Master Circular on Export of Goods and Services.
10\/2011-12 Dated:- 1-7-2011 Master Circular
FEMA
RBI\/2011-12\/10<\/p>\n
Master Circular No.10\/2011-12<\/p>\n
July 01, 2011<\/p>\n
To,<\/p>\n
All Category – I Authorised Dealer Banks<\/p>\n
Madam \/ Sir,<\/p>\n
Master Circular on Export of Goods and Services<\/p>\n
Export of Goods and Services from India is allowed in terms of clause (a) of sub-section (1) and sub-section (3) of Section 7 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. G.S.R. 381(E) dated May 3, 2000 viz. Foreign Exchange Management (Current Account) Rules, 2000, as amended from time to time.<\/p>\n
2. This Master Circular consolidates the existing instructions on the subject of “Export of Goods and Services from India” at one place. The list of underlying circulars\/notifications consolidated in this Master Circular is furnished in Appendix.<\/p>\n
3. This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July <\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n orts 18<\/p>\n B.16 Short Shipments and Shut out Shipments 19<\/p>\n B.17 Counter-Trade Arrangement. 20<\/p>\n B.18 Export of Goods on Lease, Hire, etc. 20<\/p>\n B.19 Export on Elongated Credit Terms 21<\/p>\n B.20 Export of goods by Special Economic Zones (SEZs) 21<\/p>\n B.21 Project Exports and Service Exports 21<\/p>\n B.22 Export of Currency 23<\/p>\n B.23 Forfaiting 23<\/p>\n B.24 Exports to neighbouring countries by Road, Rail or River 23<\/p>\n B.25 Border Trade with Myanmar. 24<\/p>\n B.26 Repayment of State Credits 24<\/p>\n B.27 Counter -Trade Arrangements with Romania 24<\/p>\n PART – 3 26<\/p>\n C. Operational Guidelines for AD Category – I banks 26<\/p>\n C.1 Citing of Specific Identification Numbers 26<\/p>\n C.2 GR\/SDF\/PP\/SOFTEX procedure 26<\/p>\n C.3 GR forms. 26<\/p>\n C.4 SDF 27<\/p>\n C.5 PP Forms 28<\/p>\n C.6 Random verification 30<\/p>\n C.7 Certification for EEFC Credits C.8 C.9 Delay in submission of shipping documents by exporters 31<\/p>\n C.10 Check-list for Scrutiny of Forms 31<\/p>\n C.11 <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 2<\/p>\n C.25 C.26 'Netting off' of export receivables against import payments – Units in Special Economic<\/p>\n Zones (SEZs) 43<\/p>\n C.27 C.28 C.29 PART – 4 47<\/p>\n Annex-1 47<\/p>\n Annex-2 55<\/p>\n Notification No. FEMA 23 \/2000-RB dated 3rd May 2000 55<\/p>\n Annex- 3 97<\/p>\n Notification No.FEMA 14 \/2000-RB dated 3rd May 2000 97<\/p>\n Annex- 4 102<\/p>\n Annex- 5 103<\/p>\n Annex- 6 104<\/p>\n Annex- 7 107<\/p>\n Appendix 110<\/p>\n C.23<\/p>\n C.25<\/p>\n C.27<\/p>\n C.28<\/p>\n C.29<\/p>\n 2<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n PART-1<\/p>\n A. Introduction<\/p>\n (i) Export trade is regulated by the Directorate General of Foreign Trade (DGFT) and its regional offices, functioning under the Ministry of Commerce and Industry, Department of Commerce, Government of India. Policies and procedures required to be followed for exports from India are announced by the DGFT, from time t<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ed by Reserve Bank vide its Notification No. FEMA 23\/2000-RB dated May 3, 2000, as amended from time to time (Annex – 2).<\/p>\n (iv) In terms of Regulation 4 of the Foreign Exchange Management (Guarantees) Regulations, 2000, notified vide Notification No. FEMA 8\/2000-RB dated May 3, 2000, AD Category – I banks have been permitted to issue guarantees on behalf of exporter clients on account of exports out of India subject to specified conditions.<\/p>\n (v) There is no restriction on invoicing of export contracts in Indian Rupees in terms of the Rules, Regulations, Notifications and Directions framed under the Foreign Exchange Management Act 1999. Further, in terms of Para 2.40 of the Foreign Trade Policy (August 27, 2009 – March 31, 2014), “All export contracts and<\/p>\n 3<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n invoices shall be denominated either in freely convertible currency or in Indian Rupees but export proceeds shall be realised in freely convertible <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n for Exports<\/p>\n B.1 Exemption from Declarations<\/p>\n GR Exemption<\/p>\n The requirement of declaration of export of goods and software in the prescribed form will not apply to the cases indicated in Regulation 4 of Notification No. FEMA 23\/2000-RB dated May 3, 2000 (Annex 2). The exporters shall, however, be liable to realise and repatriate export proceeds as per FEMA Regulations.<\/p>\n Grant of GR waiver<\/p>\n (i) AD Category – I banks may consider requests for grant of GR waiver from exporters for export of goods free of cost, for export promotion up to 2 per cent of the average annual exports of the applicant during the preceding three financial years subject to a ceiling of Rs.5 lakhs. For status holder exporters, the limit as per the present Foreign Trade Policy is Rs. 10 lakhs or 2 per cent of the average annual export realization during the preceding three licensing years (April-March), whichever is higher.<\/p>\n (ii) Export of goods not involving any foreign exchange transaction directly or <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n in their Nostro account or if the AD Category – I bank concerned is not the Credit Card servicing bank, on production of a certificate by the exporter from the Credit Card servicing bank in India to the effect that it has received the equivalent amount in foreign exchange, AD Category – I banks may also receive payment for exports made out of India by debit to the credit card of an importer where the reimbursement from the card issuing bank\/ organisation will be received in foreign exchange.<\/p>\n (ii) Trade transactions can also be settled in the following manner:<\/p>\n a) All transactions between a person resident in India and a person resident in Nepal or Bhutan may be settled in Indian Rupees. However, in case of export of goods to Nepal, where the importer has been permitted by the Nepal Rashtra Bank to make payment in free foreign exchange, such payments shall be routed through the ACU mechanism.<\/p>\n b) In precious metals i.e. Gold \/ Silver \/ Platinum by the Gem & Jewellery units in SEZ<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n unt for receipt of the export related payments facilitated through such arrangements. Where the exporters availing of this facility are required to open notional accounts with the OPGSP, it shall be ensured that no funds are allowed to be retained in such accounts and all receipts should be automatically swept and pooled into the NOSTRO collection account opened by the AD Category-I bank.<\/p>\n d. A separate NOSTRO collection account may be maintained for each OPGSP or the bank should be able to delineate the transactions in the NOSTRO account of each OPGSP.<\/p>\n e. The following debits will only be permitted to the NOSTRO collection account opened under this arrangement:<\/p>\n I. Repatriation of funds representing export proceeds to India for credit to the exporters' account;<\/p>\n II. (b) Payment of fee\/commission to the OPGSP as per the predetermined rates \/ frequency\/ arrangement; and<\/p>\n III. (c) Charge back to the importer where the exporter has failed in discharging his obligations under th<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n @rbi.org.in<\/p>\n k. OPGSPs who are already providing such services as per the specific holding- on approvals issued by the Reserve Bank shall open a liaison office in India within three months from November 16, 2010, after duly finalizing their arrangement with the AD-Category-I banks and obtaining approval from the Reserve Bank for this purpose. In respect of all new arrangements, the OPGSP shall open a liaison office with the approval of the Reserve Bank before operationalising the arrangement. AD Category-I banks desirous of entering into such an arrangement\/s should approach the Reserve Bank for obtaining one time permission in this regard and thereafter report the details of each such arrangement as and when entered into.<\/p>\n (iv) Settlement system under ACU Mechanism<\/p>\n a) In order to facilitate transactions \/ settlements, effective January 01, 2009, participants in the Asian Clearing Union will have the option to settle their transactions either in ACU Dollar or in ACU Euro. Accord<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n proceeds<\/p>\n It is obligatory on the part of the exporter to realise and repatriate the full value of<\/p>\n 8 Email : tradedivisionexport@rbi.org.in<\/p>\n Website : www.fema.rbi.org.in<\/p>\n goods or software to India within a stipulated period from the date of export, as under ..<\/p>\n (i) By Units in Special Economic Zones (SEZs): No specific time period has been stipulated;<\/p>\n (ii) By Status Holder Exporters as defined in the Foreign Trade Policy : Within a period of twelve months from the date of export;<\/p>\n (iii) By 100 % Export Oriented Units (EOUs) and units set up under Electronic Hardware Technology Parks (EHTPs), Software Technology Parks (STPs) and Biotechnology Parks (BTPs) schemes : Within a period of twelve months from the date of export on or after September 1, 2004;<\/p>\n (iv) Goods exported to a warehouse established outside India : As soon as it is realised and in any case within fifteen months from the date of shipment of goods; and<\/p>\n (v) In all other cases: With effect from June 3,<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n FC (Annex 6) from exporters having good track record for opening a foreign currency account with banks in India and outside India subject to certain terms and<\/p>\n 9 Email : tradedivisionexport@rbi.org.in<\/p>\n Website : www.fema.rbi.org.in<\/p>\n conditions. Applications for opening the account with a branch of an AD Category – I bank in India may be submitted through the branch at which the account is to be maintained. If the account is to be maintained abroad the application should be made by the exporter giving details of the bank with which the account will be maintained.<\/p>\n (iii) An Indian entity can also open, hold and maintain a foreign currency account with a bank outside India, in the name of its overseas office\/branch, by making remittance for the purpose of normal business operations of the said office\/branch or representative subject to conditions stipulated in Regulation 7 of Notification No. FEMA 10\/2000-RB dated May 3, 2000 and as amended from time to time.<\/p>\n (iv) A unit locate<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ng the preceding three licensing years (licensing year is from April to March) are permitted to transact their business through Diamond Dollar Accounts.<\/p>\n (ii) They may be allowed to open not more than five Diamond Dollar Accounts with their banks.<\/p>\n 10<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n Website : www.fema.rbi.org.in<\/p>\n (iii) Eligible firms and companies may apply for permission to their AD Category – I banks in the format prescribed.