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Master Circular on Exports of Goods and Services (Updated upto May 14, 2015)

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..... ised Persons and the Authorised Dealer Category - I banks may refer to respective circulars/ notifications for detailed information, if so needed. Yours faithfully, (C. D. Srinivasan) Chief General Manager INDEX PART-1 A. Introduction PART 2 B. General guidelines for Exports B.1 Exemption from Declarations B.2 Manner of Receipt and Payment B.3 Realisation and Repatriation of proceeds of export of goods / software / services B.4 Foreign Currency Account B.5 Diamond Dollar Account (DDA) B.6 Exchange Earners Foreign Currency (EEFC) Account B.7 Setting up of Offices Abroad and Acquisition of Immovable Property for Overseas Office B.8 Advance Payments against Exports B.9 EDF Approval for Trad .....

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..... t for Scrutiny of Forms C.11 Return of Documents to Exporters C.12 Handing Over Negotiable Copy of Bill of Lading to Master of Vessel / Trade Representative C.13 Export Bills Register C.14 Follow-up of Overdue Bills C.15 Reduction in Invoice Value on Account of Prepayment of Usance Bills C.16 Reduction in Invoice Value in other cases C.17 Export Claims C.18 Change of buyer/consignee C.19 Extension of Time C.20 Write-off of export bills C.21 Write off in cases of Payment of Claims by ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority (IRDA) C.22 Write-off - Relaxation C.23 Shipment Lost in Transit C.24 Netting off .....

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..... y 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. (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 invoices shall be denominated either in freely convertible currency or in Indian Rupees but export proceeds shall be realised in freely convertible currency. However, export proceeds against specific exports may also be realised in rupees provided it is through a freely convertible Vostro account of a non-resident bank situated in any country, other than a member country of the ACU or Nepal or Bhutan . Indian Rupee is not a freely convertible currency, as yet. (vi) Any reference to the Reserve Bank should first be made to the Regional Office of the Foreign Exchange Department situated in the jurisdiction where the applicant person resides, or the firm / company functions, unless otherwise indica .....

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..... rtificate 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. (ii) Trade transactions can also be settled in the following manner: 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. b. In precious metals i.e. Gold / Silver / Platinum by the Gem Jewellery units in SEZs and EOUs, equivalent to value of jewellery exported on the condition that the sale contract provides for the same and the approximate value of the precious metals is indicated in the relevant EDF Forms. (iii) Processing of export related receipts through Online Payment Gateway Service Providers (OPGSPs) Authorised D .....

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..... xporters in India shall remain the responsibility of the OPGSP concerned. 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. (iv) Settlement System under ACU Mechanism 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. Accordingly, the Asian Monetary Unit (AMU) shall be denominated as 'ACU Dollar' and 'ACU Euro' which shall be equivalent in value .....

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..... ries, (e.g. Sudan, Somalia, etc.), payments for the same may be received from an Open Cover Country; and g. In case of imports, the Invoice should contain a narration that the related payment has to be made to the (named) third party, the Bill of Entry should mention the name of the shipper as also the narration that the related payment has to be made to the (named) third party and the importer should comply with the related extant instructions relating to imports including those on advance payment being made for import of goods. B.3 Realisation and Repatriation of proceeds of export of goods / software / services It is obligatory on the part of the exporter to realise and repatriate the full value of goods / software / services to India within a stipulated period from the date of export, as under: (i) It has been decided in consultation with the Government of India that the period of realization and repatriation of export proceeds shall be nine months from the date of export for all exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs BTPs until further notice . (ii) Goods exported to a warehouse established outside India: As soo .....

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..... (i) Under the scheme of Government of India, firms and companies dealing in purchase / sale of rough or cut and polished diamonds / precious metal jewellery plain, minakari and / or studded with / without diamond and / or other stones, with a track record of at least 2 years in import / export of diamonds / coloured gemstones / diamond and coloured gemstones studded jewellery / plain gold jewellery and having an average annual turnover of ₹ 3 crores or above during the preceding three licensing years (licensing year is from April to March) are permitted to transact their business through Diamond Dollar Accounts. (ii) They may be allowed to open not more than five Diamond Dollar Accounts with their banks. (iii) Eligible firms and companies may apply for permission to their AD Category I banks in the format prescribed. (iv) AD Category-I banks are required to submit quarterly reports to the Foreign Exchange Department, Reserve Bank of India, Central Office, Trade Division, Mumbai, giving details of name and address of the firm / company in whose name the Diamond Dollar Account is opened, along with the date of opening / closing the Diamond Dollar Account, by the 10t .....

