexpired period of usance, calculated at
\nthe rate of interest stipulated in the export contract or at the prime rate\/LIBOR of
\nthe currency of invoice where rate of interest is not stipulated in the contract<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nthree financial years.
\nFor the purpose of reckoning the percentage of export bills outstanding to
\nthe average export realizations during the preceding three financial years,
\noutstanding of exports made to countries facing externalization problems
\nmay be ignored provided the payments have been made by the buyers in
\nthe local currency.
\nC.17 Export Claims
\n(i)
\n(ii)
\nAD Category – I banks may remit export claims on application, provided the
\nrelative export proceeds have already been realised and repatriated to
\nIndia and the exporter is not on the caution list of the Reserve Bank.
\nIn all such cases of remittances, the exporter should be advised to
\nsurrender proportionate export incentive, if any, received by him.
\nC.18 Change of buyer\/consignee
\nPrior approval of the Reserve Bank is not required if, after goods have been
\nshipped, they are to be transferred to a buyer other than the original buyer in the
\nevent <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nEnforcement \/ Central Bureau of Investigation or any other
\nInvestigating Agencies.
\nExporters dealing with more than one AD Category – I banks can avail of
\nthis facility through each AD Category – I bank, i.e., the limit of 10 per cent
\nfor self write-off (including reduction in invoice value) and extension of time
\nfor realization of export proceeds would be applicable for export bills lodged
\nfor realization with that AD Category – I banks.
\nExporters operating under a consortium of banks or with multiple banks will
\nalso have the option of computing the 10 per cent limit on an aggregate
\nbasis with all the banks, provided the lead bank of the consortium or in
\ncase of multiple banking, a nodal bank, undertakes to verify the exporters'
\nannual performance on behalf of all the banks.
\n(iv) Within a month from the close of the financial year, exporters should submit
\na statement (Annex 4), giving details of export proceeds due, realised and
\nnot realise<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n35
\nEmail: tradedivisionexport@rbi.org.in
\n36 of 110
\nAD Category – I banks may promptly advise the exporter concerned to
\nseek extension of time\/reduction in invoice value\/write-off in respect of non-
\nrealization in excess of the 10 per cent limit, failing which, the AD Category
\n– I banks may inform the exporter about the withdrawal of this facility of self
\nwrite-off \/ extension of time, within a month, under advice to the Regional
\nOffice concerned of the Reserve Bank.
\nC.20 Extension of Time
\n(i)
\nThe Reserve Bank of India has permitted the AD Category – I banks to
\nextend the period of realization of export proceeds beyond 12 months from
\nthe date of export, up to a period of six months, at a time, irrespective of the
\ninvoice value of the export subject to the following conditions:
\na)
\nb)
\nThe export transactions covered by the invoices are not under
\ninvestigation by Directorate of Enforcement \/ Central Bureau of
\nInvestigation or other investigatin<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n37 of 110
\n(ii)
\nIn cases where an exporter has not been able to realise proceeds of a
\nshipment made within the extended period for reasons beyond his control,
\nbut expects to be able to realise proceeds if further extension of the period
\nis allowed to him, as well as in respect of cases not covered under Para (i)
\nabove necessary application (in duplicate) should be made to the Regional
\nOffice concerned of the Reserve Bank in form ETX through his AD
\nCategory – I bank with appropriate documentary evidence.
\n–
\nC.21 Write off by AD Category \u2013 I banks
\n(i)
\nAn exporter who has not been able to realise the outstanding export dues
\ndespite best efforts, may approach the AD Category – I banks, who had
\nhandled the relevant shipping documents, with appropriate supporting
\ndocumentary evidence with a request for write off of the unrealised portion.
\nAD Category \u2013 I banks may accede to such requests subject to the under
\nnoted conditions:
\na.<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\niv. The unrealised amount represents the balance due in a case
\nsettled through the intervention of the Indian Embassy, Foreign
\nChamber of Commerce or similar Organisation.
\nv. The unrealised amount represents the undrawn balance of an
\nexport bill (not exceeding 10 per cent of the invoice value)
\nremained outstanding and turned out to be un realizable despite
\nall efforts made by the exporter.
\nvi. The cost of resorting to legal action would be disproportionate to
\nthe unrealised amount of the export bill or where the exporter
\neven after winning the Court case against the overseas buyer
\ncould not execute the Court decree due to reasons beyond his
\ncontrol.
\nvii. Bills were drawn for the difference between the letter of credit
\nvalue and actual export value or between the provisional and
\nthe actual freight charges but the amount have remained
\nunrealised consequent on dishonour of the bills by the overseas
\nbuyer and there are no prospects of realization.
\nThe case is <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nmanufacturer exporters exporting more than 50 per cent of their production,
\nand recognized as such by DGFT, may be permitted to “write off”
\noutstanding export dues to the extent of 5 per cent of their average annual
\nrealization during the preceding three financial years or 10 per cent of the
\nexport proceeds due during the financial year, whichever is higher. This
\nlimit will be cumulatively available in a financial year and subject to the
\nfollowing conditions:
\n–
\na. The exporter should submit to the AD Category I banks
\nconcerned, a Chartered Accountant's certificate indicating \u2014
\n–
\n(i)
\nthe export realization in the preceding three financial years and also
\nthe amount of “write off ” already availed of during the year, if any,
\n(ii)
\nthe relevant GR\/SDF\/PP Nos. to be written off, Bill No., invoice
\nvalue, commodity exported, country of export,
\n(iii)
\nthe export benefits, if any, availed of by the exporter have been
\nsurrendered.
\nb.
\nThe following do not qua<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nRegional Office of the Reserve Bank under whose jurisdiction they are
\nfunctioning, indicating details of write offs etc., every half year ended 30th
\nJune and 31st December within 15 days from the date of completion of the
\nrelevant half year.
\nAD Category – I banks are to put in place a system under which their
\ninternal inspectors or auditors carryout random sample check\/per cent
\ncheck of outstanding export bills written off.
\nC.22 Write off in cases of Payment of Claims by ECGC and private
\ninsurance companies regulated by Insurance Regulatory and Development
\nAuthority (IRDA)
\n(i) AD Category – I banks shall, on an application received from the exporter
\nsupported by documentary evidence from the ECGC and private insurance
\ncompanies regulated by IRDA confirming that the claim in respect of the
\noutstanding bills has been settled by them, write off the relative export bills
\nand delete them from the XOS statement.
\n(ii) Such write-off will not be restricted to the limit of 10 <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nGR\/SDF\/PP form only after the amount has been collected.
\nA certificate for the amount of claim received should be furnished on the reverse
\nof the duplicate copy.
\nAD Category – I banks should ensure that amounts of claims on shipments lost in
\ntransit which are partially settled directly by shipping companies\/airlines under
\ncarrier's liability abroad are also repatriated to India by exporters.
