Home Acts & Rules FEMA Regulation Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 This
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Regulation 9 - Period within which export value of goods/software/ services to be realised - Foreign Exchange Management (Export of Goods and Services) Regulations, 2015Extract 9. Period within which export value of goods/software/ services to be realised:- (1) The amount representing the full export value of goods / software/ services exported shall be realised and repatriated to India within 1 [ nine months or within such period as may be specified by the Reserve Bank, in consultation with the Government, from time to time ] from the date of export, provided (a) that where the goods are exported to a warehouse established outside India with the permission of the Reserve Bank, the amount representing the full export value of goods exported shall be paid to the authorised dealer as soon as it is realised and in any case within 2 [ fifteen months or within such period as may be specified by the Reserve Bank, in consultation with the Government, from time to time ] from the date of shipment of goods; (b) further that the Reserve Bank, or subject to the directions issued by that Bank in this behalf, the authorised dealer may, for a sufficient and reasonable cause shown, extend the 3 [ said period ] . (2) (a) Where the export of goods / software / services has been made by Units in Special Economic Zones (SEZ) /Status Holder exporter / Export Oriented Units (EOUs) and units in Electronics Hardware Technology Parks (EHTPs), Software Technology Parks (STPs) and Bio-Technology Parks (BTPs) as defined in the Foreign Trade 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 1 [ nine months or within such period as may be specified by the Reserve Bank, in consultation with the Government, from time to time ] from the date of export. Provided further that the Reserve Bank, or subject to the directions issued by the Bank in this behalf, the authorised dealer may, for a sufficient and reasonable cause shown, extend the 4 [ said period ] . (b) The Reserve Bank may for reasonable and sufficient cause direct that the said exporter/s shall cease to be governed by sub-regulation (2); Provided that no such direction shall be given unless the unit has been given a reasonable opportunity to make a representation in the matter. (c) On such direction, the said exporter/s shall be governed by the provisions of sub-regulation (1), until directed otherwise by the Reserve Bank.' Explanation: 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 such export. *************** NOTES:- 1. Substituted vide NOTIFICATION No. FEMA 23(R)/(3)/2020-RB dated 31-03-2020 before it was read as nine months 2. Substituted vide NOTIFICATION No. FEMA 23(R)/(3)/2020-RB dated 31-03-2020 before it was read as fifteen months 3. Substituted vide NOTIFICATION No. FEMA 23(R)/(3)/2020-RB dated 31-03-2020 before it was read as period of nine months or fifteen months, as the case may be 4. Substituted vide NOTIFICATION No. FEMA 23(R)/(3)/2020-RB dated 31-03-2020 before it was read as period of nine months
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