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Master Circular on Export of Goods and Services ((Updated on August 28, 2015)

FEMA - 14/2015-16 - Dated:- 1-7-2015 - RBI/2015-16/83 Master Circular No. 14/2015-16 July 01, 2015 To, All Category - I Authorised Dealer Banks Madam / Sir, Master Circular on Export of Goods and Services 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 Tr .....

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. This Master Circular may be referred to for general guidance. 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 .....

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Balances B.13 Consignment Exports B.14 Opening / Hiring of Ware houses abroad B.15 Direct dispatch of documents by the exporter B.16 Invoicing of Software Exports B.17 Short Shipments and Shut out Shipments B.18 Counter-Trade Arrangement B.19 Export of Goods on Lease, Hire, etc. B.20 Export on Elongated Credit Terms B.21 Export of goods by Special Economic Zones (SEZs) B.22 Project Exports and Service Exports B.23 Export of Currency B.24 Forfaiting B.25 Export factoring on non-recourse basis B. .....

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C.6 Random verification C.7 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 Chan .....

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port Proceeds C.27 Exporters' Caution List PART - 4 Annex-1 - Current Account Transaction Rules Annex-2 - Form EFC Annex- 3 - Common SOFTEX Form Annex- 4 - Revised SOFTEX Procedure Annex -5 - Delay in Utilization of Advance Received for Exports Appendix PART-1 A. Introduction (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 a .....

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ct, 1999 (42 of 1999), the Reserve Bank has notified the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 relating to export of goods and services from India, hereinafter referred to as the Export Regulations . These Regulations have been notified vide Notification No. FEMA 23/2000-RB dated May 3, 2000, as amended from time to time. (iii) The Directions contained in this Circular should be read with the Rules notified by the Government of India, Ministry of Finance, v .....

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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 ag .....

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ny functions, unless otherwise indicated. If, for any particular reason, they desire to deal with a different office of the Foreign Exchange Department, they may approach the Regional Office of their jurisdiction for necessary approval. (vii) Financial Year (April to March) is reckoned as the time base for all transactions pertaining to trade related issues. PART 2 B. General guidelines for Exports B.1 Exemption from Declarations (i) EDF Exemption The requirement of declaration of export of good .....

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g three financial years subject to a ceiling of ₹ 5 lakhs. For status holder exporters, the limit as per the present Foreign Trade Policy is ₹ 10 lakhs or 2 per cent of the average annual export realization during the preceding three licensing years (April-March), whichever is higher. Exports of goods not involving any foreign exchange transaction directly or indirectly requires the waiver of EDF procedure from the Reserve Bank. B.2 Manner of Receipt and Payment (i) The amount repres .....

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ount maintained by the buyer d. International Credit Cards of the buyer. Note: When payment for goods sold to overseas buyers during their visits is received in this manner, EDF (duplicate) should be 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 eq .....

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al, 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 re .....

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services of value not exceeding USD 10,000 (US Dollar ten thousand). c. AD Category-I banks providing such facilities shall open a NOSTRO collection account 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 collect .....

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charge back to the importer where the exporter has failed in discharging his obligations under the sale contract. f. The balances held in the NOSTRO collection account shall be repatriated and credited to the respective exporter's account with a bank in India immediately on receipt of the confirmation from the importer and, in no case, later than seven days from the date of credit to the NOSTRO collection account. g. AD Category -I banks shall satisfy themselves as to the bona-fides of the .....

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he 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 arrangeme .....

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gly, the Asian Monetary Unit (AMU) shall be denominated as 'ACU Dollar' and 'ACU Euro' which shall be equivalent in value to one US Dollar and one Euro, respectively. b) Further, AD Category - I banks are allowed to open and maintain ACU Dollar and ACU Euro accounts with their correspondent banks in other participating countries. All eligible payments are required to be settled by the concerned banks through these accounts. c) Relaxation from ACU Mechanism- Indo-Myanmar Trade - T .....

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ort transactions Taking into account the evolving international trade practices, it has been decided to permit third party payments for export / import transactions can be made subject to conditions as under: a) Firm irrevocable order backed by a tripartite agreement should be in place. However, it may not be insisted upon in cases where documentary evidence for circumstances leading to third party payments / name of the third party being mentioned in the irrevocable order/ invoice has been prod .....

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in the EDF; d. It would be responsibility of the Exporter to realize and repatriate the export proceeds from such third party named in the EDF; e. Reporting of outstanding, if any, in the XOS would continue to be shown against the name of the exporter. However, instead of the name of the overseas buyer from where 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 Countri .....