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..... ccount. (iv) It may be noted that the provisions at paragraph (iv) a) and (iv) b) above will apply, mutatis mutandis, also to holder of either a Resident Foreign Currency Account (Domestic) or a Diamond Dollar Account (DDA). (v) The eligible credits represent a. inward remittance received through normal banking channel, other than the remittance received pursuant to any undertaking given to the Reserve Bank or which represents foreign currency loan raised or investment received from outside India or those received for meeting specific obligations by the account holder. b. Payments received in foreign exchange by a unit in Domestic Tariff Area (DTA) for supplying goods to a unit in Special Economic Zone out of its foreign currency account. (vi) AD Category I banks may permit their exporter constituents to extend trade related loans / advances to overseas importers out of their EEFC balances without any ceiling subject to compliance of provisions of Notification No. FEMA 3/2000-RB dated May 3, 2000 as amended from time to time. (vii) AD Category I banks may permit exporters to repay packing credit advances whether availed in Rupee or in foreign currency from b .....

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..... ayments against Exports (1) In terms of Regulation 16 of Notification No. FEMA 23/2000-RB dated May 3, 2000, 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 the shipment of goods is made within one year from the date of receipt of advance payment; the rate of interest, if any, payable on the advance payment does not exceed London Inter-Bank Offered Rate (LIBOR) + 100 basis points; and the documents covering the shipment are routed through the AD Category I bank through whom the advance payment is received. Provided that in the event of the exporter s inability to make the shipment, partly or fully, within one year from the date of receipt of advance payment, no remittance towards refund of unutilized portion of advance payment or towards payment of interest, shall be made after the expiry of the said period of one year, without the prior approval of the Reserve Bank. (2) AD Category- I banks can also allow exporters having a minimum of three years satisfactory track record to receive long term export advance up to a maximum tenor of 10 years to be utilized for exe .....

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..... arantees and Co-acceptances issued by DBOD. (3) AD Category- I banks may allow exporters to receive advance payment for export of goods which would take more than one year to manufacture and ship and where the export agreement provides for shipment of goods extending beyond the period of one year from the date of receipt of advance payment subject to the following conditions:- (i) The KYC and due diligence exercise has been done by the AD Category I bank for the overseas buyer; (ii) Compliance with the Anti-Money Laundering standards has been ensured; (iii) The AD Category-I bank should ensure that export advance received by the exporter should be utilized to execute export and not for any other purpose i.e., the transaction is a bona-fide transaction; (iv) Progress payment, if any, should be received directly from the overseas buyer strictly in terms of the contract; (v) The rate of interest, if any, payable on the advance payment shall not exceed London Inter-Bank Offered Rate (LIBOR) + 100 basis points; (vi) There should be no instance of refund exceeding 10% of the advance payment received in the last three years; (vii) The documents covering the .....

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..... banks the method of disposal of all items exported, as well as the repatriation of proceeds to India. (iv) Such transactions approved by the AD Category I banks will be subject to 100 per cent audit by their internal inspectors/auditors. B.10 EDF approval for Export of Goods for re-imports (i) AD Category I banks may consider request from exporters for granting EDF 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. (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. B.11 Part Drawings /Undrawn Balances (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. .....

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..... abroad AD Category I banks may consider the applications received from exporters and grant permission for opening / hiring warehouses abroad subject to the following conditions: (i) Applicant s export outstanding does not exceed 5 per cent of exports made during the previous financial year. (ii) Applicant has a minimum export turnover of USD 100,000/- during the last financial year. (iii) Period of realisation should be as applicable. (iv) All transactions should be routed through the designated branch of the AD Banks. (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. (vi) AD Category I banks granting such permission/approvals should maintain a proper record of the approvals granted. B.14 Direct dispatch of documents by the exporter 1. 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: (i) Advan .....