\nC.25 'Netting off' of export receivables against import payments \u2013 Units in
\nSpecial Economic Zones (SEZs)
\nAD Category – I banks may allow requests received from exporters for 'netting off'
\nof export receivables against import payments for units located in Special
\nEconomic Zones subject to the following:
\n(i) The 'netting off' of export receivables against import payments is in respect of
\nthe same Indian entity and the overseas buyer \/ supplier (bilateral netting)
\nand the netting may be done as on the date <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nthe exporter. The remittance on agency commission may be allowed
\nsubject to the following conditions:
\na)
\nb)
\nAmount of commission has been declared on GR\/SDF\/PP\/SOFTEX
\nform and accepted by the Customs authorities or Ministry of
\nInformation Technology, Government of India \/ EPZ authorities as
\nthe case may be. In cases where the commission has not been
\ndeclared on GR\/SDF\/PP\/SOFTEX form, remittance may be allowed
\nafter satisfying the reasons adduced by the exporter for not
\ndeclaring commission on Export Declaration Form, provided a valid
\nagreement\/written understanding between the exporters and\/or
\nbeneficiary for payment of commission exists.
\nThe relative shipment has already been made.
\n(ii)
\nAD Category
\n–
\nI banks may allow payment of commission by Indian
\nexporters, in respect of their exports covered under counter trade
\nWebsite: www.fema.rbi.org.in
\n42
\nEmail: tradedivisionexport@rbi.org.in
\n43 of 110
\narrangement through Escrow Accounts designated <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nii.
\nverify the bonafides of the transactions
\niii.
\niv.
\nobtain from the exporter a certificate issued by DGFT \/ Custom authorities
\nthat no incentives have been availed by the exporter against the relevant
\nexport or the proportionate incentives availed, if any, for the relevant export
\nhave been surrendered
\nobtain an undertaking from the exporter that the goods will be re-imported
\nwithin three months from the date of remittance and
\nV. ensure that all procedures as applicable to normal imports are adhered to.
\nWebsite: www.fema.rbi.org.in
\n43
\nEmail tradedivisionexport@rbi.org.in
\n44 of 110
\nC.28 Exporters' Caution List
\n(i)
\n(ii)
\n(iii)
\nAD Category – I banks will also be advised whenever exporters are
\ncautioned in terms of provisions contained in Regulation 17 of “Export
\nRegulations” (Annex 2). They may approve GR\/SDF\/PP forms of exporters
\nwho have been placed on caution list if the exporters concerned produce
\nevidence of having received an advance payment<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nnamely :
\n1. Short title and commencement.(1) These rules may be called the Foreign
\nExchange Management (Current Account Transactions) Rules, 2000;
\n(2) They shall come into effect on the 1st day of June 2000.
\n2. Definitions. In these rules, unless the context otherwise requires :
\n(a)
\n1999);
\n“Act” means the Foreign Exchange Management Act, 1999 (42 of
\n(b) “Drawal” means drawal of foreign exchange from an ealizatio
\nperson and includes opening of Letter of Credit or use of International Credit
\nCard or International Debit Card or ATM Card or any other thing by whatever
\nname called which has the effect of creating foreign exchange liability;
\n(c) “Schedule” means a schedule appended to these rules;
\n(d)
\nThe words and expressions not defined in these rules but defined in
\nthe Act shall have the same meanings respectively assigned to them in the
\nAct.
\n3. Prohibition on drawal of Foreign ExchangeDrawal of foreig<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nheld in Resident Foreign Currency (RFC) Account of the remitter.
\n6. (1) Nothing contained in Rule 4 or Rule 5 shall apply to drawal made out of
\nfunds held in Exchange Earners' Foreign Currency (EEFC) account of the
\nremitter.
\n(2) Notwithstanding anything contained in sub-rule (1), restrictions imposed under
\nrule 4 or rule 5 shall continue to apply where the drawal of foreign exchange from
\nthe Exchange Earners Foreign Currency (EEFC) Account is for the purpose
\nspecified in items 10 and 11 of Schedule II, or item 3, 4, 11, 16 & 17 of Schedule
\nIll as the case may be.
\n7. Use of International Credit Card while outside India
\nNothing contained in Rule 5 shall apply to the use of International Credit Card for
\nmaking payment by a person towards meeting expenses while such person is on
\na visit outside India.
\nWebsite: www.fema.rbi.org.in
\n46
\nEmail tradedivisionexport@rbi.org.in
\n47 of 110
\nSchedule I
\nTransactions which are Proh<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n2. Advertisement in foreign print
\nmedia for the purposes other than
\npromotion of tourism, foreign
\ninvestments and international bidding
\n(exceeding USD 10,000) by a State
\nGovernment and its Public Sector
\nUndertakings
\nMinistry \/ Department of Govt. of
\nIndia whose approval is required
\nMinistry of Human Resources
\nDevelopment, (Department of
\nEducation and Culture)
\nMinistry of Finance, (Department of
\nEconomic Affairs)
\n3. Remittance of freight of vessel Ministry of Surface Transport,
\nchartered by a PSU
\n4. Payment of import through ocean
\ntransport by a Govt. Department or a
\nPSU on c.i.f. basis (i.e. other than
\nf.o.b. and f.a.s. basis)
\n5. Multi-modal transport operators
\nmaking remittance to their agents
\nabroad
\n6. Remittance of hiring charges of
\ntransponders by
\n(a) TV Channels
\n(b) Internet Service providers
\n7. Remittance of container detention
\ncharges exceeding the rate
\nprescribed by Director General of
\nShipping
\n8. omitted
\n(Chartering Wing)
\nMinistry<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n3. Gift remittance exceeding USD 5,000 per remitter\/donor per annum. @
\n4. Donation exceeding USD 5000 per remitter\/donor per annum. #
\n5. Exchange facilities exceeding USD 100,000 for persons going abroad for
\nemployment.
\n6. Exchange facilities for emigration exceeding USD 100,000 or amount
\nprescribed by country of emigration.
\n7. Remittance for maintenance of close relatives abroad, @@
\ni. exceeding net salary (after deduction of taxes, contribution to provident fund and
\nother deductions) of a person who is resident but not permanently resident in India
\nand –
\n(a) is a citizen of a foreign State other than Pakistan; or
\n(b) is a citizen of India, who is on deputation to the office or branch or subsidiary
\nor joint venture in India of such foreign company.
\nii. exceeding USD 100,000 per year, per recipient, in all other cases.
\nExplanation: For the purpose of this item, a person resident in India on account
\nof his employment or deputation of a specified duration (irre<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nwhichever is more.
\n12. Omitted
\n13. Omitted
\n14. Omitted
\n15. Remittance exceeding USD 1,000,000 per project, for any consultancy service
\nprocured from outside India.
