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Foreign Exchange Management (Export of Goods & Services) Regulations 2015

FEMA - 23(R)/2015-RB - Dated:- 12-1-2016 - RESERVE BANK OF INDIA (Foreign Exchange Department) CENTRAL OFFICE NOTIFICATION No. FEMA 23(R)/2015-RB Mumbai, the 12th January, 2016 Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 G.S.R. 19(E).-In exercise of the powers conferred by clause (a) of sub-section (1), sub-section (3) of Section 7 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in supersession of its Notification .....

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erwise, - (i) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999); (ii) 'authorised dealer' means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Act, and includes a person carrying on business as a factor and authorised as such under the said section 10 ; (iii) 'EXIM Bank' means the Export-Import Bank of India established under the Export-Import Bank of India Act, 1981 (28 of 1981); (iv) 'export' includes the .....

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nt; (vi) 'form' means form annexed to these Regulations; (vii) 'schedule' means schedule appended to these Regulations; (viii) 'software' means any computer programme, database, drawing, design, audio/video signals, any information by whatever name called in or on any medium other than in or on any physical medium ; (ix) 'specified authority' means the person or the authority to whom the declaration as specified in Regulation 3 is to be furnished; (x) the words an .....

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ed by such evidence as may be specified, containing true and correct material particulars including the amount representing - (i) the full export value of the goods or software; or (ii) if the full export value is not ascertainable at the time of export, the value which the exporter, having regard to the prevailing market conditions expects to receive on the sale of the goods or the software in overseas market, and affirms in the said declaration that the full export value of goods (whether asce .....

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ecomes due or accrues on account of such export, and to repatriate the same to India in accordance with the provisions of the Act, and these Regulations, as also other rules and regulations made under the Act. (4) Realization of export proceeds in respect of export of goods / software from third party should be duly declared by the exporter in the appropriate declaration form. 4. Exemptions:- Notwithstanding anything contained in Regulation 3, export of goods / software may be made without furni .....

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of gift of goods accompanied by a declaration by the exporter that they are not more than five lakh rupees in value e) aircrafts or aircraft engines and spare parts for overhauling and/or repairs abroad subject to their reimport into India after overhauling /repairs, within a period of six months from the date of their export; f) goods imported free of cost on re-export basis; g) the following goods which are permitted by the Development Commissioner of the Special Economic Zones, Electronic Ha .....

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es, under intimation to the Development Commissioner of Special Economic Zones / concerned Assistant Commissioner or Deputy Commissioner of Customs (h) replacement goods exported free of charge in accordance with the provisions of Foreign Trade Policy in force, for the time being. (i) goods sent outside India for testing subject to re-import into India; (j) defective goods sent outside India for repair and re-import provided the goods are accompanied by a certificate from an authorised dealer in .....

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ll be indicated on all copies of the declaration forms submitted by the exporter to the specified authority and in all correspondence of the exporter with the authorised dealer or the Reserve Bank, as the case may be. 6. Authority to whom declaration is to be furnished and the manner of dealing with the declaration :- A. Declaration in Form EDF (1) (i) The declaration in form EDF shall be submitted in duplicate to the Commissioner of Customs. (ii) After duly verifying and authenticating the decl .....

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ftware Technology Parks of India (STPIs) or at the Free Trade Zones (FTZs) or Special Economic Zones (SEZs) in India. (ii) After certifying all three copies of the SOFTEX form, the said designated official shall forward the original directly to the nearest office of the Reserve Bank and return the duplicate to the exporter. The triplicate shall be retained by the designated official for record. C. Duplicate Declaration Forms to be retained with Authorised Dealers On the realisation of the export .....

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eclaration as may establish that - a) the exporter is a person resident in India and has a place of business in India; b) the destination stated on the declaration is the final place of the destination of the goods exported; c) the value stated in the declaration represents - 1) the full export value of the goods or software; or 2) where the full export value of the goods or software is not ascertainable at the time of export, the value which the exporter, having regard to the prevailing market .....