<\/p>\n B.6 Exchange Earners' Foreign Currency (EEFC) Account<\/p>\n (i) A person resident in India may open with, an AD Category – I bank in India, an account in foreign currency called the Exchange Earners' Foreign Currency (EEFC) Account, in terms of Regulation 4 of the Foreign Exchange Management (Foreign Currency Account by a Person Resident in India) Regulations, 2000 notified under Notification No. FEMA 10\/2000- RB dated May 3, 2000 as amended from time to time.<\/p>\n (ii) All categories of foreign exchange earners are allowed to credit up to 100 p<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n out of their EEFC balances without any ceiling subject to compliance of provisions of<\/p>\n 11 Email : tradedivisionexport@rbi.org.in<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Notification No. FEMA 3\/2000-RB dated May 3, 2000 as amended from time to time.<\/p>\n (vi) AD Category – I banks may permit exporters to repay packing credit advances whether availed in Rupee or in foreign currency from balances in their EEFC account and \/ or Rupee resources to the extent exports have actually taken place.<\/p>\n B.7 Setting up of Offices Abroad and Acquisition of Immovable Property for Overseas Offices<\/p>\n (i) At the time of setting up of the office, AD Category – I banks may allow remittances towards initial expenses up to fifteen per cent of the average annual sales\/income or turnover during the last two financial years or up to twenty-five per cent of the net worth, whichever is higher.<\/p>\n (ii) For recurring expenses, remittances up to ten per cent of the average annual sales\/income or turnover during the la<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n .in<\/p>\n Website : www.fema.rbi.org.in<\/p>\n (iv) AD Category – I banks may also allow remittances by a company incorporated in India having overseas offices, within the above limits for initial and recurring expenses, to acquire immovable property outside India for its business and for residential purpose of its staff.<\/p>\n (v) The overseas office \/ branch of software exporter company\/firm may repatriate to India 100 per cent of the contract value of each 'off-site' contract.<\/p>\n (vi) In case of companies taking up 'on site' contracts, they should repatriate the profits of such 'on site' contracts after the completion of the said contracts.<\/p>\n (vii) An audited yearly statement showing receipts under 'off-site' and 'on-site' contracts undertaken by the overseas office, expenses and repatriation thereon may be sent to the AD Category – I banks.<\/p>\n B.8 Advance Payments against Exports<\/p>\n (1) In terms of Regulation 16 of Notification No. FEMA 23\/2000-RB dated May 3, 2000, where an exporter receiv<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ent provides for shipment of goods extending beyond the period of one year from the date of receipt of advance payment, the exporter shall require the prior approval of the Reserve Bank.<\/p>\n (3) AD Category – I banks may allow the purchase of foreign exchange from the market for refunding advance payment credited to EEFC account only after utilizing the entire balances held in the exporter's EEFC accounts maintained at different branches\/banks.<\/p>\n Note: AD Category – I banks may also be guided by the Master Circular on Guarantees and Co-acceptances issued by DBOD.<\/p>\n B.9 GR Approval for Trade Fair\/Exhibitions abroad<\/p>\n Firms \/ Companies and other organizations participating in Trade Fair\/Exhibition abroad can take\/export goods for exhibition and sale outside India without the prior approval of the Reserve Bank. Unsold exhibit items may be sold outside the exhibition\/trade fair in the same country or in a third country. Such sales at discounted value are also permissible. It would also b<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Goods for re-imports<\/p>\n (i) AD Category – I banks may consider request from exporters for granting GR approval in cases where goods are being exported for re-import after repairs \/ maintenance \/ testing \/ calibration, etc., subject to the condition that the exporter shall produce relative Bill of Entry within one month of re-import of the exported item from India.<\/p>\n (ii) Where the goods being exported for testing are destroyed during testing, AD Category – I banks may obtain a certificate issued by the testing agency that the goods have been destroyed during testing, in lieu of Bill of Entry for import.<\/p>\n B.11 Part Drawings \/Undrawn Balances<\/p>\n (i) In certain lines of export trade, it is the practice to leave a small part of the invoice value undrawn for payment after adjustment due to differences in weight, quality, etc., to be ascertained after arrival and inspection, weighment or analysis of the goods. In such cases, AD Category – I banks may negotiate the bills, provided:<\/p>\n a) <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n , the AD Category-I bank, while forwarding shipping documents to his overseas branch\/ correspondent, should instruct the latter to deliver them only against trust receipt\/undertaking to deliver sale proceeds by a specified date within the period prescribed for realization of proceeds of the export. This procedure should be followed even if, according to the practice in certain trades, a bill for part of the estimated value is drawn in advance against the exports.<\/p>\n (ii) The agents\/consignees may deduct from sale proceeds of the goods expenses normally incurred towards receipt, storage and sale of the goods, such as landing charges, warehouse rent, handling charges, etc. and remit the net proceeds to the exporter.<\/p>\n (iii) The account sales received from the Agent\/Consignee should be verified by the AD Category – I banks. Deductions in Account Sales should be supported by bills\/receipts in original except in case of petty items like postage\/cable charges, stamp duty, etc.<\/p>\n (iv) In ca<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ignated branch of the AD Banks.<\/p>\n (v) The above permission may be granted to the exporters initially for a period of one year and renewal may be considered subject to the applicant satisfying the requirement above.<\/p>\n (vi) AD Category – I banks granting such permission\/approvals should maintain a proper record of the approvals granted.<\/p>\n B.14 Direct dispatch of documents by the exporter<\/p>\n (i) AD Category – I banks should normally dispatch shipping documents to their overseas branches\/correspondents expeditiously. However, they may dispatch shipping documents direct to the consignees or their agents resident in the country of final destination of goods in cases where:<\/p>\n a) Advance payment or an irrevocable letter of credit has been received for the full value of the export shipment and the underlying sale contract\/letter of credit provides for dispatch of documents direct to the consignee or his agent resident in the country of final destination of goods.<\/p>\n b) The AD Category – I b<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n hin 21 days from the date of shipment of export.<\/p>\n (iii) AD Category – I banks may regularize cases of dispatch of shipping documents by the exporter direct to the consignee or his agent resident in the country of the final destination of goods, up to USD 1 million or its equivalent, per export shipment, subject to the following conditions:<\/p>\n a) The export proceeds have been realised in full.<\/p>\n b) The exporter is a regular customer of AD Category – I bank for a period of at least six months.<\/p>\n c) The exporter's account with the AD Category – I bank is fully compliant with the Reserve Bank's extant KYC \/ AML guidelines.<\/p>\n d) The AD Category – I bank is satisfied about the bonafides of the transaction.<\/p>\n In case of doubt, the AD Category – I bank may consider filing Suspicious Transaction Report (STR) with FIU_IND (Financial Intelligence Unit in India).<\/p>\n B.15 Invoicing of Software Exports<\/p>\n (i) For long duration contracts involving series of transmissions, the exporters<\/p>\n 18<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n nvoice \/ the date of last invoice raised in a month, as indicated above. The designated officials may also certify the SOFTEX Forms of EOUs, which are registered with them.<\/p>\n (iv) The invoices raised on overseas clients as at (i) and (ii) above will be subject to valuation of export declared on SOFTEX form by the designated official concerned of the Government of India and consequent amendment made in the invoice value, if necessary.<\/p>\n B.16 Short Shipments and Shut out Shipments<\/p>\n (i) When part of a shipment covered by a GR form already filed with Customs is short-shipped, the exporter must give notice of short-shipment to the Customs in the form and manner prescribed. In case of delay in obtaining certified short-shipment notice from the Customs, the exporter should give an undertaking to the AD banks to the effect that he has filed the short-shipment notice with the Customs and that he will furnish it as soon as it is obtained.<\/p>\n (ii) Where a shipment has been entirely shut out a<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n by the Reserve Bank subject to following conditions :<\/p>\n (i) All imports and exports under the arrangement should be at international prices in conformity with the Foreign Trade Policy and Foreign Exchange Management Act, 1999 and the Rules and Regulations made there under.<\/p>\n (ii) No interest will be payable on balances standing to the credit of the Escrow Account but the funds temporarily rendered surplus may be held in a short- term deposit up to a total period of three months in a year (i.e., in a block of 12 months) and the banks may pay interest at the applicable rate.<\/p>\n (iii) No fund based\/or non-fund based facilities would be permitted against the balances in the Escrow Account.<\/p>\n (iv) Application for permission for opening an Escrow Account may be made by the overseas exporter \/ organisation through his \/ their AD Category – I bank to the Regional Office concerned of the Reserve Bank.<\/p>\n B.18 Export of Goods on Lease, Hire, etc.<\/p>\n Prior approval of the Reserve Bank is requ<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ltimate buyer.<\/p>\n (ii) The exporter has made satisfactory arrangements for realisation of full export proceeds subject to the usual GR procedure.<\/p>\n AD Category – I banks may permit units in DTAs to purchase foreign exchange for making payment for goods supplied to them by units in SEZs.<\/p>\n B.21 Project Exports and Service Exports<\/p>\n Export of engineering goods on deferred payment terms and execution of turnkey projects and civil construction contracts abroad are collectively referred to as 'Project Exports'. Indian exporters offering deferred payment terms to overseas buyers and those participating in global tenders for undertaking turnkey\/civil construction contracts abroad are required to obtain the approval of the AD Category – I banks\/ EXIM Bank\/ Working Group at post-award stage before undertaking execution of such contracts. Regulations relating to ' Project Exports' and 'Service Exports' are<\/p>\n 21<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n lai<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n quirement and would be monitored by the AD Category – I bank(s) \/ EXIM Bank \/ Working Group.