\n16. Omitted
\n17.* Remittance exceeding USD 100,000 by an entity in India by way of
\nreimbursement of pre-incorporation expenses.
\n18. Omitted
\n(Amendments)
\nNotification GSR.663 (E) dated August 17, 2000,
\nS.O.301(E) dated March 30, 2001,
\nGSR.442(E) dated November 2, 2002,
\nGSR.831(E) dated December 20, 2002,
\nGSR.33(E) dated January 16, 2003,
\nGSR.397(E) dated May 14, 2003,
\nGSR.731(E) dated September 11, 2003,
\nGSR.849(E) dated October 29, 2003,
\nGSR.608(E) dated September 13, 2004,
\nG.S.R.512(E) dated July 28,2005,
\nG.S.R.412(E) dated July 11, 2006,
\nG.S.R.511(E) dated July 28, 2006, and
\nG.S.R.382 (E) dated May 05, 2010.
\nPlease Note:
\n@ Stands amended vide A.P. (DIR Series) Circular No. 24 dated December 20,
\n2006.
\n# Stands amended vide A.P.<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n2. Definitions :-
\nIn these Regulations, unless the context requires otherwise, –
\n(i) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999) ;
\n(ii) 'Authorized dealer' means a person Authorized as an Authorized Dealer
\nunder sub-section (1) of section 10 of the Act, and includes a person carrying on
\nbusiness as a factor and Authorized as such under the said section 10 ;
\n(iii) 'EXIM Bank' means the Export-Import Bank of India established under the
\nExport-Import Bank of India Act, 1981 (28 of 1981);
\n(iv) 'export' includes the taking or sending out of goods by land, sea or air, on
\nconsignment or by way of sale, lease, hire-purchase, or under any other
\narrangement by whatever name called, and in the case of software, also includes
\ntransmission through any electronic media ;
\n(v) 'export value' in relation to export by way of lease or hire-purchase or under
\nany other similar arrangement, includes the charges, by whatever name called,
\npayable in respect of such<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(1) Every exporter of goods or software in physical form or through any other form,
\neither directly or indirectly, to any place outside India, other than Nepal and
\nBhutan, shall furnish to the specified authority, a declaration in one of the forms
\nset out in the Schedule and supported by such evidence as may be specified,
\ncontaining true and correct material particulars including the amount representing-
\n(i) the full export value of the goods or software; or
\n(ii) if the full export value is not ascertainable at the time of export, the value
\nwhich the exporter, having regard to the prevailing market conditions expects to
\nreceive on the sale of the goods or the software in overseas market, and affirms in
\nthe said declaration that the full export value of goods (whether ascertainable at
\nthe time of export or not) or the software has been or will within the specified
\nperiod be, paid in the specified manner.
\n(2) Declarations shall be exe<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nCentral Government or of such officers as may be appointed by the Central
\nGovernment in this behalf or of the military, naval or air force authorities in India
\nfor military, naval or air force requirements;
\nd) goods or software accompanied by a declaration by the exporter that they are
\nnot more than twenty five thousand USD in value;
\ne) by way of gift of goods accompanied by a declaration by the exporter that
\nthey are not more than five lakhs rupees in value;
\nf) aircrafts or aircraft engines and spare parts for overhauling and\/or repairs
\nabroad subject to their re-import into India after overhauling \/repairs, within a
\nperiod of six months from the date of their export;
\ng) goods imported free of cost on re-export basis;
\nh) goods not exceeding USD 1000 or its equivalent in value per transaction
\nexported to Myanmar under the Barter Trade Agreement between the Central
\nGovernment and the Government of Myanmar;
\ni) The following goods<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n1) defective goods sent outside India for repair and re-import provided the goods
\nare accompanied by a certificate from an Authorised Dealer in India that the
\nexport is for repair and re-import and that the export does not involve any
\ntransaction in foreign exchange;
\nm) exports permitted by the Reserve Bank, on application made to it, subject to
\nthe terms and conditions, if any, as stipulated in the permission.
\n5. Indication of importer-exporter code number :-
\nThe importer-exporter code number allotted by the Director General of Foreign
\nTrade under Section 7 of the Foreign Trade (Development & Regulation) Act,
\n1992 (22 of 1992) shall be indicated on all copies of the declaration forms
\nsubmitted by the exporter to the specified authority and in all correspondence of
\nthe exporter with the Authorised Dealer or the Reserve Bank, as the case may
\nbe.
\n6. Authority to whom declaration is to be furnished and the manner of
\ndealing<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nC. Declaration in Form SOFTEX
\n(3) (i) The declaration in form SOFTEX in respect of export of computer software
\nand audio\/video\/television software shall be submitted in triplicate to the
\ndesignated official of Ministry of Information Technology, Government of India at
\nthe Software Technology Parks of India (STPIs) or at the Free Trade Zones
\n(FTZS) or Export Processing Zones (EPZs) or Special Economic Zones (SEZs) in
\nIndia.
\n(ii) After certifying all three copies of the SOFTEX form, the said designated
\nofficial shall forward the original directly to the nearest office of the Reserve Bank
\nand return the duplicate to the exporter. The triplicate shall be retained by the
\ndesignated official for record.
\nD. Duplicate Declaration Forms to be retained with Authorised Dealers
\nOn the realization of the export proceeds, the duplicate copies of export
\ndeclaration forms viz. GR, PP and Softex and Exchange Control Copies of
\nthe shipping bills together with related Statutor<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n56
\nEmail: tradedivisionexport@rbi.org.in
\n57 of 110
\nExplanation:
\nFor the purpose of this regulation, 'final place of destination' means a place in a
\ncountry in which the goods are ultimately imported and cleared through Customs
\nof that country.
\n8. Manner of payment of export value of goods :-
\nUnless otherwise Authorised by the Reserve Bank, the amount representing the
\nfull export value of the goods exported shall be paid through an Authorised
\nDealer in the manner specified in the Foreign Exchange Management (Manner of
\nReceipt and Payment) Regulations, 2000.
\nExplanation:
\nFor the purpose of this regulation, re-import into India, within the period specified
\nfor realization of the export value, of the exported goods in respect of which a
\ndeclaration was made under Regulation 3, shall be deemed to be realization of full
\nexport value of such goods.
\n9. Period within which export value of goods\/software to be realised :-
\nd.
