TMI BlogMaster Circular on Export of Goods and Services ((Updated on August 28, 2015)X X X X Extracts X X X X X X X X Extracts X X X X ..... uidance. The Authorised Persons and the Authorised Dealer Category I banks may refer to respective circulars/ notifications for detailed information, if so needed. Yours faithfully, (A.K.Pandey) 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 Realization 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Certification for EEFC Credits C.8 Consolidation of Air Cargo/ Sea Cargo C.9 Delay in submission of shipping documents by exporters C.10 Return of Documents to Exporters C.11 Handing Over Negotiable Copy of Bill of Lading to Master of Vessel / Trade Representative C.12 Export Bills Register C.13 Follow-up of Overdue Bills C.14 Reduction in Invoice Value on Account of Prepayment of Usance Bills C.15 Reduction in Invoice Value in other cases C.16 Export Claims C.17 Change of buyer/consignee C.18 Extension of Time C.19 Write-off of export bills C.20 Write off in cases of Payment of Claims by ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d May 3, 2000, as amended from time to time (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. (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 2.52 of the Foreign Trade Policy (2015-2020) - All export contracts and invoices shall be denominated either in freely convertible currency or Indian rupees but export proceeds shall be realized in freely convertible currency. However, export proceeds against specific exports may also be realized 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 Asian Clearing Union (ACU) or Nepal or Bhutan. Indian Rupee is not a freely convertible currency, as yet. (vi) Any reference to the Reserve Bank should f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e released by the AD Category I banks only on receipt of funds 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/ organization 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as and when advised to do so. i. Each NOSTRO collection account should be subject to reconciliation and audit on a quarterly basis. j. Resolution of all payment related complaints of exporters 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 trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here the proceeds have to be realized, the name of the declared third party should appear in the XOS; f. In case of shipments being made to a country in Group II of Restricted Cover Countries, (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 Realization and Repatriation of proceeds of export of goods / software / services It is obligatory on the part of the exporter to realize 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r may open, hold and maintain foreign currency account with a bank outside or in India, subject to the standard terms and conditions in the Memorandum PEM. B.5 Diamond Dollar Account (DDA) (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 / colored gemstones / diamond and colored 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, Mumb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of either a Resident Foreign Currency Account (Domestic) or a Diamond Dollar Account (DDA). (vi) 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. (vii) 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. (viii) 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. B.7 Setting up of Offic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ives 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 execution of long term supply contracts for export of goods subject to the conditions as under: (i) Firm irrevocable supply orders and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds 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 shipment should be routed through the same authorised dealer bank; and (viii) In the event of the exporter's inability to make the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality (i) In order to facilitate re-export of unsold rough diamonds imported on free of cost basis at SNZ, it is clarified that the unsold rough diamonds, when re-exported from the SNZ (being an area within the Customs) without entering the Domestic Tariff Area (DTA), do not require any EDF formality. (ii) Entry of co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om 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. (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. (iv) In case the goods are exported on consignment basis, freight and marine insurance must be arranged in India. (v) AD Category I banks may allow the exporters to abandon the books, which remain unsold at the expiry of the period of the sale contract. Accordingly, the exporters may show the value of the unsold books as deduction from the export proceeds in the Account Sales. B.14 Opening / Hiring of Ware houses 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 ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nk for a period of