<\/p>\n (ii) Inter-Project Transfer of Funds [D 1 (i) & D 3]<\/p>\n AD Category – I bank(s) \/ EXIM Bank \/ Working Group may permit exporters to open, maintain and operate one or more foreign currency account\/s in a currency(ies) of their choice with inter-project transferability of funds in any currency or country. The Inter-project transfer of funds will be monitored by the AD Category – I bank(s) \/ EXIM Bank \/ Working Group.<\/p>\n (iii) Deployment of Temporary Cash Surpluses<\/p>\n Project \/ Service exporters may deploy their temporary cash surpluses, generated outside India, in the following instruments \/ products, subject to monitoring by the AD Category – I bank(s) \/ EXIM Bank \/ Working Group :<\/p>\n (a) investments in short-term paper abroad including treasury bills and other monetary instruments with a maturity or remaining maturity of one year or less and the rating of which should be at least A-1\/AAA by <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n permission of the Reserve Bank.<\/p>\n B.23 Forfaiting<\/p>\n Export-Import Bank of India (EXIM Bank) and AD Category – I banks have been permitted to undertake forfaiting, for financing of export receivables. Remittance of commitment fee \/ service charges, etc., payable by the exporter as approved by the EXIM Bank \/ AD Category – I banks concerned may be done through an AD bank. Such remittances may be made in advance in one lump sum or at monthly intervals as approved by the authority concerned.<\/p>\n B.24 Exports to neighbouring countries by Road, Rail or River<\/p>\n The following procedure should be adopted by exporters for filing original copies of GR\/SDF forms where exports are made to neighboring countries by road, rail or river transport:<\/p>\n (i) In case of exports by barges\/country craft\/road transport, the form should be presented by exporter or his agent at the Customs station at the border through which the vessel or vehicle has to pass before crossing over to the<\/p>\n 23<\/p>\n Website : www.f<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n h sides of the India-Myanmar border are permitted to exchange certain specified locally produced commodities (Annex 5) under the barter trade arrangement. They can also trade in freely convertible currency. AD banks should follow the guidelines stipulated in A.P.(DIR Series) Circular No.17 dated October 16, 2000.<\/p>\n B.26 Repayment of State Credits<\/p>\n Export of goods and services against repayment of state credits granted by erstwhile USSR will continue to be governed by the extant directions issued by the Reserve Bank, as amended from time to time.<\/p>\n B.27 Counter -Trade Arrangements with Romania<\/p>\n The Reserve Bank will consider counter trade proposals from Indian exporters with Romania involving adjustment of value of exports from India against value of imports made into India in terms of a voluntarily entered arrangement between the concerned parties, subject to the condition, among others that the Indian exporter should utilize the funds for import of goods from Romania into India <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n d by the exporter in duplicate and both the copies submitted to the Customs at the port of shipment along with the shipping bill.<\/p>\n (ii) Customs will give their running serial number on both the copies after admitting the corresponding shipping bill. The Customs serial number will have ten numerals denoting the code number of the port of shipment, the calendar year and a six- digit running serial number.<\/p>\n (iii) Customs will certify the value declared by the exporter on both the copies of the GR form at the space earmarked and will also record the assessed value.<\/p>\n (iv) They will then return the duplicate copy of the form to the exporter and retain the original for transmission to the Reserve Bank.<\/p>\n (v) Exporters should submit the duplicate copy of the GR form again to Customs along with the cargo to be shipped.<\/p>\n 26<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n (vi) After examination of the goods and certifying the quantity passed for shipment on <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e RBI circular should be recorded at the appropriate place on the GR form.<\/p>\n (xi) Where Duplicate copy of GR form is misplaced or lost, AD Category – I banks may accept another copy of duplicate GR form duly certified by Customs.<\/p>\n Note: At present, GR Forms [to be completed in duplicate for export otherwise than by Post including export of software in physical form i.e. magnetic tapes \/ discs and paper media] can be obtained by the exporters from the Regional Offices of the Reserve Bank. As part of simplifying the procedures, GR Forms are now made available on-line on the Reserve Bank's website www.rbi.org.in. (Link :- Notification->FEMA->Forms->For Printing of GR Form)<\/p>\n Accordingly, the exporters have the option to use the GR Forms available on-line as well.<\/p>\n C.4 SDF<\/p>\n The following system may be followed in case of SDF:<\/p>\n 27<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n (i) The SDF should be submitted in duplicate (to be annexed to the relativ<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n the claims of exporters in respect of exports insured with them and subsequently receives the export proceeds from the buyer\/buyer's country through the efforts made by them, the share of exporters in the amount so received is disbursed through the bank which had handled the shipping documents. In such cases, ECGC and private insurance companies regulated by IRDA will issue a certificate to the bank, which had handled the relevant shipping documents after full proceeds have been received. The certificate will indicate the number of declaration form, name of the exporter, name of the AD Category – I banks, date of negotiation, bill number, invoice value and the amount actually received by ECGC and private insurance companies regulated by IRDA.<\/p>\n C.5 PP Forms<\/p>\n The manner of disposal of PP forms is the same as that for GR forms. Postal Authorities will allow export of goods by post only if the original copy of the form has<\/p>\n 28<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisio<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n vocable letter of credit for the full value of the export has been opened in favour of the exporter and has been advised through the AD Category – I banks concerned.<\/p>\n Or<\/p>\n b) The full value of the shipment has been received in advance by the exporter through an AD Category – I banks. Or<\/p>\n c) The AD Category – I bank is satisfied, on the basis of the standing and track record of the exporter and the arrangements made for realization of the export proceeds, that he could do so.<\/p>\n In such cases, particulars of advance payment\/letter of credit \/ AD Category – I bank's certification of standing, etc., of the exporter should be furnished on the form under proper authentication.<\/p>\n (v) Any alteration in the name and address of consignee on the PP form should also be authenticated by the AD Category – I banks under his stamp and<\/p>\n 29<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n signature.<\/p>\n C.6 Random verification<\/p>\n In all the above procedures, AD Categ<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n of credit specifically provides for negotiation of these documents in lieu of Airway Bills issued by the airline company.<\/p>\n (b) Consolidation of Sea Cargo<\/p>\n i. AD Category – I banks may accept Forwarder's Cargo Receipts (FCR) issued by steamship companies or their agents (instead of 'IATA' approved agents), in lieu of bills of lading, for negotiation \/ collection of shipping documents, of export transactions backed by<\/p>\n 30<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n letters of credit, only if the relative letter of credit specifically provides for negotiation of this document, in lieu of bill of lading.<\/p>\n ii. Further, relative sale contract with the overseas buyer should also provide that FCR may be accepted in lieu of bill of lading as a shipping document.<\/p>\n C.9 Delay in submission of shipping documents by exporters<\/p>\n In cases where exporters present documents pertaining to exports after the prescribed period of 21 days from date of export, AD <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n xport value or country of destination.<\/p>\n (v) Where the marine insurance is taken by the exporters on buyer's account to verify, that the actual amount paid is received from the buyer through invoice and the bill.<\/p>\n 31<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n (vi) To accept the Bill of Lading\/Airway Bill issued on 'freight prepaid' basis where the sale contract is on f.o.b., f.a.s. etc. basis provided the amount of freight has been included in the invoice and the bill.<\/p>\n (vii) To negotiate the documents, in cases where the documents are being negotiated by a person other than the exporter who has signed GR\/PP\/SDF \/SOFTEX Form for the export consignment concerned, after ensuring compliance with Regulation 12 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2000.<\/p>\n (viii) To accept the variations in the value declared to the customs authorities and that is reflected on the export documents which stem from the terms of cont<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n metimes, contracts may provide for payment of penalty for late shipment of goods in conformity with trade practice concerning the commodity. In these cases, while exporters declare to the Customs the full export value based on the contract price, invoices submitted along with shipping documents for negotiation\/ collection may reflect a different value arrived at after taking into account the results of analysis of samples or late shipment<\/p>\n 32<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n penalty, as the case may be.<\/p>\n c) To accept for negotiation or collection the bills for exports by sea or air which fall short of the value declared on GR\/SDF forms on account of trade, only if the discount has been declared by the exporter on relative GR\/SDF form at the time of shipment and accepted by Customs.<\/p>\n C.11 Return of Documents to Exporters<\/p>\n The duplicate copies of GR\/SDF\/PP forms and shipping documents, once submitted to the AD Category – I banks for ne<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n f export transactions are entered in the Export Bills Register and are given bill numbers on a financial year basis (i.e. April to March).<\/p>\n (iii) The bill numbers should be recorded in ENC statement and other relevant returns submitted to the Reserve Bank.