\nThe amount representing the <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nHolder Exporter, as defined in the EXIM Policy in force, then notwithstanding
\nanything contained in sub-regulation (1), the amount representing the full export
\nWebsite: www.fema.rbi.org.in
\n57
\nEmail tradedivisionexport@rbi.org.in
\n58 of 110
\nvalue of goods or software shall be realised and repatriated to India within twelve
\nmonths from the date of export;
\nProvided that the Reserve Bank may for a sufficient and reasonable cause
\nshown, extend the said period of twelve months
\n(b) The Reserve Bank may for reasonable and sufficient cause direct that the
\nsaid exporters shall cease to be governed by sub-regulation (2):
\nProvided that no such direction shall be given unless the unit has been given a
\nreasonable opportunity to make a representation in the matter;
\nI On such direction, the said exporters shall be governed by the provisions of
\nsub-regulation (1), until directed otherwise by the Reserve Bank.
\nExplanation:
\nFor the purpose of this r<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nthe control of the exporter.
\n12. Transfer of documents :-
\nWithout prejudice to Regulation 3, an Authorised Dealer may accept, for
\nnegotiation or collection, shipping documents including invoice and bill of
\nexchange covering exports, from his constituent (not being a person who has
\nsigned the declaration in terms of Regulation 3) :
\nWebsite: www.fema.rbi.org.in
\n58
\nEmail tradedivisionexport@rbi.org.in
\n59 of 110
\nProvided that before accepting such documents for negotiation or collection, the
\nAuthorised Dealer shall –
\na) Where the value declared in the declaration does not differ from the value
\nshown in the documents being negotiated or sent for collection, or
\nb) Where the value declared in the declaration is less than the value shown in
\nthe documents being negotiated or sent for collection,
\nrequire the constituent concerned also to sign such declaration and thereupon
\nsuch constituent shall be bound to comply with such requisitio<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nmay be allowed by the Reserve Bank or, subject to the directions of the Reserve
\nBank, by an Authorised dealer;
\nProvided that no proceedings in respect of contravention of these provisions
\nshall be instituted unless the specified period has expired and payment for the
\ngoods or software representing the full export value, or the value after deductions
\nallowed under clause (iii), has not been made in the specified manner within the
\nspecified period.
\n14. Certain Exports requiring prior approval :-
\nA. Export of goods on lease, hire, etc.
\nNo person shall, except with the prior permission of the Reserve Bank, take or
\nsend out by land, sea or air any goods from India to any place outside India on
\nlease or hire or under any arrangement or in any other manner other than sale or
\ndisposal of such goods.
\nWebsite: www.fema.rbi.org.in
\n59
\nEmail tradedivisionexport@rbi.org.in
\n60 of 110
\nB. Exports under trade agreement\/rupee credi<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\non the specified form, the specified period has expired and the payment therefor
\nhas not been made as aforesaid, the Reserve Bank may give to any person who
\nhas sold the goods or software or who is entitled to sell the goods or software or
\nprocure the sale thereof, such directions as appear to it to be expedient, for the
\npurpose of securing, (a) the payment therefore if the goods or software has been
\nsold and (b) the sale of goods and payment thereof, if goods or software has not
\nbeen sold or re-import thereof into India as the circumstances permit, within such
\nperiod as the Reserve Bank may specify in this behalf;
\nProvided that omission of the Reserve Bank to give directions shall not have the
\neffect of absolving the person committing the contravention from the
\nconsequences thereof.
\n16. Advance payment against exports :-
\n(1) Where an exporter receives advance payment (with or without interest), from
\na buyer outside India, the exporter shall be under an obligation<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nof one year from the date of receipt of advance payment, the exporter shall
\nrequire the prior approval of the Reserve Bank.
\n17. Issue of directions by Reserve Bank in certain cases :-
\n(1) Without prejudice to the provisions of Regulation 3 in relation to the export of
\ngoods or software which is required to be declared, the Reserve Bank may, for the
\npurpose of ensuring that the full export value of the goods or, as the case may be,
\nthe value which the exporter having regard to the prevailing market conditions
\nexpects to receive on the sale of goods or software in the overseas market, is
\nreceived in proper time and without delay, by general or special order, direct from
\ntime to time that in respect of export of goods or software to any destination or any
\nclass of export transactions or any class of goods or software or class of
\nexporters, the exporter shall, prior to the export, comply with the conditions as
\nmay be specified in the order, namely;
\na) that the paym<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nWebsite: www.fema.rbi.org.in
\n61
\nEmail tradedivisionexport@rbi.org.in
\n62 of 110
\n18. Project exports
\nWhere an export of goods or services is proposed to be made on deferred
\npayment terms or in execution of a turnkey project or a civil construction contract,
\nthe exporter shall, before entering into any such export arrangement, submit the
\nproposal for prior approval of the approving authority, which shall consider the
\nproposal in accordance with the guidelines issued by the Reserve Bank from time
\nto time.
\nExplanation:
\nFor the purpose of this Regulation, \u2018approving authority' means the Working
\nGroup or the EXIM Bank or the Authorised Dealer.
\n(P.R. GOPALA RAO)
\nExecutive Director
\nWebsite: www.fema.rbi.org.in
\n62
\nEmail tradedivisionexport@rbi.org.in
\n63 of 110
\nForm GR:
\nForm SDF:
\nForm PP:
\nSchedule
\n(Refer to Regulation 3)
\nTo be completed in duplicate for export otherwise than by Post including
\nexport of software in<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nG.S.R..279(E)\/April 23,2004
\nAmended vide Notification No. FEMA 116\/2004-RB dated March 25, 2004
\nG.S.R..352(E)\/June 8,2004
\nAmended vide Notification No FEMA 176\/2008-RB dated July 23,2008
\nG.S.R..576(E)\/August 5,2008
\nWebsite: www.fema.rbi.org.in
\n63
\nEmail tradedivisionexport@rbi.org.in
\n64 of 110
\nForms: -GR, SDF, PP and SOFTEX
\nEXCHANGE CONTROL DECLARATION (GR) FORM NO.
\nORIGINAL
\nExporter
\nInvoice
\nDate
\nNo. & SB No. & Date
\nAR4\/AR4A No. &
\nDate
\nQ\/Cert. No. &
\nImporter-Exporter Code No.
\nDate
\nConsignee
\nExport
\nControl
\nTrade
\nCustom House
\nAgent
\nL\/C. No.
\nPre-Carriage
\nby
\nPlace
\nReceipt
\nof
\nby
\nPre-Carrier
\nVessel\/Flight Rotation No.
\nNo.
\nIf export under:
\nDeferred Credit
\nJoint Venture
\nRupee Credit
\nOthers
\nRBI's Approval\/Cir. No. & Date
\nType of shipment:
\nOutright Sale
\nConsignment
\nExport
\nOthers (Specify)
\nPort
\nLoading
\nof
\nNature
\nof
\n\/C&F
\n\/FOB
\ncontract CIF
\nOther
\n(Specify)
\nPort of Discharge
\nCountry
\nof
\nDestination
\nExchange Rate u\/s 14 of CA
\nCurrenc<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nI\/we am\/are the Seller\/Consignor of the goods in respect of which this declaration is
\nmade and that the particulars given above are true and that (a) *the value as contracted
\nwith the buyer is the same as the full export value declared overleaf\/ (b) *the full export
\nvalue of the goods is not ascertainable at the time of export and that the value declared
\nis that which I\/we, having regard to the prevailing market conditions, expect to receive
\non the sale of goods in the overseas market.