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..... all the invoices raised on a particular overseas client, including advance remittances received in a month. (ii) Contracts involving only one-shot operation , the invoice/bill should be raised within 15 days from the date of transmission. (iii) The exporter should submit declaration in Form SOFTEX in quadruplicate in respect of export of computer software and audio / video / television software to the designated official concerned of the Government of India at STPI / EPZ /FTZ /SEZ for valuation / certification not later than 30 days from the date of invoice / 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. (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. B.16 Short Shipments and Shut out Shipments (i) When part of a shipment covered by an EDF already filed with Customs is short-shipped, the exporter must give notice of short-shipment to the .....

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..... rentals/hire charges and ultimate re-import. Exporters should apply for necessary permission, through an AD Category I banks, to the Regional Office concerned of the Reserve Bank, giving full particulars of the goods to be exported. B.19 Export on Elongated Credit Terms Exporters intending to export goods on elongated credit terms may submit their proposals giving full particulars through their banks for consideration to the Regional Office concerned of the Reserve Bank. B.20 Export of goods by Special Economic Zones (SEZs) (i) Units in SEZs are permitted to undertake job work abroad and export goods from that country itself subject to the conditions that: a. Processing / manufacturing charges are suitably loaded in the export price and are borne by the ultimate buyer. b. The exporter has made satisfactory arrangements for realisation of full export proceeds subject to the usual EDF procedure. 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. (ii) Export of Services by Special Economic Zones (SEZs) to DTA Unit. Authorised Dealer Banks are permitted to sell foreign exc .....

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..... / Exim Bank and also subject to the reporting requirement and would be monitored by the AD Category I bank(s) / Exim Bank. (b) Inter-Project Transfer of Funds AD Category I bank(s) / Exim Bank 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. (c) Deployment of Temporary Cash Surpluses Subject to monitoring by the AD Category I bank(s) / Exim Bank, Project / Service exporters may deploy their temporary cash surpluses, generated outside India 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 Standard Poor or P-1/Aaa by Moody s or F1/AAA by Fitch IBCA etc., ,and as deposits with branches / subsidiaries outside India of AD Category I banks in India. (d) Repatriation of Funds in case of On-site Software Contracts The requirement of repatriation of 30 per cent of co .....

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..... s by rail, Customs staff has been posted at certain designated railway stations for attending to Customs formalities. They will collect the EDF for goods loaded at these stations so that the goods may move straight on to the foreign country without further formalities at the border. The list of designated railway stations can be obtained from the Railways. For goods loaded at stations other than the designated stations, exporters must arrange to present EDF to the Customs Officer at the Border Land Customs Station where Customs formalities are completed. B.25 Border Trade with Myanmar This is governed by the Agreement on Border Trade between India and Myanmar. People living along both 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. B.26 Repayment of State Credits Export of goods and services against repayment of state credits granted by erstwhile USSR will continue to be governed by the extant directions issue .....

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..... the Reserve Bank. (vi) Exporters should submit the duplicate copy of the EDF form again to Customs along with the cargo to be shipped. (vii) After examination of the goods and certifying the quantity passed for shipment on the duplicate copy, Customs will return it to the exporter for submission to the AD Category I banks for negotiation or collection of export bills. (viii) Within 21 days from the date of export, exporter should lodge the duplicate copy together with relative shipping documents and an extra copy of the invoice with the AD Category I banks named in the EDF form. (ix) After the documents have been negotiated / sent for collection, the AD Category I banks should report the transaction to the Reserve Bank in statement ENC under cover of appropriate R-Supplementary Return. (x) The duplicate copy of the form together with a copy of invoice etc. shall be retained by the AD Category I banks and may not be submitted to the Reserve Bank. (xi) In the case of exports made under deferred credit arrangement or to joint ventures abroad against equity participation or under rupee credit agreement, the number and date of the Reserve Bank approval and/or n .....