<\/p>\n 33<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n C.14 Follow-up of Overdue Bills<\/p>\n (i) AD Category – I banks should closely watch realization of bills and in cases where bills remain outstanding, beyond the due date for payment or 12 months from the date of export, the matter should be promptly taken up with the concerned exporter. If the exporter fails to arrange for delivery of the proceeds within 12 months or seek extension of time beyond 12 months, the matter should be reported to the Regional Office concerned of the Reserve Bank stating, where possible, the reason for the delay in realizing the proceeds.<\/p>\n (ii) The duplicate copies of GR \/ SDF \/ PP \/ SOFTEX Forms should, continue to be held<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e date of export as at the end of June and December every year. The statement should be submitted in triplicate within fifteen days from the close of the relative half-year.<\/p>\n C.15 Reduction in Invoice Value on Account of Prepayment of Usance Bills<\/p>\n Occasionally, exporters may approach AD Category – I banks for reduction in<\/p>\n Website : www.fema.rbi.org.in 34 Email : tradedivisionexport@rbi.org.in<\/p>\n invoice value on account of cash discount to overseas buyers for prepayment of the usance bills. AD Category – I banks may allow cash discount to the extent of amount of proportionate interest on the unexpired period of usance, calculated at the rate of interest stipulated in the export contract or at the prime rate\/LIBOR of the currency of invoice where rate of interest is not stipulated in the contract.<\/p>\n C.16 Reduction in Invoice Value in other cases<\/p>\n (i) If, after a bill has been negotiated or sent for collection, its amount is to be reduced for any reason, AD Category – I banks <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ade to countries facing externalization problems may be ignored provided the payments have been made by the buyers in the local currency.<\/p>\n C.17 Export Claims<\/p>\n 35<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n (i) AD Category – I banks may remit export claims on application, provided the relative export proceeds have already been realised and repatriated to India and the exporter is not on the caution list of the Reserve Bank.<\/p>\n (ii) In all such cases of remittances, the exporter should be advised to surrender proportionate export incentives, if any, received by him.<\/p>\n C.18 Change of buyer\/consignee<\/p>\n Prior approval of the Reserve Bank is not required if, after goods have been shipped, they are to be transferred to a buyer other than the original buyer in the event of default by the latter, provided the reduction in value, if any, involved does not exceed 25 per cent of the invoice value and the realization of export proceeds is not delayed beyond t<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e-off (including reduction in invoice value) and extension of time for realization of export proceeds would be applicable for export bills lodged for<\/p>\n 36 Email : tradedivisionexport@rbi.org.in<\/p>\n Website : www.fema.rbi.org.in<\/p>\n realization with that AD Category – I banks.<\/p>\n (iii) Exporters operating under a consortium of banks or with multiple banks will also have the option of computing the 10 per cent limit on an aggregate basis with all the banks, provided the lead bank of the consortium or in case of multiple banking, a nodal bank, undertakes to verify the exporters' annual performance on behalf of all the banks.<\/p>\n (iv) Within a month from the close of the financial year, exporters should submit a statement (Annex 4), giving details of export proceeds due, realised and not realised to the AD Category – I banks concerned.<\/p>\n (v) The AD Category – I banks will be required to verify the statement with their records and review the export performance of the exporter during the fina<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n AD Category – I banks may inform the exporter about the withdrawal of this facility of self write-off \/ extension of time, within a month, under advice to the Regional Office concerned of the Reserve Bank.<\/p>\n C.20 Extension of Time<\/p>\n (i) The Reserve Bank of India has permitted the AD Category – I banks to extend the period of realization of export proceeds beyond 12 months from the date of export, up to a period of six months, at a time, irrespective of the invoice<\/p>\n 37 Email : tradedivisionexport@rbi.org.in<\/p>\n Website : www.fema.rbi.org.in<\/p>\n value of the export subject to the following conditions:<\/p>\n a) The export transactions covered by the invoices are not under investigation by Directorate of Enforcement \/ Central Bureau of Investigation or other investigating agencies,<\/p>\n b) The AD Category – I bank is satisfied that the exporter has not been able to realise export proceeds for reasons beyond his control,<\/p>\n c) The exporter submits a declaration that the export proceeds will be<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n pect of cases not covered under Para (i) above necessary application (in duplicate) should be made to the Regional Office concerned of the Reserve Bank in form ETX through his AD Category – I bank with appropriate documentary evidence.<\/p>\n C.21 Write off by AD Category – I banks<\/p>\n (i) An exporter who has not been able to realise the outstanding export dues<\/p>\n Website : www.fema.rbi.org.in 38 Email : tradedivisionexport@rbi.org.in<\/p>\n despite best efforts, may approach the AD Category – I banks, who had handled the relevant shipping documents, with appropriate supporting documentary evidence with a request for write off of the unrealised portion. AD Category – I banks may accede to such requests subject to the under noted conditions:<\/p>\n a. The relevant amount has remained outstanding for one year or more;<\/p>\n b. The aggregate amount of write off allowed by the AD Category – I banks during a financial year does not exceed 10 per cent of the total export proceeds realised by the concerned e<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n to be un realizable despite all efforts made by the exporter.<\/p>\n vi. The cost of resorting to legal action would be disproportionate to the unrealised amount of the export bill or where the exporter even after winning the Court case against the overseas buyer could not<\/p>\n 39<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n execute the Court decree due to reasons beyond his control.<\/p>\n vii. Bills were drawn for the difference between the letter of credit value and actual export value or between the provisional and the actual freight charges but the amount have remained unrealised consequent on dishonour of the bills by the overseas buyer and there are no prospects of realization.<\/p>\n e. The case is not the subject matter of any pending civil or criminal suit.<\/p>\n f. The exporter has not come to the adverse notice of the Directorate of Enforcement or the Central Bureau of Investigation or any such other law enforcement agency.<\/p>\n g. The exporter has surrendered<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n cial year, whichever is higher. This limit will be cumulatively available in a financial year and subject to the following conditions:<\/p>\n 40<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n a. The exporter should submit to the AD Category – I banks concerned, a Chartered Accountant's certificate indicating –<\/p>\n i. the export realization in the preceding three financial years and also the amount of “write off ” already availed of during the year, if any,<\/p>\n ii. the relevant GR\/SDF\/PP Nos. to be written off, Bill No., invoice value, commodity exported, country of export,<\/p>\n iii. the export benefits, if any, availed of by the exporter have been surrendered.<\/p>\n b. The following do not qualify for the “write off” facility:<\/p>\n i. Exports made to countries with externalization problem i.e. where the overseas buyer has deposited the value of export in local currency but the amount has not been allowed to be repatriated by the central banking authorities of the coun<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n stem under which their internal inspectors or auditors carryout random sample check\/per cent check of outstanding export bills written off.<\/p>\n C.22 Write off in cases of Payment of Claims by ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority (IRDA)<\/p>\n (i) AD Category – I banks shall, on an application received from the exporter supported by documentary evidence from the ECGC and private insurance companies regulated by IRDA confirming that the claim in respect of the outstanding bills has been settled by them, write off the relative export bills and delete them from the XOS statement.<\/p>\n (ii) Such write-off will not be restricted to the limit of 10 per cent indicated above.<\/p>\n (iii) Surrender of incentives, if any, in such cases will be as provided in the Foreign Trade Policy.<\/p>\n (iv) The claims settled in rupees by ECGC and private insurance companies regulated by IRDA should not be construed as export realization in foreign exchange.<\/p>\n C<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n anks are advised not to insist on the surrender of proportionate export incentives, other than under the Duty Drawback Scheme, if availed of, by the exporter under any of the Export Promotion Schemes under FTP 2009-14, subject to fulfillment of conditions as stated above. The drawback amount has to be recovered even if the claim is settled by the Export Credit Guarantee Corporation of India Limited (ECGC) or the write -off is allowed by the Reserve Bank.<\/p>\n C.25 Shipments Lost in Transit<\/p>\n When shipments from India for which payment has not been received either by negotiation of bills under letters of credit or otherwise are lost in transit, the AD Category – I banks must ensure that insurance claim is made as soon as the loss is known.<\/p>\n In cases where the claim is payable abroad, the AD Category – banks must arrange to collect the full amount of claim due on the lost shipment, through the medium of their overseas branch\/correspondent and release the duplicate copy of GR\/SDF\/PP form<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n eet of the unit in SEZ.<\/p>\n (ii) The details of export of goods are documented in GR (O) forms \/ DTR as the case may be while details of import of goods \/ services are recorded through A1 \/ A2 form as the case may be. The relative GR \/ SDF forms will be treated as complete by the designated AD Category – I banks only after the entire proceeds are adjusted \/ received.<\/p>\n (iii) Both the transactions of sale and purchase in 'R' – Returns under FET-ERS are reported separately.<\/p>\n (iv) The export \/ import transactions with ACU countries are kept outside the arrangement.<\/p>\n (v) All the relevant documents are submitted to the concerned AD Category – I banks who should comply with all the regulatory requirements relating to the transactions.<\/p>\n C.27 Agency Commission on Exports<\/p>\n (i) AD Category – I banks may allow payment of commission, either by remittance or by deduction from invoice value, on application submitted by the exporter. The remittance on agency commission may be allowed subject <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ons as at (a) and (b) stipulated in paragraph (i) above.