\nI\/We undertake that I\/we will deliver to the bank named herein the foreign exchange
\nrepresenting the full export value of the goods on or before @..
\nIn the manner
\nspecified in the Regulations under the Act, I\/we further declare that I\/we am\/are resident
\nin India and I\/we have a place of business in India.
\nI\/We am\/are OR am\/are not in Caution List of the
\nReserve Bank of India.
\nDate
\n(Signature of Exporter)\n<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nOther
\n(Specify)
\nCountry
\nDestination
\nof
\nExchange Rate u\/s 14 of CA
\nCurrency of invoice
\nS.
\nMarks & Container No. & Kind of
\nNo.
\nNo.
\nNos.
\nPkgs.
\nWebsite: www.fema.rbi.org.in
\nStatistical Code & Quantity Value FOB
\nDescription of
\n67
\nEmail: tradedivisionexport@rbi.org.in
\n68 of 110
\nGoods
\nNet Weight
\nGross
\nWeight
\nTotal FOB value (in
\nwords)
\nAnalysis of Export Currency Amount
\nvalue
\nFull export value or where not
\nascertainable, the value which exporter
\nexpects to receive on the sale of
\ngoods.
\nFOB Value
\nFreight
\nInsurance
\nCommission
\nRate
\nDiscount
\nCurrency
\nAmount
\nOther Deductions
\nEXCHANGE CONTROL DECLARATION (GR) FORM NO.
\nIs Export under L\/C
\narrangements?
\nYe
\nNo
\nS
\nIf yes, name of advising bank in India
\nBank through which payment is to be received
\nFor customs
\nCustoms Assessable value Rs.
\n(Rupees)
\nExport value Verified
\nCustoms
\nAppraiser
\nCargo shipped in
\nfull\/part
\nQuantity
\nValue
\nWhether payment is to be received through
\nthe ACU Yes\/No
\nDate\n<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nI\/We am\/are OR am\/are not in Caution List of the
\nReserve Bank of India.
\nDate
\n(Signature of Exporter)
\n@ State appropriate date of delivery which must be within six months from the date of
\nshipment, but for exports to warehouses established outside India with the permission of
\nthe Reserve Bank, the date of delivery must be within fifteen months.
\n*Strike out whichever is not applicable
\nFOR AUTHORISED DEALER'S USE
\nUniform Code
\nNumber
\n*Indicate ( ) in the box applicable
\nDate of *(i)
\n(ii) receipt for
\nnegotiation
\ncollection,
\nBill
\nNo
\nType of Bill* (i)
\n(ii)
\n(iii)
\nOthers
\nDA
\nDP
\n(Specify)
\nType of shipment: *(i) Firm
\nSale Contract
\n(ii) Consignment
\nBasis
\n(iii)
\nOthers
\n(Specify)
\nThe GR Form was included in the statement sent to the Reserve Bank with the R Return
\nfor the fortnight ending_
\nsent on
\nWe certify and confirm that we have received the total amount of
\n(amount) as under being the proceeds of exports declared on this form.
\n(Currency)
\nDate Currency
\nof<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nabove shipping bill (b) *the full export value of the goods is not ascertainable at
\nthe time of export and that the value declared is that which I\/We, having regard to
\nthe prevailing market conditions, expect to receive on the sale of goods in the
\noverseas market.
\nI\/We undertake that I\/We will deliver to the bank named herein
\nThe
\nforeign exchange representing the full export value of the goods on or before @
\nin the manner specified in the Regulations made under the Foreign Exchange
\nManagement Act, 1999. I\/We further declare that I\/We am\/are resident in India
\nand I\/We have a place of business in India.
\nI\/We* am\/are OR am\/are not in Caution List of the Reserve Bank of India.
\nDate:
\n(Signature
\nExporter)
\nof
\n@ State appropriate date of delivery which must be within six months from the
\ndate of shipment but for exports to warehouses established outside India with
\npermission of the Reserve Bank, the da<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nIn the
\nname of**
\n(4)
\nHeld
\nHeld
\nwith us
\nwith**
\n(5)
\n(6)
\n**(Write the name of the concerned Indian Authorised Dealer Branch)
\nAny other manner of receipt (Specify)
\nRBI
\n(7)
\n(Stamp & Signature of Authorised dealer)
\nDate :
\nAddress
\nSPACE FOR USE BY RESERVE BANK OF INDIA
\nWebsite: www.fema.rbi.org.in
\n72
\nEmail tradedivisionexport@rbi.org.in
\n73 of 110
\nFORM PP*
\nEXCHANGE CONTROL
\nExporter's Declaration
\nORIGINAL
\n4.
\nBuyer's\/Consignee's
\nForm Number:
\n(Please see 'Notes to Exporters')
\n1. (a)
\n(b)
\n2.
\n3.
\n234
\nName of the Post Office
\nNumber and date of Parcel Receipt
\nExporter's Name
\nImporter\/Exporter Code No.
\n(for RBI use)
\nName and
\naddress:
\n56
\n5.
\nCountry of destination
\n6.
\nNature of contract* (i) CIF\/(ii)
\nC&F\/(iii)FOB\/
\n(iv) Others (Specify): _…..
\n7.
\nDate of despatch.
\n8.
\nType of
\nShipment* (1) Outright
\nSale\/(ii)
\nConsignment
\nexport\/(iii)
\nOthers
\n(Specify) ……
\nDescription of goods :
\nQuantity of goods: Unit\u20ac\u00a0 …..Quantity
\n9.
\n10.
\n11.
\nSq.
\nCu<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n15. If the export is made under L\/C
\narrangements, name of advising bank in
\nIndia
\n16. State if the payment is to be received
\nthrough the Asian Clearing Union: *Yes\/No
\n17. Name & address of bank through whom
\npayment is to be received
\nI\/We hereby declare that I\/we am\/are the *SELLER\/CONSIGNOR of the goods in
\nrespect of which the declaration is made and that the particulars given above are
\ntrue and that *(a) the export value as contracted with the buyer is the same as the
\nfull export value declared above\/* (b) the full export value of goods is not
\nascertainable at the time of export and that the value declared is that which I\/we,
\nhaving regard to the prevailing market conditions, expect to receive on the sale of
\ngoods in the overseas market.