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..... on the EDF form should also be authenticated by the AD Category I banks under his stamp and signature. C.3.2. Mid-Sea Trans-shipment of catch by Deep Sea Fishing Vessels (i) Since deep sea fishing involves continuous sailing outside the territorial limit, trans-shipment of catches takes place in the high sea leading to procedural constraints in regulatory reporting requirement viz. the Declaration of Export in terms of Notification No.FEMA.23/2000/RB dated May 3, 2000. (ii) For mid-sea trans-shipment of catches by Indian owned vessels, as per the norms prescribed by the Ministry of agriculture, Government of India, the EDF declaration procedure in this regard has been rationalized in consultation with the Government of India as outlined below should be followed by the exporter in conformity with Regulation 3 of Notification No.FEMA.23/2000-RB dated May 3, 2000. (a) The exporters may submit the EDF, duly signed by the Master of the Vessel in lieu of Custom Certification, indicating the composition of the catch, quantity, export value, date of transfer of catch, etc. (b) The date of transfer of catch may be indicated in the column for Date of Shipment with suitabl .....

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..... 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. C.5 SOFTEX Forms (i) A software exporter, whose annual turnover is at least ₹ 1000 crore or who files at least 600 SOFTEX forms annually, will be eligible to submit a statement in excel format as per Annexure A, giving all particulars along with quadruplicate set of SOFTEX form to the nearest STPI. STPI will then verify the details and decide on a percentage sample check of the documents in details. Software companies will submit all the documents on demand to STPI .....

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..... al shippers. (b) AD Category I banks may negotiate HAWBs only if the relative letter of credit specifically provides for negotiation of these documents in lieu of Airway Bills issued by the airline company. (ii) Consolidation of Sea Cargo (a) AD Category I banks may accept Forwarder s Cargo Receipts (FCR) issued by IATA approved agents, in lieu of bills of lading, for negotiation / collection of shipping documents, in respect of export transactions backed by letters of credit, if the relative letter of credit specifically provides for negotiation of this document, in lieu of bill of lading even if the relative sale contract with the overseas buyer does not provide for acceptance of FCR as a shipping document, in lieu of bill of lading (b) Further, Authorized Dealers may, at their discretion, also accept FCR issued by Shipping companies of repute/IATA approved agents (in lieu of bill of lading), for purchase/discount/collection of shipping documents even in cases, where export transactions are not backed by letters of credit, provided their 'relative sale contract' with overseas buyer provides for acceptance of FCR as a shipping document in lieu of bill of la .....

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..... ract, on production of documentary evidence after verifying the arithmetical accuracy of the calculations and on conforming the terms of underlying contracts. Some such instances (where the values declared to the customs authorities and that shown on the documents may differ) are enumerated hereunder: (viii) The export realizable value may be more than what was originally declared to/accepted by the Customs on the EDF in certain circumstances such as where in c.i.f. or c. f. contracts, part or whole of any freight increase taking place after the contract was concluded is agreed to be borne by buyers or where as a result of subsequent devaluation of the currency of the contract, buyers have agreed to an increase in price. (ix) In certain lines of export trade, the final settlement of price may be dependent on the results of quality analysis of samples drawn at the time of shipment; but the results of such analysis will become available only after the shipment has been made. Sometimes, 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 fu .....

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..... onal Office concerned of the Reserve Bank stating, where possible, the reason for the delay in realizing the proceeds. (ii) The duplicate copies of EDF/SOFTEX Forms should, continue to be held by AD Category I banks until the full proceeds are realised, except in case of undrawn balances. (iii) AD Category I banks should follow up export outstanding with exporters systematically and vigorously so that action against defaulting exporters does not get delayed. Any laxity in the follow up of realization of export proceeds by AD Category I banks will be viewed seriously by the Reserve Bank, leading to the invocation of the penal provision under FEMA, 1999. (iv) With effect from the half year ending December 2013, half yearly XOS submission should be made online and Bank-wide instead of the present system of branch-wise submission through the respective Regional Offices of Reserve Bank of India C.15 Reduction in Invoice Value on Account of Prepayment of Usance Bills Occasionally, exporters may approach AD Category I banks for reduction in invoice value on account of cash discount to overseas buyers for prepayment of the usance bills. AD Category I banks may allo .....