<\/p>\n (b) The commission is not payable to Escrow Account holders themselves.<\/p>\n (c) The commission should not be allowed by deduction from the invoice value.<\/p>\n (iii) Payment of commission is prohibited on exports made by Indian Partners towards equity participation in an overseas joint venture \/ wholly owned subsidiary as also exports under Rupee Credit Route except commission up to 10 per cent of invoice value of exports of tea & tobacco.<\/p>\n C.28 Refund of Export Proceeds<\/p>\n AD Category – I banks, through whom the export proceeds were originally realised may consider requests for refund of export proceeds of goods exported from India and being re-imported into India on account of poor quality. While permitting such transactions, AD Category – I banks are required to :<\/p>\n (i) exercise due diligence regarding the track record of the exporter<\/p>\n (ii) verify the bonafides of the transactions<\/p>\n (iii) obtain from the exporter a certif<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n roval may be given even in cases where usance bills are to be drawn for the shipment provided the relative letter of credit covers the full export value and also permits such drawings and the usance bill mature within twelve months from the date of shipment.<\/p>\n (iii) AD Category – I banks should obtain prior approval of the Reserve Bank for issuing guarantees for caution-listed exporters.<\/p>\n 46<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n PART – 4<\/p>\n Annex-1<\/p>\n Foreign Exchange Management (Current Account Transactions) Rules, 2000<\/p>\n Notification No. G.S.R.381(E) dated 3rd May 2000 (as amended from time to time) *: In exercise of the powers conferred by Section 5 and sub-section (1) and clause (a) of sub-section (2) of Section 46 of the Foreign Exchange Management Act, 1999, and in consultation with the Reserve Bank, the Central Government having considered it necessary in the public interest, makes the following rules, namely :<\/p>\n 1. Short title and co<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n pecified in the Schedule I; or b. a travel to Nepal and\/or Bhutan; or c. a transaction with a person resident in Nepal or Bhutan.<\/p>\n Provided that the prohibition in clause (c) may be exempted by RBI subject to such Website : www.fema.rbi.org.in 47 Email : tradedivisionexport@rbi.org.in<\/p>\n terms and conditions as it may consider necessary to stipulate by special or general order.<\/p>\n 4. Prior approval of Government of India No person shall draw foreign exchange for a transaction included in the Schedule II without prior approval of the Government of India;<\/p>\n Provided that this Rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) Account of the remitter.<\/p>\n 5. Prior approval of Reserve Bank<\/p>\n No person shall draw foreign exchange for a transaction included in the Schedule III without prior approval of the Reserve Bank;<\/p>\n Provided that this Rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC)<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e from racing\/riding etc. or any other hobby.<\/p>\n 3. Remittance for purchase of lottery tickets, banned \/proscribed magazines, football pools, sweepstakes, etc.<\/p>\n 4. Payment of commission on exports made towards equity investment in Joint Ventures \/ Wholly Owned Subsidiaries abroad of Indian companies.<\/p>\n 5. Remittance of dividend by any company to which the requirement of dividend balancing is applicable.<\/p>\n 6. Payment of commission on exports under Rupee State Credit Route, except commission up to 10% of invoice value of exports of tea and tobacco.<\/p>\n 7. Payment related to “Call Back Services” of telephones.<\/p>\n 8. Remittance of interest income on funds held in Non-Resident Special Rupee (Account) Scheme.<\/p>\n 49<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n Schedule II<\/p>\n Transactions which require prior approval of the Central Government<\/p>\n (see Rule 4)<\/p>\n Purpose of Remittance Ministry \/ Department of Govt. of India whose approval is required<\/p>\n 1. Cul<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \n7. Remittance of container detention Ministry of Surface Transport (Director<\/p>\n 50<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n charges exceeding the rate General of Shipping)<\/p>\n prescribed by Director General of<\/p>\n Shipping<\/p>\n 8. omitted<\/p>\n 9. Remittance of prize Ministry of Human Resources<\/p>\n money\/sponsorship of sports activity Development (Department of Youth<\/p>\n abroad by a person other than Affairs and Sports)<\/p>\n International \/ National \/ State Level<\/p>\n sports bodies, if the amount involved<\/p>\n exceeds USD 100,000.<\/p>\n 10. Omitted<\/p>\n 11. Remittance for membership of Ministry of Finance (Insurance<\/p>\n P&I Club Division)<\/p>\n 51<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n Schedule III<\/p>\n (See Rule 5)<\/p>\n 1. Omitted<\/p>\n 2. Release of exchange exceeding US$ 10,000 or its equivalent in one financial year, for one or more private visits to any country (except Nepal and Bhutan).<\/p>\n 3. Gift remittance exceeding US$ 5,000 per <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ntenance of close relatives abroad, @ @<\/p>\n i. exceeding net salary (after deduction of taxes, contribution to provident fund and other deductions) of a person who is resident but not permanently resident in India and –<\/p>\n (a) is a citizen of a foreign State other than Pakistan; or<\/p>\n (b) is a citizen of India, who is on deputation to the office or branch or subsidiary or joint venture in India of such foreign company.<\/p>\n ii. exceeding USD 100,000 per year, per recipient, in all other cases.<\/p>\n Explanation: For the purpose of this item, a person resident in India on account of his employment or deputation of a specified duration (irrespective<\/p>\n 52<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n of length thereof) or for a specific job or assignments, the duration of which does not exceed three years, is a resident but not permanently resident.<\/p>\n 8. Release of foreign exchange, exceeding USD 25,000 to a person, irrespective of period of stay, for business <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ation :- For the purposes of this item number 'infrastructure project'<\/p>\n is those related to –<\/p>\n (i) Power,<\/p>\n (ii) Telecommunication,<\/p>\n (iii) Railways,<\/p>\n (iv) Roads including bridges,<\/p>\n (v) Sea port and air port, (vi) Industrial parks, and (vii) Urban Infrastructure (water supply, sanitation and sewage)<\/p>\n 16. Omitted<\/p>\n 17. Remittances exceeding five per cent of investment brought into India or US$ 1,00,000 whichever is higher, by an entity in India by way of reimbursement of pre- incorporation expenses.<\/p>\n 18. Omitted<\/p>\n (Amendments)<\/p>\n 53<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n Notification GSR.663 (E) dated August 17, 2000, S.O.301(E) dated March 30, 2001, GSR.442(E) dated November 2, 2002, GSR.831(E) dated December 20, 2002, GSR.33(E) dated January 16, 2003, GSR.397(E) dated May 14, 2003, GSR.731(E) dated September 11, 2003, GSR.849(E) dated October 29, 2003, GSR.608(E) dated September 13, 2004, G.S.R.512(E) dated July 28,2005, G.S.R.412<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ct' means the Foreign Exchange Management Act, 1999 (42 of 1999) ;<\/p>\n (ii) 'Authorized dealer' means a person Authorized as an Authorized Dealer under sub-section (1) of section 10 of the Act, and includes a person carrying on business as a factor and Authorized as such under the said section 10 ;<\/p>\n (iii) 'EXIM Bank' means the Export-Import Bank of India established under the Export-Import Bank of India Act, 1981 (28 of 1981);<\/p>\n (iv) 'export' includes the taking or sending out of goods by land, sea or air, on consignment or by way of sale, lease, hire-purchase, or under any other arrangement by whatever name called, and in the case of software, also includes transmission through any electronic media ;<\/p>\n (v) 'export value' in relation to export by way of lease or hire-purchase or under any other similar arrangement, includes the charges, by whatever name called, payable in respect of such lease or hire-purchase or any other similar arrangement;<\/p>\n (vi) 'form' means form annexed to th<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n sical form or through any other form, either directly or indirectly, to any place outside India, other than Nepal and Bhutan, shall furnish to the specified authority, a declaration in one of the forms set out in the Schedule and supported by such evidence as may be specified, containing true and correct material particulars including the amount representing-<\/p>\n (i) the full export value of the goods or software; or<\/p>\n (ii) if the full export value is not ascertainable at the time of export, the value which the exporter, having regard to the prevailing market conditions expects to receive on the sale of the goods or the software in overseas market, and affirms in the said declaration that the full export value of goods (whether ascertainable at the time of export or not) or the software has been or will within the specified period be, paid in the specified manner.<\/p>\n (2) Declarations shall be executed in sets of such number as specified.<\/p>\n (3) For the removal of doubt, it is clarified<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n y be appointed by the Central Government in this behalf or of the military, naval or air force authorities in India for military, naval or air force requirements;<\/p>\n d) goods or software accompanied by a declaration by the exporter that they are not more than twenty five thousand USD in value;<\/p>\n e) by way of gift of goods accompanied by a declaration by the exporter that they are not more than five lakhs rupees in value;<\/p>\n f) aircrafts or aircraft engines and spare parts for overhauling and\/or repairs abroad subject to their re-import into India after overhauling \/repairs, within a period of six months from the date of their export;<\/p>\n g) goods imported free of cost on re-export basis;<\/p>\n h) goods not exceeding USD 1000 or its equivalent in value per transaction exported to Myanmar under the Barter Trade Agreement between the Central Government and the Government of Myanmar;<\/p>\n i) The following goods which are permitted by the Development Commissioner of the Export Processing Zones, <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e India for repair and re-import provided the goods are accompanied by a certificate from an Authorised Dealer in India that the export is for repair and re-import and that the export does not involve any transaction in foreign exchange;<\/p>\n m) exports permitted by the Reserve Bank, on application made to it, subject to the terms and conditions, if any, as stipulated in the permission.