at least six months. (iii) The exporter s account with the AD Category I bank is fully compliant with the Reserve Bank s extant KYC / AML guidelines. (iv) The AD Category I bank is satisfied about the bona-fides of the transaction. (v) In case of doubt, the AD Category I bank may consider filing Suspicious Transaction Report (STR) with FIU_IND (Financial Intelligence Unit in India). B.16 Invoicing of Software Exports (i) For long duration contracts involving series of transmissions, the exporters should bill their overseas clients periodically, i.e., at least once a month or on reaching the milestone as provided in the contract entered into with the overseas client and the last invoice / bill should be raised not later than 15 days from the date of completion of the contract. It would be in order for the exporters to submit a combined SOFTEX form for 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 F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Rules and Regulations made there under. (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. (iii) No fund based/or non-fund based facilities would be permitted against the balances in the Escrow Account. (iv) Application for permission for opening an Escrow Account may be made by the overseas exporter / organization through his / their AD Category I bank to the Regional Office concerned of the Reserve Bank. B.19 Export of Goods on Lease, Hire, etc. Prior approval of the Reserve Bank is required for export of machinery, equipment, etc., on lease, hire basis under agreement with the overseas lessee against collection of lease 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.20 Export on Elongated Credit Terms Exporters intendi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive AD bank / Exim Bank should monitor the projects for which post-award approval has been granted by them. (iii) The stipulation of time limit of 30 days for the exporter undertaking Project Exports and Service contracts abroad to submit form DPX1/ PEX-1 /TCS-1 to the Approving Authority (AA) for seeking post award approval will not apply henceforth. (iv) In order to provide greater flexibility to project service exporters in conducting their overseas transactions, facilities have been provided as under: (a) Inter-Project Transfer of Machinery The stipulation regarding recovery of market value (not less than book value) of the machinery, etc., from the transferee project has been withdrawn. Further, exporters may use the machinery / equipment for performing any other contract secured by them in any country subject to the satisfaction of the sponsoring AD Category I bank(s) / 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 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. B.25 Export factoring on non-recourse basis Taking into account the recommendation made by the Technical Committee on Facilities and Services to the Exporters (Chairman: Shri G. Padmanabhan), it has been decided to permit AD banks to factor the export receivables on a non-recourse basis, so as to enable the exporters to improve their cash flow and meet their working capital requirements subject to conditions as under: AD banks may take their own business decision to enter into export factoring arrangement on non-recourse basis. They should ensure that their client is not over financed. Accordingly, they may determine the working capital requirement of their clients taking into account the value of the invoices purchased for factoring. The invoices purchased should represent genuine trade invoices. In case the export financing has not been done by the Export Factor, the Export Factor may pass on the net value to the financing bank/ Institution after realising the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redits 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. B.29 Counter Trade Arrangements with Romania 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 within six months from the date of credit to Escrow Accounts allowed to be opened. PART 3 C. Operational Guidelines for AD Category I banks C.1 Citing of Specific Identification Numbers In all applications / correspondence with the Reserve Bank, the specific identification number as available on the EDF and SOFTEX forms should invariably be cited. C.2 EDF/SOFTEX procedure In terms of Regulation 6 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 notified vide Notification No. FEMA.23/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ipation or under rupee credit agreement, the number and date of the Reserve Bank approval and/or number and date of the relative RBI circular should be recorded at the appropriate place on the EDF form. (xii) Where Duplicate copy of EDF form is misplaced or lost, AD Category I banks may accept another copy of duplicate EDF form duly certified by Customs. Note: EDF Form numbers are now made available on-line on the Reserve Bank s website www.rbi.org.in. (Link: - Notification FEMA Forms Foreign Exchange