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Manner and Period within which export value of goods/software/ services to be realised - FEMA Ready Reckoner - FEMAExtract Manner or Period within which export value of goods/software/ services to be realised According to section 7 of FEMA, Act read with Regulation 9 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 (1) The amount representing the full export value of goods / software/ services exported shall be realised and repatriated to India within nine months from the date of export 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 fifteen months from the date of shipment of goods 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 ; [sub-clause 1(a)] (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 said period. [sub-clause 1(b)] (2) (a) notwithstanding anything contained in sub-regulation (1), Where the export of goods / software / services has been made by Units in, which is define in Foreign Trade Policy Special Economic Zones (SEZ) / Status Holder exporter / Export Oriented Units (EOUs) and Electronics Hardware Technology Parks (EHTPs), Software Technology Parks (STPs) and Bio-Technology Parks (BTPs) the amount representing the full export value of goods or software shall be realised and repatriated to India within nine months from the date of export 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 said period. [sub-clause 2(a)] Reserve Bank may cease to export goods or software On the reasonable and sufficient cause direct that the said exporter/s shall cease to be governed by sub-regulation (2); the unit has been given a reasonable opportunity to make a representation in the matter. [sub-clause 2(b)] (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.' [sub-clause 2(c)] 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. Manner of payment of export value of goods - Regulation 8 The amount representing the full export value of the goods exported shall be paid through an authorised dealer The payment to be in the manner specified in the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000 as amended from time to time. It should be authorised by the Reserve Bank. Reserve Bank may issue Direction when Delay in Receipt of Payment - Regulation 14 in case where export of goods or software export of which is required to be declared on the specified form and export of services , in respect of which no declaration forms has been made applicable , and the specified period has expired and the payment therefor has not been made as aforesaid, the Reserve Bank may give directions as appear to it to be expedient, any person who has sold the goods or software or who is entitled to sell the goods or software or procure the sale thereof, for the purpose of securing to (a) the payment therefor 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 reimport thereof into India as the circumstances permit, within such period as the Reserve Bank may specify in this behalf ; 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.
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