\nI\/We undertake that I\/we will deliver to the bank named above the foreign
\nexchange representing the full export value of the goods on or beforet
\nin
\nthe manner prescribed in rule 9 of the Foreign Exchange Regulation Rules, 1974.\n<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nforward the Original to the nearest office of Reserve Bank of India.
\nAll documents relating to export of goods from India must be passed
\nthrough the medium of an Authorised Dealer in foreign exchange in India
\nwithin 21 days of the date of shipment of the goods.
\nThe amount representing the full export value of goods must be
\nrealised on the due date for payment or within six months from the
\ndate of shipment, whichever is earlier.
\nNote Government of India\/Indian Financial institutions may conclude from
\ntime to time Special Trade Agreements with other countries providing for
\nsettlement of certain payments from the countries in a specified manner
\nor for exports to be financed from Government to Government Credits.
\nReserve Bank will advise Authorised Dealers of such arrangements by
\nWebsite: www.fema.rbi.org.in
\nEmail tradedivisionexport@rbi.org.in
\n75
\n76 of 110
\nissue of circulars. Methods of payment specified in the i<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n@
\nvalue
\nis
\nnot Particulars
\nexpected on sale of
\ngoods in
\nthe
\noversease market
\nmay be shown
\n@Full Export value
\nCurrency
\nNo application for F.O.B. Value
\nAmount
\nWebsite: www.fema.rbi.org.in
\n77
\nEmail tradedivisionexport@rbi.org.in
\n78 of 110
\npermission
\nfor Freight
\nremittance\/deduction
\nFrom the declared
\nvalue on account of
\nagency
\nCommission and\/or
\ndiscount will be
\nEntertained by the
\nReserve Bank or
\nAuthorised Dealer
\nunless these have
\nbeen declared on
\nthis form
\nInsurance
\nDiscount (Rate. ….)
\nAgency Commission
\n(Rate_
\n(For
\nCustoms 13. Customs Assessable Value
\nUse)
\nExport Value (Rupees)
\nverified
\n(Customs
\nAppraiser)
\n14. If the export is made under general
\npermission of the Reserve Bank of India,
\nNumber and date of its approval
\n15. If the export is made under L\/C
\narrangements, name of advising bank in
\nIndia
\n16. State if the payment is to be received
\nthrough the Asian Clearing Union: *Yes\/No
\n17. Name & address of bank through whom
\npayment is to<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n+State approximate date of delivery which must be the due date for payment or
\nwithin six months from the date of shipment, whichever is earlier.
\n*Strike out whichever is not applicable.
\n(For A.D.'s use)
\nStamp
\n&
\nSignature
\nof
\nAuthorised
\ndealer
\nDate:
\nBank's
\nUniform
\nCode No.
\n(Signature of Exporter)
\nDate:
\nAddress:
\nNote: All documents relating to export of goods from India must be passed
\nthrough the medium of an Authorised Dealer in foreign exchange in
\nIndia within 21 days of the date of shipment of the goods.
\nWebsite: www.fema.rbi.org.in
\n79
\nEmail tradedivisionexport@rbi.org.in
\n80 of 110
\nFOR AUTHORISED DEALER'S USE
\nUniform Code Number :
\nDate of *(i) negotiation\/(ii) receipt for collection
\n* Strike out whichever is not
\napplicable
\nBill No.
\nType of Bill *DA\/(ii)DP\/ (iii) Others
\nType of shipment: *(i) Firm Sale Contract\/
\n(ii) Consignment Basis\/ (iii) Others
\n(Specify)
\nThe PP Form was included in the
\nStatement sent to the Reserve Bank with
\nt<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nof the Form together with a copy of the Customs certified Shipper's Invoice,
\nduly certified. In respect of shipments made on consignment basis, the
\nAccount Sales received from the consignee in original in support of the
\nWebsite: www.fema.rbi.org.in
\n80
\nEmail: tradedivisionexport@rbi.org.in
\n81 of 110
\nproceeds actually realised should also be forwarded along with this copy of
\nthe Form.
\n3. In case the net amount received falls short of the full export value declared
\non the Form for reasons other than deduction of bank charges, please
\nindicate the authority conferred on the Authorised Dealers by or under the
\nExchange Control Manual or the Authorised Dealer's Circular or Circulars,
\nas the case may be, or the Reserve Bank of India's approval number and
\ndate for reduction.
\n4. Space for use by Reserve Bank of India
\nWebsite: www.fema.rbi.org.in
\n81
\nEmail tradedivisionexport@rbi.org.in
\n82 of 110
\nEXCHANGE CONTROL
\nSOFTWARE EXPORT DECLARATION (SOFTEX) FO<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n906
\nWebsite: www.fema.rbi.org.in
\n82
\nEmail tradedivisionexport@rbi.org.in
\n83 of 110
\nSoftware Data Processing
\nSoftware Development
\nSoftware Product, Packages
\nOthers (Please specify)
\n9 07
\n908
\n10.
\n(b)
\nOther Software
\nVideo\/TV Software
\nOthers (Please specify)
\nAnalysis of Export Value
\nAmount
\n(a)
\nFull export value
\nof which :-
\ni) Net value of exports without
\nii)
\ntransmission charges
\nTransmission charges
\nincluded in invoice
\nTransmission charges (if payable
\n(b)
\nseparately by the overseas client)
\n(c)
\nDeduct: Agency commission,
\nat the rate of .%
\n(d)
\nAny other deductions as
\npermitted by RBI (please specify)
\n(e)
\nAmount to be realised [(a+b) \u2014 (c+d)]
\n909
\n910
\n9\/11
\nCurrency
\n11. How export value will be realised
\n(mode of realization) (Please mark
\non the appropriate box)
\n\u00e2\u02dc\u0090 (a) Under L\/C
\n(b) Bank Guarantee
\nWebsite: www.fema.rbi.org.in
\n(a) Name and address of
\n83
\nAuthorised Dealer
\n(b) Authorised Dealer Code No.
\n(a) Name and ad<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nWebsite: www.fema.rbi.org.in
\n84
\nEmail tradedivisionexport@rbi.org.in
\n85 of 110
\nSECTION-C
\n16. Declaration by exporter
\nI\/We hereby declare that I\/we am\/are the seller of the software in respect of
\nwhich this declaration is made and that the particulars given above are true and
\nthat the value to be received from the buyer represents the export value
\ncontracted and declared above. I\/we also declare that the software has been
\ndeveloped and exported by using Authorised and legitimate datacom links.
\nI\/We undertake that I\/we will deliver to the bank named above the foreign
\nexchange representing the full value of the software exported as above on or
\nbefore
\n(i.e. within six months from the date of invoice\/date of last
\ninvoice raised during a month), in the manner specified in the Regulations made
\nunder the Foreign Exchange Management Act, 1999.