<\/p>\n 5. Indication of importer-exporter code number :-<\/p>\n The importer-exporter code number allotted by the Director General of Foreign Trade under Section 7 of the Foreign Trade (Development & Regulation) Act, 1992 (22 of 1992) shall be indicated on all copies of the declaration forms submitted by the exporter to the specified authority and in all correspondence of the exporter with the Authorised Dealer or the Reserve Bank, as the case may be.<\/p>\n 6. Authority to whom declaration is to be furnished and the manner of dealing with the declaration<\/p>\n A. Declaration in Form GR\/SDF<\/p>\n (1) (i) The declaration in<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n re shall be submitted in triplicate to the designated official of Ministry of Information Technology, Government of India at the Software Technology Parks of India (STPIs) or at the Free Trade Zones (FTZs) or Export Processing Zones (EPZs) or Special Economic Zones (SEZs) in India.<\/p>\n 58<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n (ii) After certifying all three copies of the SOFTEX form, the said designated official shall forward the original directly to the nearest office of the Reserve Bank and return the duplicate to the exporter. The triplicate shall be retained by the designated official for record.<\/p>\n D. Duplicate Declaration Forms to be retained with Authorised Dealers<\/p>\n On the realization of the export proceeds, the duplicate copies of export declaration forms viz. GR, PP and Softex and Exchange Control Copies of the shipping bills together with related Statutory Declaration Forms shall be retained by the Authorised Dealer.<\/p>\n 7. Evidence in <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n on' means a place in a country in which the goods are ultimately imported and cleared through Customs of that country.<\/p>\n 8. Manner of payment of export value of goods :-<\/p>\n Unless otherwise Authorised by the Reserve Bank, the amount representing the full export value of the goods exported shall be paid through an Authorised Dealer in the manner specified in the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000.<\/p>\n Explanation :<\/p>\n 59<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n For the purpose of this regulation, re-import into India, within the period specified for realization of the export value, of the exported goods in respect of which a declaration was made under Regulation 3, shall be deemed to be realization of full export value of such goods.<\/p>\n 9. Period within which export value of goods\/software to be realised :-<\/p>\n (1) The amount representing the full export value of goods or software exported shall be realised a<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n EXIM Policy in force , then notwithstanding anything contained in sub-regulation (1), the amount representing the full export value of goods or software shall be realised and repatriated to India within twelve months from the date of export;<\/p>\n Provided that the Reserve Bank may for a sufficient and reasonable cause shown, extend the said period of twelve months<\/p>\n (b) The Reserve Bank may for reasonable and sufficient cause direct that the said exporters shall cease to be governed by sub-regulation (2):<\/p>\n Provided that no such direction shall be given unless the unit has been given a reasonable opportunity to make a representation in the matter;<\/p>\n I On such direction, the said exporters shall be governed by the provisions of sub-regulation (1), until directed otherwise by the Reserve Bank.<\/p>\n Explanation :<\/p>\n For the purpose of this regulation, the “date of export” in relation to the export of software in other than physical form, shall be deemed to be the date of invoice covering s<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 12. Transfer of documents :-<\/p>\n Without prejudice to Regulation 3, an Authorised Dealer may accept, for negotiation or collection, shipping documents including invoice and bill of exchange covering exports, from his constituent (not being a person who has signed the declaration in terms of Regulation 3) :<\/p>\n Provided that before accepting such documents for negotiation or collection, the Authorised Dealer shall –<\/p>\n a) Where the value declared in the declaration does not differ from the value shown in the documents being negotiated or sent for collection, or<\/p>\n b) Where the value declared in the declaration is less than the value shown in the documents being negotiated or sent for collection, require the constituent concerned also to sign such declaration and thereupon such constituent shall be bound to comply with such requisition and such constituent signing the declaration shall be considered to be the exporter for the purposes of these Regulations to the extent of the full value<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n he Reserve Bank or, subject to the directions of the Reserve Bank, by an Authorised dealer;<\/p>\n Provided that no proceedings in respect of contravention of these provisions shall be instituted unless the specified period has expired and payment for the goods or software representing the full export value, or the value after deductions allowed under clause (iii), has not been made in the specified manner within the specified period.<\/p>\n 14. Certain Exports requiring prior approval :-<\/p>\n A. Export of goods on lease, hire, etc.<\/p>\n No person shall, except with the prior permission of the Reserve Bank, take or send out by land, sea or air any goods from India to any place outside India on lease or hire or under any arrangement or in any other manner other than sale or disposal of such goods.<\/p>\n B. Exports under trade agreement\/rupee credit etc.<\/p>\n (i) Export of goods under special arrangement between the Central Government and Government of a foreign state, or under rupee credits extended by <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n erson who has sold the goods or software or who is entitled to sell the goods or software or procure the sale thereof, such directions as appear to it to be expedient, for the purpose of<\/p>\n 62<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n securing, (a) the payment therefore if the goods or software has been sold and (b) the sale of goods and payment thereof, if goods or software has not been sold or re- import thereof into India as the circumstances permit, within such period as the Reserve Bank may specify in this behalf ;<\/p>\n Provided that omission of the Reserve Bank to give directions shall not have the effect of absolving the person committing the contravention from the consequences thereof.<\/p>\n 16. Advance payment against exports :-<\/p>\n (1) Where an exporter receives advance payment (with or without interest), from a buyer outside India, the exporter shall be under an obligation to ensure that –<\/p>\n i) The shipment of goods is made within one year from<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n tions by Reserve Bank in certain cases :-<\/p>\n (1) Without prejudice to the provisions of Regulation 3 in relation to the export of goods or software which is required to be declared, the Reserve Bank may, for the purpose of ensuring that the full export value of the goods or, as the case may be, the value which the exporter having regard to the prevailing market conditions expects to receive on the sale of goods or software in the overseas market, is received in proper time and without delay, by general or special order, direct from time to time that in respect of export of goods or software to any destination or any class of export transactions or any class of goods or software or class of exporters, the exporter shall, prior to the export, comply with the conditions as may be specified in the order, namely ;<\/p>\n a) that the payment of the goods or software is covered by an irrevocable letter of credit or by such other arrangement or document as may be indicated in the order ;<\/p>\n 63<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n n export of goods or services is proposed to be made on deferred payment terms or in execution of a turnkey project or a civil construction contract, the exporter shall, before entering into any such export arrangement, submit the proposal for prior approval of the approving authority, which shall consider the proposal in accordance with the guidelines issued by the Reserve Bank from time to time.<\/p>\n Explanation:<\/p>\n For the purpose of this Regulation, 'approving authority' means the Working Group or the EXIM Bank or the Authorised Dealer.<\/p>\n (P.R. GOPALA RAO) Executive Director<\/p>\n 64<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n Schedule ( Refer to Regulation 3)<\/p>\n Form GR: To be completed in duplicate for export otherwise than by Post including export of software in physical form i.e. magnetic tapes\/discs and paper media.<\/p>\n Form SDF: To be completed in duplicate and appended to the shipping bill, for exports declared to Customs Offices notified by the<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ication No FEMA 176\/2008-RB dated July 23,2008 G.S.R .. 576(E)\/August 5,2008<\/p>\n 65<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n Forms: – GR, SDF, PP and SOFTEX<\/p>\n EXCHANGE CONTROL DECLARATION (GR) FORM NO.<\/p>\n ORIGINAL<\/p>\n Exporter Invoice No. & Date SB No. & Date<\/p>\n AR4\/AR4A No. & Date<\/p>\n Q\/Cert. No. & Date Importer-Exporter Code No.<\/p>\n Consignee Export Trade Control<\/p>\n If export under:<\/p>\n Deferred Credit<\/p>\n Joint Venture<\/p>\n Rupee Credit<\/p>\n Others<\/p>\n RBI's Approval\/Cir. No. & Date<\/p>\n Custom House Agent L\/C. No.<\/p>\n Pre-Carriage by Place of Receipt by Pre-Carrier<\/p>\n Vessel\/Flight No. Rotation No.<\/p>\n Port of Loading<\/p>\n Type of shipment :<\/p>\n Outright Sale<\/p>\n Consignment Export<\/p>\n Others (Specify)<\/p>\n \/C&F<\/p>\n \/FOB<\/p>\n Nature<\/p>\n CIF<\/p>\n contract<\/p>\n Other<\/p>\n (Specify)<\/p>\n Port of Discharge Country Destination of Exchange Rate u\/s 14 of CA<\/p>\n Currency of invoice<\/p>\n S. No. Marks & No. Container Nos. No. & Kind of Pkgs. Statistical Code & Description of Quantity V<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n eller\/Consignor of the goods in respect of which this declaration is made and that the particulars given above are true and that (a) *the value as contracted with the buyer is the same as the full export value declared overleaf\/ (b) *the full export value of the goods is not ascertainable at the time of export and that the value declared is that which I\/we, having regard to the prevailing market conditions, expect to receive on the sale of goods in the overseas market.<\/p>\n I\/We undertake that I\/we will deliver to the bank named herein the foreign exchange representing the full export value of the goods on or before @. In the manner specified in the Regulations under the Act, I\/we further declare that I\/we am\/are resident in India and I\/we have a place of business in India.<\/p>\n I\/We* am\/are OR am\/are not in Caution List of the Reserve Bank of India.