Management Act Forms for Printing of EDF/Softex Form No) (xiii) Postal Authorities will allow export of goods by post only if the original copy of the form has been countersigned by an AD Category I bank. Therefore, EDF forms which involve sending goods by post should be first presented by the exporter to an AD Category I bank for countersignature. The procedure is as under: (a) The AD Category I banks will countersign the forms after ensuring that the parcel is being addressed to their branch or correspondent bank in the country of import and return the original copy to the exporter, who should submit the form to the post office with the parcel. (b) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f catch may be indicated in the column for Date of Shipment with suitable remarks. (c) Bill of Lading / Receipt of Trans-shipment issued by the carrier vessel should include the EDF Number. (d) The EDF should be duly supported by a certificate from an international cargo surveyor. (e) The prescribed period of realization and repatriation should be reckoned with reference to the date of transfer of catch as certified by the Master of the Vessel or the date of the invoice, whichever is earlier. (f) The EDF, both original and duplicate, should indicate the number and date of Letter of Permit issued by Ministry of Agriculture for operation of the vessel. (g) The exporter will complete the EDF in duplicate and both the copies may be submitted to the Customs at the registered port of the vessel or any other port as approved by Ministry of Agriculture. EDF (Original) will be retained by the Customs for capturing of data in Customs Electronic Data Interchange. (h) Customs will give their running serial number on both the copies of EDF and will return the duplicate copy to the exporter as the value certification of the export has already been done as mentioned above. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tails. Software companies will submit all the documents on demand to STPI within 30 days of their advice or any reasonable/extended time at the discretion of the Director, STPI, at the request from the exporter. STPI will thus certify the statement and SOFTEX forms in bulk on the Top Sheet regarding the values etc. and will thereafter forward the first copy of the revised SOFTEX format to the concerned Regional Office of RBI, the duplicate copy along with bulk statement in excel format to Authorised Dealers for negotiation / collection / settlement, the third copy to the exporter and the last copy will be retained by STPI for its own record. Under the revised procedure, the exporters, however, will have to provide information about all the invoices including the ones lesser than US$25000, in the bulk statement in excel format. [The revised procedure for submission of the SOFTEX form and other relevant documents are detailed in the Annex 4] The procedure has been effective at all STPIs and SEZs / EPZs / 100%EOU / DTA since 1.1.2013. (ii) A common SOFTEX Form (Annex 3) has been devised to declare single as well as bulk software exports. (iii) Reserve Bank of India has ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovides for acceptance of FCR as a shipping document in lieu of bill of lading. However, the acceptance of such FCR for purchase/discount would purely be the credit decision of the bank concerned who, among others, should satisfy itself about the bona fides of the transaction and the track record of the overseas buyer and the Indian supplier since FCRs are not negotiable documents. It would be advisable for the exporters to ensure due diligence on the overseas buyer, in such cases. C.9 Delay in submission of shipping documents by exporters In cases where exporters present documents pertaining to exports after the prescribed period of 21 days from date of export, AD Category I banks may handle them without prior approval of the Reserve Bank, provided they are satisfied with the reasons for the delay. C.10 Return of Documents to Exporters The duplicate copies of EDF and shipping documents, once submitted to the AD Category I banks for negotiation, collection, etc., should not ordinarily be returned to exporters, except for rectification of errors and resubmission. C.11 Handing Over Negotiable Copy of Bill of Lading to Master of Vessel/Trade Representative AD Cat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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. C.15 Reduction in Invoice Value in other cases (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 may approve such reduction, if satisfied about genuineness of the request, provided: (a) The reduction does not exceed 25 per cent of invoice value: (b) It does not relate to export of commodities subject to floor price stipulations The exporter is not on the exporters caution list of the Reserve Bank, and (c) The exporter is advised to surrender proportionate export incentives availed of, if any. (ii) In the case of exporters who have