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t 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 exp .....

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ent in India) Regulations, 2000 notified vide Notification No. FEMA 10/2000-RB dated May 3, 2000 for opening a temporary foreign currency account abroad. Exporters may deposit the foreign exchange obtained by sale of goods at the international exhibition/trade fair and operate the account during their stay outside India provided that the balance in the account is repatriated to India through normal banking channels within a period of one month from the date of closure of the exhibition/trade fai .....

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oad the application should be made by the exporter giving details of the bank with which the account will be maintained. (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 amend .....

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tions 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 .....

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eserve 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 10th of the month following the quarter to which it relates. (v) AD Category - I banks are required to submit a statement giving the data on the DDA balances maintained by them on a fortnightly basis within seven days of close of the fortnight to which .....

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nt in India) Regulations, 2000 notified under Notification No. FEMA 10/2000-RB dated May 3, 2000 as amended from time to time. (ii) Resident individuals are permitted to include resident close relative(s) as defined in the Companies Act 1956 as a joint holder(s) in their EEFC bank accounts on former or survivor basis. (iii) This account shall be maintained only in the form of non-interest bearing current account. No credit facilities, either fund-based or non-fund based, shall be permitted again .....

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b) The facility of EEFC scheme is intended to enable exchange earners to save on conversion/transaction costs while undertaking forex transactions. This facility is not intended to enable exchange earners to maintain assets in foreign currency, as India is still not fully convertible on Capital Account. (v) 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 D .....

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nomic 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 EE .....

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tances up to ten per cent of the average annual sales/income or turnover during the last two financial years may be sent for the purpose of normal business operations of the office (trading/non-trading)/branch or representative office outside India subject to the following terms and conditions: a. The overseas branch/office has been set up or representative is posted overseas for conducting normal business activities of the Indian entity; b. The overseas branch/office/representative shall not en .....

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tly reported to the AD Bank. (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. (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. (vi) In case of companies taking up on si .....

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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 in .....

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o 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 contracts should be in place. Product pricing should be in consonance with prevailing international prices. (ii) Company should have capacity, systems and processes in place to ensure that the orders over the duration of the said tenure can actually be executed. (iii) The facility is to be provided only to those entities, which have not come und .....

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loans classified as NPA. (ix) Double financing for working capital for execution of export orders should be avoided. (x) Receipt of such advance of USD 100 million or more should be immediately reported to the Trade Division, Foreign Exchange Department, Reserve Bank of India, Central Office, Mumbai. (xi) In case Authorized Dealer banks are required to issue bank guarantee (BG) / Stand by Letter of Credit (SBLC) for export performance, then the issuance should be rigorously evaluated as any oth .....

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anch / subsidiary of bank in India. Note: AD Category - I banks may also be guided by the Master Circular on Guarantees and Co-acceptances issued by DBR. (xii) 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. (3) AD Category- I banks may allow exporters to receive advance payment for export of .....

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d 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 .....

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g outstanding beyond the stipulated period on account of non-performance of such exports (shipments in case of export of goods), AD Category -I banks are advised to efficiently follow up with the concerned exporters in order to ensure that export performance (shipments in case of export of goods) are completed within the stipulated time period. (ii) It is further reiterated that AD category -I banks should exercise proper due diligence and ensure compliance with KYC and AML guidelines so that on .....

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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 be permissible to 'gift unsold goods up to the value of USD 5000 per exporter, per exhibition/trade fair. AD Category - I banks may approve EDF of export items for display or display-cum-sale in trade fairs/exhibit .....

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oceeds 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 .....

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f 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 consignment containing different lots of rough diamonds into the SNZ should be accompanied by a declaration of notional value by way of an invoice and a packing list indicating the free cost nature of the consignment. Under no circumstance, entry of such rough diamonds .....

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ue 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: a. The amount of undrawn balance is considered normal in the particular line of export trade, subject to a maximum of 10 per cent of the full export value. b. An undertaking is obtained from the exporter on the duplicate of EDF forms that he will surrender/account for the balance proceeds of the shi .....

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date of shipment. B.13 Consignment Exports (i) When goods have been exported on consignment basis, 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 par .....

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nal 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 ab .....

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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.15 Direct dispatch of documents by the exporter 1. AD Category - I banks should normally dispatch shipping documents to their overseas branches/correspondents expeditiously .....

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the request of the exporter provided the exporter is a regular customer and the AD Category - I bank is satisfied, on the basis of standing and track record of the exporter and arrangements have been made for realization of export proceeds. 2. AD Category - I banks may also permit 'Status Holder Exporters (as defined in the Foreign Trade Policy), and units in Special Economic Zones (SEZ) to dispatch the export documents to the consignees outside India subject to the terms and conditions tha .....