<\/p>\n Date (Signature of Exporter)<\/p>\n @ State appropriate date of delivery which must be within six months from the date of shipment, but for ex<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n voice<\/p>\n Marks & No.<\/p>\n No. & Kind of Pkgs.<\/p>\n Statistical Code & Description of<\/p>\n S.<\/p>\n Container Nos.<\/p>\n Value FOB<\/p>\n Quantity<\/p>\n No.<\/p>\n 69<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n Goods<\/p>\n Net Weight<\/p>\n Gross<\/p>\n Weight<\/p>\n Total FOB value (in<\/p>\n words)<\/p>\n Analysis of Export value Currency Amount Full export value or where not ascertainable, the value which exporter expects to receive on the sale of goods.<\/p>\n FOB Value Freight<\/p>\n Insurance Currency<\/p>\n Commission Rate<\/p>\n Discount Amount<\/p>\n Other Deductions<\/p>\n EXCHANGE CONTROL DECLARATION (GR) FORM NO.<\/p>\n Is Export under L\/C arrangements? Ye s No For customs<\/p>\n If yes, name of advising bank in India Customs Assessable value Rs.<\/p>\n Bank through which payment is to be received (Rupees)<\/p>\n Export value Verified<\/p>\n Customs Appraiser<\/p>\n Cargo shipped in full\/part<\/p>\n Quantity<\/p>\n Value<\/p>\n Whether payment is to be received through the ACU Yes\/No Date of Shipment Customs Appraiser<\/p>\n 70<\/p>\n Web<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n of the Reserve Bank of India.<\/p>\n Date<\/p>\n (Signature of Exporter)<\/p>\n @ State appropriate date of delivery which must be within six months from the date of shipment, but for exports to warehouses established outside India with the permission of the Reserve Bank, the date of delivery must be within fifteen months.<\/p>\n *Strike out whichever is not applicable<\/p>\n FOR AUTHORISED DEALER'S USE<\/p>\n Uniform Code<\/p>\n Number<\/p>\n *Indicate ( ) in the box applicable<\/p>\n Date of *(i) (ii) receipt for Bill<\/p>\n negotiation collection, No<\/p>\n *Indicate ( ) in the box applicable<\/p>\n Type of Bill* (i) DA (ii) DP (iii) Others (Specify)<\/p>\n Type of shipment : * (i) Firm Sale Contract (ii) Consignment Basis<\/p>\n (iii) (Specify) Others<\/p>\n The GR Form was included in the statement sent to the Reserve Bank with the R Return for the fortnight ending sent on<\/p>\n We certify and confirm that we have received the total amount of (Currency) (amount) as under being the proceeds of exports declared on this form.<\/p>\n Credit to Nost<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n t (a) *the value as contracted with the buyer is the same as the full export value declared in the above shipping bill (b) *the full export value of the goods is not ascertainable at the time of export and that the value declared is that which I\/We, having regard to the prevailing market conditions, expect to receive on the sale of goods in the overseas market.<\/p>\n I\/We undertake that I\/We will deliver to the bank named herein . The foreign<\/p>\n exchange representing the full export value of the goods on or before @ in the manner specified in the Regulations made under the Foreign Exchange Management Act, 1999. I\/We further declare that I\/We am\/are resident in India and I\/We have a place of business in India.<\/p>\n I\/We* am\/are OR am\/are not in Caution List of the Reserve Bank of India.<\/p>\n Date:<\/p>\n (Signature<\/p>\n of<\/p>\n Exporter)<\/p>\n @ State appropriate date of delivery which must be within six months from the date of shipment but for exports to warehouses established outside India with permiss<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n to RBI<\/p>\n In our name In the name of ** Held with us Held with **<\/p>\n (1) (2) (3) (4) (5) (6) (7)<\/p>\n ** (Write the name of the concerned Indian Authorised Dealer Branch) Any other manner of receipt (Specify)<\/p>\n (Stamp & Signature of Authorised dealer) Date :<\/p>\n Address :<\/p>\n SPACE FOR USE BY RESERVE BANK OF INDIA<\/p>\n 74<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n FORM PP* EXCHANGE CONTROL Exporter's Declaration ORIGINAL<\/p>\n Form Number : (Please see 'Notes to Exporters')<\/p>\n 1. (a) Name of the Post Office<\/p>\n (b) Number and date of Parcel Receipt<\/p>\n (for RBI use)<\/p>\n 2. Exporter's Name<\/p>\n 3. Importer\/Exporter Code No.<\/p>\n 4. Buyer's\/Consignee's Name and<\/p>\n address:<\/p>\n 5. Country of destination<\/p>\n 6. Nature of contract*(i) CIF\/(ii)<\/p>\n C&F\/(iii)FOB\/<\/p>\n (iv) Others (Specify): …..<\/p>\n 7. Date of despatch .<\/p>\n Outright<\/p>\n Shipment*(i)<\/p>\n Type of<\/p>\n 8.<\/p>\n Sale\/(ii)<\/p>\n Others<\/p>\n Consignment<\/p>\n export\/(iii)<\/p>\n (Specify). …..<\/p>\n 9. Description of goods :<\/p>\n Quant<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n eral permission of the Reserve Bank of India, Number and date of its approval<\/p>\n 15. If the export is made under L\/C arrangements, name of advising bank in India<\/p>\n 16. State if the payment is to be received through the Asian Clearing Union: * Yes\/No<\/p>\n 17. Name & address of bank through whom payment is to be received<\/p>\n I\/We hereby declare that I\/we am\/are the *SELLER\/CONSIGNOR of the goods in respect of which the declaration is made and that the particulars given above are true and that *(a) the export value as contracted with the buyer is the same as the full export value declared above\/*(b) the full export value of goods is not ascertainable at the time of export and that the value declared is that which I\/we, having regard to the prevailing market conditions, expect to receive on the sale of goods in the overseas market.<\/p>\n I\/We undertake that I\/we will deliver to the bank named above the foreign exchange representing the full export value of the goods on or beforet in the manner <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n fice after having it countersigned by an Authorised Dealer in foreign exchange. The Post Office through which the goods have been dispatched will forward the Original to the nearest office of Reserve Bank of India.<\/p>\n (4) All documents relating to export of goods from India must be passed through the medium of an Authorised Dealer in foreign exchange in India within 21 days of the date of shipment of the goods.<\/p>\n (5) The amount representing the full export value of goods must be realised on the due date for payment or within six months from the date of shipment, whichever is earlier.<\/p>\n Note : Government of India\/Indian Financial institutions may conclude from time to time Special Trade Agreements with other countries providing for settlement of certain payments from the countries in a specified manner or for exports to be financed from Government to Government Credits. Reserve Bank will advise Authorised Dealers of such arrangements by issue of circulars. Methods of payment specified<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Sq.<\/p>\n (Specify) ] …..<\/p>\n @ Where the full export 12. Analysis of export value :<\/p>\n value is not ascertainable value Particulars Currency Amount<\/p>\n expected on sale of goods in the oversease market may be shown<\/p>\n @Full Export value<\/p>\n No application for F.O.B. Value<\/p>\n 79<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n Freight<\/p>\n for permission remittance\/deduction From the declared value on account of agency Commission and\/or discount will be<\/p>\n Entertained by the Reserve Bank or Authorised<\/p>\n Dealer unless these have been declared on this form<\/p>\n Insurance<\/p>\n Discount (Rate. …. )<\/p>\n Agency Commission (Rate )<\/p>\n 13. Customs Assessable Value<\/p>\n (For Use) Export verified (Customs Appraiser)<\/p>\n Customs<\/p>\n (Rupees)<\/p>\n Value<\/p>\n 14. If the export is made under general permission of the Reserve Bank of India, Number and date of its approval<\/p>\n 15. If the export is made under L\/C arrangements, name of advising bank in India<\/p>\n 16. State if the payment <\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n he Caution List of the Reserve Bank of India.<\/p>\n 80<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n +State approximate date of delivery which must be the due date for payment or within six months from the date of shipment, whichever is earlier. *Strike out whichever is not applicable.<\/p>\n (For A.D.'s use)<\/p>\n (Signature of Exporter)<\/p>\n &<\/p>\n Date:<\/p>\n Stamp<\/p>\n Signature<\/p>\n of<\/p>\n Authorised<\/p>\n dealer<\/p>\n Date :<\/p>\n Address :<\/p>\n Bank's<\/p>\n Uniform<\/p>\n Code No.<\/p>\n Note : All documents relating to export of goods from India must be passed through the medium of an Authorised Dealer in foreign exchange in India within 21 days of the date of shipment of the goods.<\/p>\n 81<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n FOR AUTHORISED DEALER'S USE Uniform Code Number :<\/p>\n .<\/p>\n Date of *(i) negotiation\/(ii) receipt for collection Bill No.<\/p>\n Type of Bill *DA\/(ii)DP\/ (iii) Others<\/p>\n * Strike out whichever is not applicable<\/p>\n Type of shipment : *<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n y.<\/p>\n 2. On receipt of the full export value of the shipment declared on this Form, the Authorised Dealer will forward to the Reserve Bank this duplicate copy of the Form together with a copy of the Customs certified Shipper's Invoice, duly certified. In respect of shipments made on consignment basis, the Account Sales received from the consignee in original in support of the proceeds actually realised should also be forwarded along with this copy of the Form.<\/p>\n 82<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n 3. In case the net amount received falls short of the full export value declared on the Form for reasons other than deduction of bank charges, please indicate the authority conferred on the Authorised Dealers by or under the Exchange Control Manual or the Authorised Dealer's Circular or Circulars, as the case may be, or the Reserve Bank of India's approval number and date for reduction.<\/p>\n 4. Space for use by Reserve Bank of India<\/p>\n 83<\/p>\n Website<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n pecify)<\/p>\n 9. Type of software exported (Please mark on the appropriate box on the left side).<\/p>\n (a) Computer Software<\/p>\n RBI Code<\/p>\n Data Entry jobs and Conversion<\/p>\n 9 0 6<\/p>\n 84<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Software Data Processing<\/p>\n 9 0 7<\/p>\n Software Development<\/p>\n Software Product, Packages<\/p>\n 9 0 8<\/p>\n Others (Please specify)<\/p>\n 9 0 9<\/p>\n (b) Other Software<\/p>\n Video\/TV Software<\/p>\n 9 1 0<\/p>\n Others (Please specify)<\/p>\n 9 1 1<\/p>\n 10. Analysis of Export Value<\/p>\n Currency<\/p>\n Amount<\/p>\n (a) Full export value of which :-<\/p>\n i) Net value of exports without transmission charges<\/p>\n ii) Transmission charges included in invoice<\/p>\n (b) Transmission charges (if payable separately by the overseas client)<\/p>\n (c) Deduct: Agency commission, at the rate of ……. %<\/p>\n (d) Any other deductions as permitted by RBI (please specify)<\/p>\n (e) Amount to be realised [(a+b) – (c+d)]<\/p>\n 11. How export value will be realised (mode of realization) (Please mark<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n alculation of royalty amount (Enclose copy of communication from the foreign customer)<\/p>\n 15. Name and address of designated Authorised Dealer in India through whom payment has been received\/to be received A.D. Code No.