been in the export business for more than three years, reduction in invoice value may be allowed, without any percentage ceiling, subject to the above conditions as also subject to their track record being satisfactory, i.e., the export outstanding do not exce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. However, where extension of time has been granted by the AD Category I banks, the date up to which extension has been granted may be indicated in the Remarks column. (f) In cases where the exporter has filed suits abroad against the buyer, extension may be granted irrespective of the amount involved / outstanding. (ii) In cases where an exporter has not been able to realize proceeds of a shipment made within the extended period for reasons beyond his control, but expects to be able to realize proceeds if further extension of the period is allowed to him, as well as in respect 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. C.19 Write off of export bills (i) An exporter who has not been able to realize the outstanding export dues despite best efforts, may either self-write off or 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 unrealized portion subject to the ful ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ized consequent on dishonor of the bills by the overseas buyer and there are no prospects of realization. (iv) The exporter has surrendered proportionate export incentives (for the cases not covered under A. P. (DIR. Series) Circular No.03 dated July 22, 2010), if any, availed of in respect of the relative shipments. The AD Category I banks should obtain documents evidencing surrender of export incentives availed of before permitting the relevant bills to be written off. (v) In case of self-write-off, the exporter should submit to the concerned AD bank, a Chartered Accountant s certificate, indicating the export realization in the preceding calendar year and also the amount of write-off already availed of during the year, if any, the relevant EDF to be written off, Bill No., invoice value, commodity exported, country of export. The CA certificate may also indicate that the export benefits, if any, availed of by the exporter have been surrendered. (vi) However, the following would not qualify for the write off facility: (a) Exports made to countries with externalization problem i.e. where the overseas buyer has deposited the value of export in local currency but the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich 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. (ii) 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 EDF only after the amount has been collected. (iii) A certificate for the amount of claim received should be furnished on the reverse of the duplicate copy. (iv) AD Category I banks should ensure that amounts of claims on shipments lost in transit which are partially settled directly by shipping companies/airlines under carrier s liability abroad are also repatriated to India by exporters. C.23 Netting off of export receivables against import payments Units in Special Economic Zones (SEZs) AD Category - I banks may allow requests received from exporters for netting off of export receivables against import payments for units located in Special Economic Zones subject to the following: (i) The netting off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons as under: (a) Amount of commission has been declared on EDF/SOFTEX form and accepted by the Customs authorities or Ministry of Information Technology, Government of India / EPZ authorities as the case may be. In cases where the commission has not been declared on EDF/SOFTEX form, remittance may be allowed after satisfying the reasons adduced by the exporter for not declaring commission on Export Declaration Form, provided a valid agreement/written understanding between the exporters and/or beneficiary for payment of commission exists. (b) The relative shipment has already been made. (ii) AD Category I banks may allow payment of commission by Indian exporters, in respect of their exports covered under counter trade arrangement through Escrow Accounts designated in US Dollar, subject to the following conditions: (a) The payment of commission satisfies the conditions as at (a) and (b) stipulated in paragraph (i) above. (b) The commission is not payable to Escrow Account holders themselves. (c) The commission should not be allowed by deduction from the invoice value. (iii) Payment of commission is prohibited on exports made by Indian Partners towards equity p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Circular No. Subject Date 1 A.D. (MA Series) Circular No.15 May 31, 1993 2 A.P. (DIR Series) Circular No.12 Foreign Exchange Management Act 1999 Export of Goods and Services September 9, 2000 3 A.P.(DIR Series) Circular No.6 Exchange Earners' Foreign Currency (EEFC) Account Scheme August 14,2000 4 A.P.(DIR Series) Circular No.16 Exchange Earners' Foreign Currency (EEFC) Account Scheme October 10, 2000 5 A.P.