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to the following conditions: (i) The export proceeds have been realized in full. (ii) The exporter is a regular customer of AD Category - I bank 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) .....

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it 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 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 .....

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e value, if necessary. B.17 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 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 so .....

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original EDF received earlier from Customs will be cancelled. If the shipment is made subsequently, a fresh set of EDF should be completed B.18 Counter-Trade Arrangement Counter trade proposals involving adjustment of value of goods imported into India against value of goods exported from India in terms of an arrangement voluntarily entered into between the Indian party and the overseas party through an Escrow Account opened in India in US Dollar will be considered by the Reserve Bank subject to .....

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ks 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 l .....

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ideration to the Regional Office concerned of the Reserve Bank. B.21 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 realization of full export proceeds subject to the usual EDF procedure. AD Ca .....

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he Development Commissioner(DC) of the SEZ, the provisions pertaining to the goods / services supplied by the SEZ unit to the DTA unit and for payment in foreign exchange for the same should be mentioned. B.22 Project Exports and Service Exports (i) 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 .....

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monetary limit and permit subsequent changes in the terms of post award approval within the relevant FEMA guidelines / regulations. Project and service exporters may approach AD banks / Exim Bank based on their commercial judgment. The respective 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 / .....

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nt 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 currency (ies) of their choice with inter-project transferability of f .....

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ng 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 contract value in respect of on-site contracts by software Exporter Company / firm has been dispensed with. They should, however, repatriate the profits of on-site contracts aft .....

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tan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding ₹ 25,000 (Rupees twenty five thousand only); and (ii) Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveler coming from and going to Pakistan and Bangladesh, and visiting India may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding ₹ 25,000 (Rupees twenty five th .....

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ncerned. 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 fa .....

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s. AD bank, being the Export Factor, should have an arrangement with the Import Factor for credit evaluation & collection of payment. Notation should be made on the invoice that importer has to make payment to the Import Factor. After factoring, the Export Factor may close the export bills and report the same in the Export Data Processing and Monitoring System (EDPMS) of the Reserve Bank of India. In case of single factor, not involving Import Factor overseas, the Export Factor may obtain cr .....

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station at the border through which the vessel or vehicle has to pass before crossing over to the foreign territory. For this purpose, exporter may arrange either to give the form to the person in charge of the vessel or vehicle or forward it to his agent at the border for submission to Customs. (ii) As regards exports 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 s .....

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ng 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.28 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 directio .....

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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 No .....

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hipping Bill format. ii) The EDF will be used for declaration of export of Goods at Non-EDI ports. EDF forms should be completed by the exporter in duplicate and both the copies submitted to the Customs at the port of shipment along with the shipping bill. (iii) 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 .....

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e 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 shou .....

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e 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 Aut .....

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l copy to the exporter, who should submit the form to the post office with the parcel. (b) The duplicate copy of the EDF form will be retained by the AD banks to whom the exporter should submit relevant documents together with an extra copy of invoice for negotiation/collection, within the prescribed period of 21 days. (c) The concerned overseas branch or correspondent should be instructed to deliver the parcel to consignee against payment or acceptance of relative bill. (d) AD Category - I bank .....

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e arrangements made for realization of the export proceeds, that he could do so. (f) 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. (g) Any alteration in the name and address of consignee 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 Fishi .....

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s 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 .....

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cate 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 .....

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ommissioner of Customs concerned. (ii) After verifying and authenticating, the Commissioner of Customs will hand over to the exporter, one copy of the shipping bill marked Exchange Control Copy for being submitted to the AD Category - I banks within 21 days from the date of export. (iii) The AD Category - I banks should accept the Exchange Control (EC) copy of the shipping bill submitted by the exporter for collection/negotiation of shipping documents. (iv) The manner of disposal of EC copy of S .....

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orts 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 v .....

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ails. 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 Authori .....

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nd 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 extended the facility for online generation of the EDF Form Number and the SOFTEX Form Number (Single as well as Bulk for use in off-site software exports). The facility of manual allotment of single as well bulk SOFTEX form number by Regional Offices of RBI has been dispensed with accordingly. C.6 Random verificat .....

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roceeds amounting to …… representing ….. percent of the export realization credited to the EEFC account maintained by the exporter with…… C.8 Consolidation of Air Cargo/Sea Cargo (i) Consolidation of Air Cargo (a) Where air cargo is shipped under consolidation, the airline company s Master Airway Bill will be issued to the Consolidating Cargo Agent. The Cargo agent in turn will issue his own House Airway Bills (HAWBs) to individual shippers. (b) AD Category - I .....