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..... nths from the date of export. C.19 Extension of Time (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 value of the export subject to the following conditions: (a) The export transactions covered by the invoices are not under investigation by Directorate of Enforcement / Central Bureau of Investigation or other investigating agencies, (b) The AD Category I bank is satisfied that the exporter has not been able to realise export proceeds for reasons beyond his control, (c) The exporter submits a declaration that the export proceeds will be realised during the extended period, (d) While considering extension beyond one year from the date of export, the total outstanding of the exporter does not exceed USD one million or 10 per cent of the average export realizations during the preceding three financial years, whichever is higher. (e) All the export bills outstanding beyond six months from the date of export may be reported in XOS statement. However, where extension of time has be .....

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..... erseas buyer is not traceable over a reasonably long period of time. (c) The goods exported have been auctioned or destroyed by the Port / Customs / Health authorities in the importing country. (d) The unrealized amount represents the balance due in a case settled through the intervention of the Indian Embassy, Foreign Chamber of Commerce or similar Organization; (e) The unrealized amount represents the undrawn balance of an export bill (not exceeding 10% of the invoice value) remaining outstanding and turned out to be unrealizable despite all efforts made by the exporter; (f) The cost of resorting to legal action would be disproportionate to the unrealized amount of the export bill or where the exporter even after winning the Court case against the overseas buyer could not execute the Court decree due to reasons beyond his control; (g) 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 amounts have remained unrealized consequent on dishonour of the bills by the overseas buyer and there are no prospects of realization. (iv) The exporter has surrendered pro .....

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..... 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. (ii) Such write-off will not be restricted to the limit of 10 per cent indicated above. (iii) Surrender of incentives, if any, in such cases will be as provided in the Foreign Trade Policy. (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. C.22 Write-off Relaxation As announced in the Foreign Trade Policy (FTP), 2009-14, with effect from August 27, 2009, realisation of export proceeds shall not be insisted upon under any of the Export Promotion Schemes under the said FTP, subject to the following conditions: (a) The write off on the basis of merits is allowed by the Reserve Bank or by AD Category I bank on behalf of the Reserve Bank, as per extant guidelines; (b) The exporter produces a certificate from the Foreign Mission of India concerned, about the fact of non-recovery of export proceeds from the buyer; and (c) This would not be applicable in self write off cases. (d) The AD Category I banks a .....

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..... export / import transactions with ACU countries are kept outside the arrangement. (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. C.25 Set-off of export receivables against import payables AD category I banks may deal with the cases of set-off of export receivables against import payables, subject to following terms and conditions: (i) The import is as per the Foreign Trade Policy in force. (ii) Invoices/Bills of Lading/Airway Bills and Exchange Control copies of Bills of Entry for home consumption have been submitted by the importer to the Authorized Dealer bank. (iii) Payment for the import is still outstanding in the books of the importer. (iv) Both the transactions of sale and purchase may be reported separately in R Returns. (v) The relative EDF will be released by the AD bank only after the entire export proceeds are adjusted / received. (vi) The set-off of export receivables against import payments should be in respect of the same overseas buyer and supplier and that consent for set-off has been obtained from him. ( .....

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..... exporter a certificate issued by DGFT / Custom authorities that no incentives have been availed by the exporter against the relevant export or the proportionate incentives availed, if any, for the relevant export have been surrendered (iv) Obtain an undertaking from the exporter that the goods will be re-imported within three months from the date of remittance and (v) Ensure that all procedures as applicable to normal imports are adhered to. C.28 Exporters Caution List (i) AD Category I banks will also be advised whenever exporters are cautioned in terms of provisions contained in Regulation 17 of Export Regulations (Annex 2). They may approve EDF of exporters who have been placed on caution list if the exporters concerned produce evidence of having received an advance payment or an irrevocable letter of credit in their favour covering the full value of the proposed exports. (ii) Such approval 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. (iii) AD Category .....