(DIR Series) Circular No.17 Barter Trade with Myanmar under the Indo-Myanmar Border Trade Agreement October 16, 2000 6 A.P.(DIR Series) Circular No.23 Foreign Exchange Management Act, 1999 - Returns and Statements December 30, 2000 7 A.P.(DIR Series) Circular No.27 Foreign Exch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2002 21 A.P. (DIR Series) Circular No.53 Use of Credit Cards AP (DIR Series) Circular No.53 (June 27, 2002) June 27, 2002 22 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 23 A.P. (DIR Series) Circular No.2 Export of Goods and Services July 4, 2002 24 A.P. (DIR Series) Circular No.10) Export of Goods and Services Facilities to units in Special Economic Zones (SEZs August 14, 2002 25 A.P. (DIR Series) Circular No.11 Exchange Earners Foreign Currency (EEFC) Account Scheme Amendment August 14, 2002 26 A.P. (DIR Series) Circular No.12 Export of Goods and Services August 28, 2002 27 A.P. (DIR Series) Circular No.21 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... May 2, 2003 40 A.P. (DIR Series) Circular No.104 Foreign Exchange Management Act, 1999 Liberalization May 31, 2003 41 A.P. (DIR Series) Circular No.105 Supply of goods by Special Economic Zones (SEZs) to Units in Domestic Tariff Area (DTA) against payment in foreign exchange June 16, 2003 42 A.P. (DIR Series) Circular No.8 Foreign Exchange Management Act, 1999 August 16, 2003 43 A.P. (DIR Series) Circular No.12 Export of Goods and Services August 20, 2003 44 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 45 A.P. (DIR Series) Circular No.22 Export of Goods and Services - Payment of Claims by ECGC September 24, 2003 46 A.P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... November 1, 2004 60 A.P. (DIR Series) Circular No.28 Indo-Myanmar Trade - Relaxation from ACU Mechanism November 19, 2004 61 A,P. (DIR Series) Circular No.21 Export of Goods and Services - Liberalization - GR Approval for export January 10, 2006 62 A.P. (DIR Series) Circular No.31 Export of Goods and Services Extension of period of realization April 21, 2006 63 A.P. (DIR Series) Circular No.32 Remittance of initial and recurring expenses for Branch offices opened abroad April 21, 2006 64 A.P. (DIR Series) Circular No.15 Exchange Earner's Foreign Currency (EEFC) Account-Liberalization of Procedure November 30, 2006 65 A.P. (DIR Series) Circular No.18 Establishment of Offices Abroad December 4, 2006 66 A.P. (DIR Series) Circ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Realization and Repatriation of export Proceeds - Liberalization June 30, 2009 80 A.P (DIR Series) Circular No.13 Opening of Diamond Dollar Accounts (DDAs) - Modification October 29, 2009 81 A.P. (DIR Series) Circular No.14 Maldives Monetary Authority now ACU Member October 30, 2009 82 A.P. (DIR Series) Circular No.52 Foreign Exchange Management Act (FEMA), 1999 - Current Account Transactions - Liberalization May 13, 2010 83 A.P. (DIR Series) Circular No.57 Export of Goods and Software - Realization and Repatriation of Export proceeds - Liberalization June 29, 2010 84 A.P. (DIR Series) Circular No.03 Export of Goods and Services - Unrealized export bills Write-off - Surrender of export incentives July 22, 2010 85 A.P. (DIR Series) Circular No.17 Processing and Settlement of E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vices - Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year February 21, 2012 98 A.P. (DIR Series) Circular No.84 Compilation of R-Returns : Reporting under FETERS February 29, 2012 99 A.P. (DIR Series) Circular No.92 Opening of Diamond Dollar Accounts (DDAs) Change in periodicity of the reporting March 13, 2012 100 A.P. (DIR Series) Circular No.98 Discontinuation of Supplying Printed GR forms by Reserve Bank March 30, 2012 101 A.P. (DIR Series) Circular No.124 Exchange Earner's Foreign Currency (EEFC) Account May 10, 2012 102 A.P. (DIR Series) Circular No.128 Exchange Earner s Foreign Currency Account May 16, 2012 103 A.P. (DIR Series) Circular No.08 Exchange Earner's Foreign Currency Account July 18, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 115 A.P. (DIR Series) Circular No.14 Export of Goods and Software Realization and Repatriation of export proceeds Liberalization July 22, 2013 116 A.P. (DIR Series) Circular No.43 Export of Goods and Services - Simplification and Revision of Declaration Form for Exports of Goods/Software September 13, 2013 117 A.P. (DIR Series) Circular No.51 Export of Goods and Services - Project Exports September 20, 2013 118 A.P. (DIR Series) Circular No.60 Export Outstanding Statement (XOS) Online Bank wide Submission October 01, 2013 119 A.P. (DIR Series) Circular No.62 Closing of Old Outstanding Bills : Export - Follow-up - XOS Statements October 14, 2013 120 A.P. (DIR Series) Circular No.63 Memorandum of Procedure for Channeling Transactions through Asian Clearing Union (ACU) October 18, 2013 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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