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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 letter .....

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orters 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 .....

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and the documents conform strictly to the terms of the Letter of Credit which, inter alia, provides for such delivery. C.12 Export Bills Register AD Category - I banks should maintain Export Bills Register, in physical or electronic form aligned with Export Data Processing and Monitoring System (EDPMS). The bill number should be given to all type of export transactions on a financial year basis (i.e. April to March) and same should be reported in EDPMS. C.13 Follow-up of Overdue Bills (i) AD Ca .....

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he 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 realized, 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 t .....

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ry - 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 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 .....

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ailed 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 exceed 5 per cent of the average annual export realization during the preceding three financial years. (iii) For the purpose of reckoning the percentage of export bills outstanding to the .....

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remittances, the exporter should be advised to surrender proportionate export incentives, if any, received by him. C.17 Change of buyer/consignee 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 .....

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Central Bureau of Investigation or other investigating agencies, (b) The AD Category - I bank is satisfied that the exporter has not been able to realize export proceeds for reasons beyond his control, (c) The exporter submits a declaration that the export proceeds will be realized 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 realizati .....

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(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. .....

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July 2010. After liberalizing and simplifying the procedure, the limits prescribed for write-offs of unrealized export bills are as under: Self write-off by an exporter (Other than Status Holder Exporter) 5%* Self write-off by Status Holder Exporters 10%* Write-off by Authorized Dealer Bank- 10%* *of the total export proceeds realized during the previous calendar year. (ii) The above limits will be related to total export proceeds realized during the previous calendar year and will be cumulative .....

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has been produced. (b) The overseas 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 inv .....

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and the actual freight charges but the amounts have remained unrealized 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 per .....

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xporter 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 amount has not been allowed to be repatriated by the central banking authorities of the country. (b) EDF which are under investigation by agencies like, Enforcement Directorate, Directorate of Revenue Intelligence, Central Bureau of Investigation .....

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ve limits, may be referred to the concerned Regional Office of Reserve Bank of India. C.20 Write off in cases of Payment of Claims by ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority (IRDA) (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 .....

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), 2015-20, realization 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 b .....

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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 a .....

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(ii) The details of export of goods are documented in EDF (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 EDF will be treated as complete by the designated AD Category - I banks only after the entire proceeds are adjusted / received. (iii) Both the transactions of sale and purchase in R - Returns under FET-ERS are reported separately. (iv) The export / import transactions with ACU countries are kep .....

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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 .....

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oice value, on application submitted by the exporter. The remittance on agency commission may be allowed subject to conditions 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 decla .....

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tions 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 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. C.2 .....

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FT / 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.27 Exporters Caution List (i) AD Category - I banks will also be advised whenever expor .....

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e full export value and also permits such drawings and the usance bill mature within twelve months from the date of shipment. (iii) AD Category - I banks should obtain prior approval of the Reserve Bank for issuing guarantees for caution-listed exporters. Annex - 1 -Foreign Exchange Management (Current Account Transactions) Rules, 2000 Annex-2 - Form EFC Annex 3- Common SOFTEX Form Annex-4- Revised SOFTEX Procedure Annex 5- Quarterly Statement showing details of overdue Export Advances Appendix .....

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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 Exchange Management Act, 1999 - Export of Goods and Services - Forwarder s Cargo Receipt March 2, 2001 8 A.P. (DIR Series) Circular No.28 Foreign Exchange Management Act, 1999 March 30, 2001 9 A.P .....

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(DIR Series) Circular No.9 Export of Goods and Services - Certification of SOFTEX Forms October 25, 2001 15 A.P. (DIR Series) Circular No.10 Asian Clearing Union (ACU) Mechanism - Exports to Nepal November 1, 2001 16 A.P. (DIR Series) Circular No.20 Export of goods & services -Extension of period of realization January 28, 2002 17 A.P. (DIR Series) Circular No.30 Export of Goods for Exhibition / Trade Fairs outside India March 26, 2002 18 A.P. (DIR Series) Circular No.34 Facilities to Statu .....

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ncy 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 Service .....

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eries) Circular No.41 Issue of Corporate Guarantee in lieu of Bid Bond Guarantee November 8, 2002 32 A.P. (DIR Series) Circular No.61 "Write-off" of unrealized export bills-Surrender of export incentives December 14, 2002 33 A.P. (DIR Series) Circular No.62 Exchange Earners' Foreign Currency (EEFC) Account Scheme December 17, 2002 34 A.P. (DIR Series) Circular No.71 Acquisition of immovable property outside India- Branches/trading offices overseas January 13, 2003 35 A.P.(DIR Serie .....