<\/p>\n 86<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n SECTION -C<\/p>\n 16. Declaration by exporter<\/p>\n I\/We hereby declare that I\/we am\/are the seller of the software in respect of which this declaration is made and that the particulars given above are true and that the value to be received from the buyer represents the export value contracted and declared above. I\/we also declare that the software has been developed and exported by using Authorised and legitimate datacom links.<\/p>\n I\/We undertake that I\/we will deliver to the bank named above the foreign exchange representing the full value of the software exported as above on or before (i.e. within six months from the date of invoice\/date of last invoice raised during a month), in the manner s<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e Software Packages\/Products exported)<\/p>\n DUPLICATE<\/p>\n FORM NO: AB<\/p>\n 1. Name and address of the exporter<\/p>\n 2. STPI Centre within whose jurisdiction the unit is situated<\/p>\n 3. Import-Export Code Number<\/p>\n 4. Category of exporter : STP\/EHTP\/EPZ\/SEZ\/100% EOU\/DTA unit<\/p>\n 5. Buyer's name and address including country and their relationship with exporting unit (if any)<\/p>\n 6. Date and Number of Invoice<\/p>\n Yes<\/p>\n No<\/p>\n 7.<\/p>\n a) Whether export contract\/ purchase order already registered with STPI. (If 'No', please attach copy of the contract\/purchase order)<\/p>\n b. Does contract stipulate payment of royalty<\/p>\n Yes<\/p>\n No<\/p>\n SECTION – A (For exports through data communication link)<\/p>\n 8. Name of Authorised datacom STPI\/VSNL\/DOT\/Internet\/Others service provider<\/p>\n (Please specify)<\/p>\n 9. Type of software exported (Please mark on the appropriate box on the left side).<\/p>\n (a) Computer Software<\/p>\n RBI Code<\/p>\n 88<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n Data En<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ress of Authorised Dealer<\/p>\n b) Authorised Dealer Code No.<\/p>\n Authorised Dealer (c) Any other arrangement a) Name and address of including transfer\/ remittance to bank to bank account maintained overseas (Please specify)<\/p>\n b) Authorised Dealer Code No.<\/p>\n SECTION – B (For receipt of Royalty on Software Packages\/Products exported)<\/p>\n 12. Details of Software Package(s)\/ Product(s) exported<\/p>\n (a) Date of export<\/p>\n (b) GR\/SDF\/PP\/SOFTEX Form No. on which exports were declared<\/p>\n (c) Royalty agreement details<\/p>\n %age and amount of royalty<\/p>\n Period of royalty agreement (Enclose copy of Royalty agreement, if not already registered)<\/p>\n How royalty value will be realised (as defined in Royalty agreement)<\/p>\n Calculation of royalty amount<\/p>\n (Enclose copy of communication from the foreign customer)<\/p>\n 13.<\/p>\n 14.<\/p>\n 90 Email : tradedivisionexport@rbi.org.in<\/p>\n Website : www.fema.rbi.org.in<\/p>\n 15. Name and address of designated Authorised Dealer in India through whom payment has been received<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n of communication from foreign customer [14]<\/p>\n Space for use of the competent authority (i.e. STPI\/FTZ\/EPZ\/SEZ) on behalf of Ministry of Information Technology<\/p>\n Certified that the software described above was actually transmitted and the export\/royalty value declared by the exporter has been found to be in order and accepted by us.<\/p>\n Place: Date:<\/p>\n (Signature of Designated Official of STPI\/FTZ\/EPZ\/SEZ on behalf of Ministry of Information Technology)<\/p>\n Stamp<\/p>\n Name:<\/p>\n Designation:<\/p>\n 91<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n Website : www.fema.rbi.org.in<\/p>\n For Authorised Dealer's use only<\/p>\n Certificate by Authorised Dealer<\/p>\n AD's Uniform Code No<\/p>\n The SOFTEX Form included in the ENC statement sent to the Reserve Bank with the 'R' Return (NOSTRO\/VOSTRO) for the period ending<\/p>\n sent on<\/p>\n ( Currency name )<\/p>\n We certify and confirm that we have received the total amount of. (Currency) (Amount)<\/p>\n as under being the proceeds of exports declared on this form.<\/p>\n Date of R<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n urisdiction the unit is situated<\/p>\n 3. Import-Export Code Number<\/p>\n 4. Category of exporter : STP\/EHTP\/EPZ\/SEZ\/100% EOU\/DTA unit<\/p>\n 5. Buyer's name and address including country and their relationship with exporting unit (if any)<\/p>\n 6. Date and Number of Invoice<\/p>\n Yes<\/p>\n 7. a) Whether export contract\/ purchase order already registered with STPI. (If 'No', please attach copy of the contract\/purchase order)<\/p>\n No<\/p>\n b) Does contract stipulate payment of royalty<\/p>\n Yes<\/p>\n No<\/p>\n SECTION – A (For exports through data communication link)<\/p>\n 8. Name of Authorised datacom service provider TPI\/VSNL\/DOT\/Internet\/Others<\/p>\n (Please specify)<\/p>\n 93<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n 9. Type of software exported (Please mark on the appropriate box on the left side).<\/p>\n (a) Computer Software<\/p>\n RBI Code<\/p>\n Data Entry jobs and Conversion Software Data Processing<\/p>\n 906<\/p>\n Software Development<\/p>\n 907<\/p>\n Software Product, Packages<\/p>\n 908<\/p>\n Others (Plea<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Authorised Dealer including transfer\/ remittance to bank account maintained overseas(Please specify)<\/p>\n b) Authorised Dealer Code No.<\/p>\n SECTION – B (For receipt of Royalty on Software Packages\/Products exported)<\/p>\n 12. Details of Software Package(s)\/ Product(s) exported<\/p>\n (a) Date of export<\/p>\n (b) GR\/SDF\/PP\/SOFTEX Form No. on which exports were declared<\/p>\n (c) Royalty agreement details<\/p>\n %age and amount of royalty<\/p>\n Period of royalty agreement (Enclose copy of Royalty agreement, if not already registered)<\/p>\n 13. How royalty value will be realized (as defined in Royalty agreement)<\/p>\n 14. Calculation of royalty amount (Enclose copy of communication from the foreign customer)<\/p>\n 15. Name and address of designated Authorised Dealer in India through whom payment has been received\/to be received A.D. Code No.<\/p>\n 95<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n SECTION -C<\/p>\n 16. Declaration by exporter<\/p>\n I\/We hereby declare that I\/we am\/are the seller of<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Technology<\/p>\n Certified that the software described above was actually transmitted and the export\/royalty value declared by the exporter has been found to be in order and accepted by us.<\/p>\n Place:<\/p>\n Date:<\/p>\n (Signature of Designated Official of STPI\/FTZ\/EPZ\/SEZ on behalf of Ministry of Information Technology)<\/p>\n Stamp<\/p>\n Name:<\/p>\n Designation:<\/p>\n 96<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n Annex- 3<\/p>\n Notification No.FEMA 14 \/2000-RB dated 3rd May 2000<\/p>\n In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following regulations in respect of the manner of receipt and payment in foreign exchange, namely:<\/p>\n 1. Short title and commencement :-<\/p>\n i) These Regulations may be called the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000.<\/p>\n ii) They shall come into effect on 1st day of June, 2000.<\/p>\n 2. Definitions :-<\/p>\n In these Regula<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n or by way of reimbursement from his branch or correspondent outside India against payment for export from India, or against any other payment, shall be as mentioned below:<\/p>\n 97<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n Group Manner of receipt of foreign exchange<\/p>\n (1) member countries in the Asian Clearing Union (except Nepal)namely, Bangladesh Islamic Republic of Iran , Myanmar ,Pakistan and SriLanka a) payment for all eligible current transactions by debit to the Asian Clearing Union dollar account in India of a bank of the member country in which the other party to the transaction is resident or by credit to the Asian Clearing Union dollar account of the authorised dealer maintained with the correspondent bank in the member country; and b) payment in any permitted currency in all other cases<\/p>\n (2) all countries other than those mentioned in (1). a) payment in rupees from the account of a bank situated in any country other than a member country<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n r or an authorised bank in India ;<\/p>\n iii) in rupees from the credit card servicing bank in India against the charge slip signed by the buyer where such payment is made by the buyer through a<\/p>\n 98<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n credit card ;<\/p>\n iv) from a rupee account held in the name of an Exchange House with an authorised dealer if the amount does not exceed two lakh rupees per export transaction ;<\/p>\n v) in accordance with the directions issued by the Reserve Bank to authorised dealers, where the export is covered by the arrangement between the Central Government and the Government of a foreign country or by the credit arrangement entered into by the EXIM Bank with a financial institution in a foreign state;<\/p>\n vi) in the form of precious metals i.e. gold\/silver\/platinum equivalent to value of jewellery exported by Gems and Jewellery units in Special Economic Zones and Export Oriented Units on the condition that the sale contract provi<\/p>\n = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n all countries other than those mentioned in (1). a) payment in rupees from the account of a bank situated in any country other than a member country of Asian Clearing Union or Nepal or Bhutan; or<\/p>\n 99<\/p>\n Website : www.fema.rbi.org.in<\/p>\n Email : tradedivisionexport@rbi.org.in<\/p>\n b) payment in any permitted currency.<\/p>\n ” (1 A) In respect of imports into India from Myanmar, payment may be made in any freely convertible currency or through ACU Mechanism to Myanmar”<\/p>\n (2) In respect of import into India,<\/p>\n a) where the goods are shipped from a member country of Asian Clearing Union (other than Nepal) but the supplier is resident of a country other than a member country of Asian Clearing Union, payment may be made in a manner specified for countries in Group (2) of Regulation 5 ;<\/p>\n b) in all other cases, payment shall be made in a currency appropriate to the country of shipment of goods.<\/p>\n 6. Manner of Payment in certain cases :-<\/p>\n Notwithstanding anything contained in Regulation 5 –\n<\/p>\n = = = = = = = =<\/p>\n
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\n 30<\/p>\n
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\n 30<\/p>\n
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\n Shipments Lost in Transit. 43<\/p>\n
\n Agency Commission on Exports 44<\/p>\n
\n Refund of Export Proceeds 45<\/p>\n
\n Exporters' Caution List 46<\/p>\n
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