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..... 12 A.P. (DIR Series) Circular No.38 Foreign Exchange Management Act, 1999 Export of goods and services Reduction in value April 12, 2002 13 A.P. (DIR Series) Circular No.53 Use of Credit Cards AP (DIR Series) Circular No.53 (June 27, 2002) June 27, 2002 14 A.P. (DIR Series) Circular No.54 Maintenance of foreign currency account abroad by a company/firm/a body corporate registered or incorporated in India June 29, 2002 15 A.P. (DIR Series) Circular No.2 Export of Goods and Services July 4, 2002 16 A.P. (DIR Series) Circular No.10) Export of Goods and Services Facilities to units in Special Economic Zones (SEZs August 14, 2002 17 A.P. (DIR Series) Circular No.11 Exchange Earners Foreign Currency (EEFC) Account Scheme Amendment August 14, 2002 18 A.P. (DIR .....

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..... Supply of goods by Special Economic Zones (SEZs) to Units in Domestic Tariff Area (DTA) against payment in foreign exchange June 16, 2003 32 A.P. (DIR Series) Circular No.8 Foreign Exchange Management Act, 1999 August 16, 2003 33 A.P. (DIR Series) Circular No.12 Export of Goods and Services August 20, 2003 34 A.P. (DIR Series) Circular No.20 Opening of Foreign Currency Account in India by Project / Service Exporter for Execution of Contract Abroad September 23, 2003 35 A.P. (DIR Series) Circular No.22 Export of Goods and Services - Payment of Claims by ECGC September 24, 2003 36 A.P. (DIR Series) Circular No.26 Export of Goods and Services - Export of Books on Consignment Basis October 3, 2003 37 A.P. (DIR Series) Circular No.30 Export of Goods and Services Octob .....

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..... 32 Remittance of initial and recurring expenses for Branch offices opened abroad April 21, 2006 52 A.P. (DIR Series) Circular No.15 Exchange Earner's Foreign Currency (EEFC) Account-Liberalisation of Procedure November 30, 2006 53 A.P. (DIR Series) Circular No.18 Establishment of Offices Abroad December 4, 2006 54 A.P. (DIR Series) Circular No.26 Liberalisations in Project and Service Exports January 8, 2007 55 A.P. (DIR Series) Circular No.33 Liberalisation of Export and Import procedures February 28, 2007 56 A.P. (DIR Series) Circular No.37 Export of Goods and Services Refund of Export Proceeds - Liberalisation April 5, 2007 57 A.P. (DIR Series) Circular No.13 Exchange Earner's Foreign Currency (EEFC) Account- Liberalisation October 6, 2007 .....

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..... ism Payments for import of Oil or Gas December 23, 2010 71 A.P. (DIR Series) Circular No.31 ACU Mechanism Indo-Iran Trade December 27, 2010 72 A.P. (DIR Series) Circular No.47 Export of Goods and Software Realisation and Repatriation of export proceeds Liberalisation March 31, 2011 73 A.P. (DIR Series) Circular No.15 Exchange Earners Foreign Currency (EEFC) Account and Resident Foreign Currency (RFC) account Joint holder - liberalisation September 15, 2011 74 A.P. (DIR Series) Circular No.35 Processing and Settlement of Export related receipts facilitated by Online Payment Gateways - Enhancement of the value of transaction October 14, 2011 75 A.P. (DIR Series) Circular No.40 Export of Goods and Software Realisation and Repatriation of export proceeds Liberalisation November 01, 2011 76 .....

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..... mplification and Revision of Softex Procedure October 23, 2012 89 A.P. (DIR Series) Circular No.52 Export of Goods and Software Realisation and Repatriation of export proceeds Liberalisation November 20, 2012 90 A.P. (DIR Series) Circular No.66 Export of Goods and Services Simplification and Revision of Softex Procedure at SEZs January 01, 2013 91 A.P. (DIR Series) Circular No.79 Exchange Earner's Foreign Currency Account, Diamond Dollar Account Resident Foreign Currency Domestic Account January 22, 2013 92 A.P. (DIR Series) Circular No.88 Write-off of unrealized export bills Export of Goods and Services Simplification of procedure March 12, 2013 93 A.P. (DIR Series) Circular No.105 Export of Goods and Software Realisation and Repatriation of export proceeds Liberalisation May 20, 2013 94 .....

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