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on promotional grounds April 26, 2003 39 A.P. (DIR Series) Circular No.100 Export of Goods and Services - Exports to Warehouses Abroad 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 .....

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(DIR Series) Circular No.30 Export of Goods and Services October 21, 2003 48 A.P. (DIR Series) Circular No.32 Export of Goods and Services - Project Exports October 28, 2003 49 A.P. (DIR Series) Circular No.40 Export of Goods and Services - Liberalization December 5, 2003 50 A.P. (DIR Series) Circular No.61 Exemption from Declaration of Export of Goods and Software - January 31, 2004 51 A.P. (DIR Series) Circular No.68 Export of Goods and Services - Liberalization February 11, 2004 52 A.P. (DIR .....

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. (DIR Series) Circular No.97 Foreign Exchange Management Act, 1999 - June 21, 2004 57 A.P. (DIR Series) Circular No.9 Foreign Exchange Management Act, 1999 September 1, 2004 58 A.P. (DIR Series) Circular No.10 Export of Goods and Services to Latin American Countries September 13, 2004 59 A.P. (DIR Series) Circular No.25 Period of Realization for 100% EOUs Extended to One Year November 1, 2004 60 A.P. (DIR Series) Circular No.28 Indo-Myanmar Trade - Relaxation from ACU Mechanism November 19, 200 .....

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0, 2006 65 A.P. (DIR Series) Circular No.18 Establishment of Offices Abroad December 4, 2006 66 A.P. (DIR Series) Circular No.26 Liberalizations in Project and Service Exports January 8, 2007 67 A.P. (DIR Series) Circular No.33 Liberalization of Export and Import procedures February 28, 2007 68 A.P. (DIR Series) Circular No.37 Export of Goods and Services Refund of Export Proceeds - Liberalization April 5, 2007 69 A.P. (DIR Series) Circular No.71 Data on Project Export Finance June 8, 2007 70 A. .....

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IR Series) Circular No.4 Exchange Earner's Foreign Currency (EEFC) Account August 4, 2008 75 A.P (DIR Series) Circular No.6 Export of Goods and Services- Direct Dispatch of Shipping Documents Realization and Repatriation of Export Proceeds - Liberalization August 13, 2008 76 A.P (DIR Series) Circular No.43 Settlement system under ACU Mechanism December 26, 2008 77 A.P (DIR Series) Circular No.51 Opening of Diamond Dollar Accounts - Liberalization February 13, 2009 78 A.P. (DIR Series) Circul .....

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count 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 Export related receipts facilitated by Online Payment Gateways November 16, 2010 86 A.P. ( .....

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5, 2011 90 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 91 A.P. (DIR Series) Circular No.40 Export of Goods and Software - Realization and Repatriation of export proceeds - Liberalization November 01, 2011 92 A.P. (DIR Series) Circular No.47 Set-off of export receivables against import payables - Liberalization of Procedure November 17, 2011 93 A.P. (DIR Seri .....

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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) Ci .....

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conomic Zones to Units in Domestic Tariff Areas October 23, 2012 106 A.P. (DIR Series) Circular No.47 Export of Goods and Services - Simplification and Revision of Softex Procedure October 23, 2012 107 A.P. (DIR Series) Circular No.52 Export of Goods and Software - Realization and Repatriation of export proceeds - Liberalization November 20, 2012 108 A.P. (DIR Series) Circular No.66 Export of Goods and Services - Simplification and Revision of Softex Procedure at SEZs January 01, 2013 109 A.P. ( .....

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xport of Goods and Services - Realization and Repatriation period for units in Special Economic Zones (SEZ) June 13, 2013 113 A.P. (DIR Series) Circular No.109 Processing and Settlement of Export related receipts facilitated by Online Payment Gateways - Enhancement of the value of transaction June 13, 2013 114 A.P. (DIR Series) Circular No.118 Export of Goods and Services - Project Exports June 26, 2013 115 A.P. (DIR Series) Circular No.14 Export of Goods and Software - Realization and Repatriat .....

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ng 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 121 A.P. (DIR Series) Circular No.70 Third party payments for export/import transactions November 08, 2013 122 A.P. (DIR Series) Circular No.100 Third party payments for export/import transactions February 4, 2014 123 A.P. (DIR Series) Circular No.101 Export of Goods and Services: Export Data P .....

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