\nPlace:
\nDate:
\nName :
\nSignature of the Exporter
\nDesignation
\nEnclosure:
\n(1)
\nCopy of Export Contract [7(a)]
\n(2)
\nCopy o<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nunit
\n5.
\nBuyer's name and address including
\ncountry and their relationship
\nwith exporting unit (if any)
\n6.
\nDate and Number of Invoice
\n7.
\na)
\nWhether export contract\/
\npurchase order already
\nregistered with STPI.
\nYes
\nNo
\n(If 'No', please attach copy
\nof the contract\/purchase
\norder)
\nb. Does contract stipulate
\npayment of royalty
\nYes
\nSECTION-A
\n(For exports through data communication link)
\n8.
\nName of Authorised datacom
\nSTPI\/VSNL\/DOT\/Internet\/Others
\nservice provider
\n9.
\nType of software exported
\n(Please mark on the appropriate box
\non the left side).
\nNo
\n(Please specify)
\nWebsite: www.fema.rbi.org.in
\n86
\nEmail tradedivisionexport@rbi.org.in
\n87 of 110
\n(a) Computer Software
\nData Entry jobs and Conversion
\nRBI Code
\n906
\nSoftware Data Processing
\nSoftware Development
\n907
\nSoftware Product, Packages
\n908
\nOthers (Please specify)
\n909
\n(b)
\nOther Software
\n910
\nVideo\/TV Software
\nOthers (Please specify)
\n911
\nAnalysis of Export Value
\nAmount
\n10.<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nDetails of Software Package(s)\/ Product(s) exported
\n12.
\n(a)
\nDate of export
\n(b)
\nGR\/SDF\/PP\/SOFTEX Form No. on
\nwhich exports were declared
\n(c)
\nRoyalty agreement details
\n%age and amount of royalty
\n13.
\n14.
\nPeriod of royalty agreement
\n(Enclose copy of Royalty
\nagreement, if not already
\nregistered)
\nHow royalty value will be realised
\n(as defined in Royalty agreement)
\nCalculation of royalty amount
\n(Enclose copy of communication
\nfrom the foreign customer)
\nWebsite: www.fema.rbi.org.in
\n88
\nEmail tradedivisionexport@rbi.org.in
\n89 of 110
\n15.
\n16.
\nName and address of designated
\nAuthorised Dealer in India through
\nwhom payment has been received\/
\nto be received
\nDeclaration by exporter
\nA.D. Code No.
\nSECTION-C
\nI\/We hereby declare that I\/we am\/are the seller of the software in respect of
\nwhich this declaration is made and that the particulars given above are true and
\nthat the value to be received from the buyer rep<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\naccepted by us.
\nPlace:
\nDate:
\nName:
\nDesignation:
\n(Signature of Designated Official of STPI\/FTZ\/EPZ\/SEZ
\non behalf of Ministry of Information Technology)
\nStamp
\nWebsite: www.fema.rbi.org.in
\n89
\nEmail tradedivisionexport@rbi.org.in
\n90 of 110
\nAD's Uniform Code No
\nFor Authorised Dealer's use only
\nCertificate by Authorised Dealer
\nThe SOFTEX Form included in the ENC statement sent to the Reserve Bank with
\nthe 'R' Return (NOSTRO\/VOSTRO)
\nfor the period ending
\nsent on
\n( Currency name )
\nWe certify and confirm that we have received the total amount of..
\n(Currency) (Amount)
\nas under being the proceeds of exports declared on this form.
\nDate of Currency
\nReceipt
\nCredit to Nostro Debit to Non-Resident
\nAccount in
\nPeriod of R-
\nRupee Account of a Return
\n(Country)
\nBank in
\nwhich
\nwith
\nthe
\n(country)
\nrealization has
\nbeen reported to
\nRBI
\nIn our
\nname
\nIn
\nthe
\nHeld with Held with
\nname
\nof **
\n**
\nus
\n1
\n2
\n3
\n4
\n5
\n6
\n7
\n(** Write the name of the concerned branch<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nYes
\nNo
\nYes
\nSECTION-A
\n(For exports through data communication link)
\n8.
\nName of Authorised datacom service provider
\nTPI\/VSNL\/DOT\/Internet\/Others
\nNo
\n(Please specify)
\nWebsite: www.fema.rbi.org.in
\n91
\nEmail tradedivisionexport@rbi.org.in
\n92 of 110
\n9.
\nType of software exported (Please mark
\non the appropriate box on the left side).
\n(a) Computer Software
\nData Entry jobs and Conversion
\nRBI Code
\n906
\nSoftware Data Processing
\nSoftware Development
\n907
\nSoftware Product, Packages
\n908
\nOthers (Please specify)
\n909
\n(b)
\nOther Software
\n910
\nVideo\/TV Software
\nOthers (Please specify)
\nAnalysis of Export Value
\nAmount
\n10.
\n(a)
\nFull export value
\nof which :-
\ni)
\nNet value of exports without
\nii)
\ntransmission charges
\nTransmission charges
\nincluded in invoice
\nTransmission charges (if payable
\n(b)
\nseparately by the overseas client)
\n(c)
\nDeduct: Agency commission,
\nat the rate of
\n%
\n(d)
\nAny other deductions as
\npermitted by RBI (please specify)
\n(e)
\nAmount t<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n13.
\nHow royalty value will be realized
\n(as defined in Royalty agreement)
\n14.
\nCalculation of royalty amount
\n(Enclose copy of communication
\nfrom the foreign customer)
\n15.
\nName and address of designated Authorised
\nDealer in India through whom payment has
\nbeen received\/to be received
\nA.D. Code No.
\nWebsite: www.fema.rbi.org.in
\n93
\nEmail tradedivisionexport@rbi.org.in
\n94 of 110
\nSECTION-C
\n16.
\nDeclaration by exporter
\nI\/We hereby declare that I\/we am\/are the seller of the software in respect of
\nwhich this declaration is made and that the particulars given above are true and
\nthat the value to be received from the buyer represents the export value
\ncontracted and declared above. I\/we also declare that the software has been
\ndeveloped and exported by using Authorised and legitimate datacom links.
\nI\/We undertake that I\/we will deliver to the bank named above the foreign
\nexchange representing the full value of the software exported as above on or
\nbefore
\n(i.e<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nManagement Act, 1999 (42 of 1999), the Reserve Bank of India makes the
\nfollowing regulations in respect of the manner of receipt and payment in foreign
\nexchange, namely:
\n1. Short title and commencement:-
\ni) These Regulations may be called the Foreign Exchange Management
\n(Manner of Receipt and Payment) Regulations, 2000.
\nii) They shall come into effect on 1st day of June, 2000.