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r specified in the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000 as amended from time to time. Explanation: For the purpose of this regulation, re-import into India, within the period specified for realisation of the export value, of the exported goods in respect of which a declaration was made under Regulation 3, shall be deemed to be realisation of full export value of such goods. 9. Period within which export value of goods/software/ services to be realised:- ( .....

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goods; (b) further that the Reserve Bank, or subject to the directions issued by that Bank in this behalf, the authorised dealer may, for a sufficient and reasonable cause shown, extend the period of nine months or fifteen months, as the case may be. (2) (a) Where the export of goods / software / services has been made by Units in Special Economic Zones (SEZ) /Status Holder exporter / Export Oriented Units (EOUs) and units in Electronics Hardware Technology Parks (EHTPs), Software Technology Par .....

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d of nine months. (b) The Reserve Bank may for reasonable and sufficient cause direct that the said exporter/s shall cease to be governed by sub-regulation (2); Provided that no such direction shall be given unless the unit has been given a reasonable opportunity to make a representation in the matter. (c) On such direction, the said exporter/s shall be governed by the provisions of sub-regulation (1), until directed otherwise by the Reserve Bank.' Explanation: For the purpose of this regula .....

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me, the authorized dealer may accept the documents pertaining to export submitted after the expiry of the specified period of 21 days, for reasons beyond the control of the exporter. 11. Transfer of documents:- Without prejudice to Regulation 3, an authorised dealer may accept, for negotiation or collection, shipping documents including invoice and bill of exchange covering exports, from his constituent (not being a person who has signed the declaration in terms of Regulation 3) : Provided that .....

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h requisition and such constituent signing the declaration shall be considered to be the exporter for the purposes of these Regulations to the extent of the full value shown in the documents being negotiated or sent for collection and shall be governed by these Regulations accordingly. 12. Payment for the Export:- In respect of export of any goods or software for which a declaration is required to be furnished under Regulation 3, no person shall except with the permission of the Reserve Bank or, .....

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or software subject to such deductions, if any, as may be allowed by the Reserve Bank or, subject to the directions of the Reserve Bank, by an authorised dealer; Provided that no proceedings in respect of contravention of these provisions shall be instituted unless the specified period has expired and payment for the goods or software representing the full export value, or the value after deductions allowed under clause (iii), has not been made in the specified manner within the specified period .....

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verned by the terms and conditions set out in the relative public notices issued by the Trade Control Authority in India and the instructions issued from time to time by the Reserve Bank. (ii) An export under the line of credit extended to a bank or a financial institution operating in a foreign state by the Exim Bank for financing exports from India, shall be governed by the terms and conditions advised by the Reserve Bank to the authorised dealers from time to time. 14. Delay in Receipt of Pay .....

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e purpose of securing, (a) the payment therefor if the goods or software has been sold and (b) the sale of goods and payment thereof, if goods or software has not been sold or reimport thereof into India as the circumstances permit, within such period as the Reserve Bank may specify in this behalf ; Provided that omission of the Reserve Bank to give directions shall not have the effect of absolving the person committing the contravention from the consequences thereof. 15. Advance payment against .....

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ii) the documents covering the shipment are routed through the authorised dealer 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 period of one year, without the prior approval of the Reserve Bank. (2) No .....

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f ensuring that the full export value of the goods or, as the case may be, the value which the exporter having regard to the prevailing market conditions expects to receive on the sale of goods or software in the overseas market, is received in proper time and without delay, by general or special order, direct from time to time that in respect of export of goods or software to any destination or any class of export transactions or any class of goods or software or class of exporters, the exporte .....

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h conditions as may be specified by the Reserve Bank by directions issued from time to time. c) that a copy of the declaration to be furnished to the specified authority shall be submitted to such authority or organisation as may be indicated in the order for certifying that the value of goods or software specified in the declaration represents the proper value thereof. (2) No direction under sub-regulation (1) shall be given by the Reserve Bank and no approval under clause (b) of that sub-regul .....

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