\n2. Definitions:-
\nIn these Regulations, unless the context requires otherwise, –
\n(i) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999);
\n(ii) 'authorised dealer' means a person authorised as an authorised dealer
\nunder subsection (1) of Section 10 of the Act;
\n(iii) 'authorised bank' means a bank, other than an authorised dealer,
\nauthorised by the Reserve Bank to accept deposits from persons
\nresident
\noutside India;
\n(iv) 'FCNR\/NRE account' means an FCNR or NRE account opened and
\nmaintained in accordance with the Foreign Exchange Managemen<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nto the Asian Clearing Union dollar account in India of a
\nbank of the member country in which the other party to
\nthe transaction is resident or by credit to the Asian
\nClearing Union dollar account of the authorised dealer
\nmaintained with the correspondent bank in the member
\ncountry; and
\nb) payment in any permitted currency in all other cases
\na) payment in rupees from the account of a bank
\nsituated in any country other than a member country of
\nAsian Clearing Union or Nepal or Bhutan; or
\nb) payment in any permitted currency.
\n“(1 A) In respect of exports from India to Myanmar, payment may be
\nreceived
\n(2)
\nin any freely convertible currency or through ACU Mechanism from
\nMyanmar\u00e2\u009d\u017e
\nIn respect of an export from India, payment shall be received in a
\ncurrency appropriate to the place of final destination as mentioned in
\nthe declaration form irrespective of the country of residence of the
\nbuyer.
\n4. Payment for export in certain cases:-
\nNotwithstandi<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nbetween the Central Government and the Government of a foreign country
\nor by the credit arrangement entered into by the EXIM Bank with a financial
\ninstitution in a foreign state;
\nvi) in the form of precious metals i.e. gold\/silver\/platinum equivalent to
\nvalue of jewellery exported by Gems and Jewellery units in Special
\nEconomic Zones and Export Oriented Units on the condition that the sale
\ncontract provides for the same and the value is declared in the relevant
\nGR\/SDF\/PP forms.
\n5) Manner of payment in foreign exchange:-
\n(1) A payment in foreign exchange by an authorised dealer, whether by way of
\nremittance from India or by way of reimbursement to his branch or
\ncorrespondent outside India (other than Nepal and Bhutan) against
\npayment for import into India, or against any other payment, shall be as
\nmentioned below:
\nGroup
\nManner of payment
\n(1) member countries in a) payment for all eligible current transa<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\na) where the goods are shipped from a member country of Asian Clearing
\nUnion (other than Nepal) but the supplier is resident of a country other than
\na member country of Asian Clearing Union, payment may be made in a
\nmanner specified for countries in Group (2) of Regulation 5 ;
\nb) in all other cases, payment shall be made in a currency appropriate to
\nthe country of shipment of goods.
\n6. Manner of Payment in certain cases:-
\nNotwithstanding anything contained in Regulation 5-
\n(1) where an import is covered by the special arrangement between the
\nCentral Government and the Government of a foreign state, the payment
\nfor import shall be made in accordance with the directions issued by the
\nReserve Bank to authorised dealer ;
\n(2) subject to the provisions of sub-regulation (1), a person resident in India
\nmay make payment in foreign exchange through an international card
\nheld by him :
\nWebsite: www.fema.rbi.org.in
\n98
\nEmail tradedivisionexport@rbi.org.in
\n99 of 110
\nProvided<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nRealised (partly or fully)
\nwithin the prescsribed period
\nGR\/SOFTEX\/
\nSDF\/PP No.
\n(1)
\nAmount
\nTotal Export Proceeds
\nrealized within the
\nprescribed period of 180
\ndays or higher period as
\napplicable
\nNo. of GR\/
\nSOFTEX\/SDF
\n\/ PP forms
\nFully Realised
\nPartly Realised
\n(PART B)
\n(Amount in Rs 000s)
\nExport proceeds not
\nrealized within the
\nPrescribed Period of 180
\ndays or higher period as
\napplicable
\nNo. of GR\/
\nSOFTEX\/
\nAmount
\nSDF\/PP
\nforms
\nDetails of Extension \/
\nReduction in invoice
\nvalue\/Write off by the
\nExporter himself
\nAmount
\nAmount
\n(Amount in Rs 000s)
\nExtension\/ Reduction in
\ninvoice value \/ Write off
\nsought from AD
\nRevised
\ndue date
\nAmount
\nRevised
\ndue date
\n@
\n@
\n(2)
\nTotal
\nNOTE: 1) The exporter should approach AD\/RBI for extension of time in respect of
\nbills in Column (3) in PART B.
\n2) Total of Bills in Column (2) in Part B should not exceed 10% of those in
\nColumn 1 of PART A
\n3) From 2005 onwards Bills in Column 1 of PART A will include<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nGinger
\nAnnex-5
\n23. Any other commodities as may be mutually agreed upon between the
\ntwo sides
\nWebsite: www.fema.rbi.org.in
\n101
\nEmail tradedivisionexport@rbi.org.in
\n102 of 110
\n(para B 4, Part-1 of the Master Circular)
\nEFC
\n(Application for opening foreign currency account with
\na bank in India or abroad by exporters)
\nAnnex-6
\nInstructions:
\n1.
\nThe application should be completed in duplicate and submitted through the
\ndesignated branch of a bank authorized to deal in foreign exchange in India with
\nwhich the foreign currency account is to be maintained\/which will monitor the
\naccount, to the Office of Reserve Bank under whose jurisdiction the exporter is
\nlocated.
\n2. Before forwarding the application to Reserve Bank, authorised dealers should
\nproperly scrutinize it to ensure that it is complete in all respects.
\nDocumentation:
\n3.
\n4.
\n5.
\n6.
\nExporter's declaration duly certified by his auditors, indicating export bills realized
\nduring the preceding 3 years and the exp<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nthe period.
\nFinancial Total Amount Outstanding
\nYear exports realised at
\n(Rs.) the end of the
\nmade
\n(Rs.)
\nperiod
\n(Rs.)
\n6.
\n7.
\n8.
\n9.
\n10.
\n11.
\nDetails of imports made Calendar Year Financial Year Country Amount (Rs.)
\nCountry Amount (Rs.) during the
\npreceding 3 years, country-wise.
\nIn case the account is proposed to be
\nopened with a bank abroad, indicate
\nthe details of arrangements made for
\navailing of loans\/ overdrafts\/lines of
\ncredit from the bank with which the
\naccount will be maintained.
\nQuarterwise projections of export
\nreceipts to be credited to the account
\nand payments in foreign exchange
\n(itemwise) to be made from the account
\nunder various heads, during the next
\nyear.
\nWhether the applicant's name has
\nbeen\/was placed on exporters' caution
\nlist at any time.
\nDetails of foreign currency loan raised
\nby the exporter and their maturity
\npatterns.
\nAny other information that the applicant
\nmay like to provide in support of this
\napplication.
\nPlace:
\nD<\/p>\n