Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

FOREIGN EXCHANGE MANAGEMENT (EXPORT OF GOODS & SERVICES) REGULATIONS 2015 AN OVERVIEW

FEMA - Foreign Exchange Management - By: - Mr.M. GOVINDARAJAN - Dated:- 11-2-2016 - The Reserve Bank of India made Foreign Exchange (Export of Goods & Services) Regulations, 2015 ( Regulations for short) by virtue of the powers conferred by Section 7(3)(1)(a) and Section 47 (2) of the Foreign Exchange Management Act, 1999 ( Act for short) and in supersession of its Notification No. FEMA.23/2000-RB, dated 03.05.2000 as amended from time to time, which came into effect from 12.01.2016. The Re .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

oval. The following exports require prior approval- Export of goods under special arrangement between the Central Government and Government of a foreign state; or Export under rupee credits extended by the Central Government to Government of a foreign state shall be governed by the terms and conditions set out in the relative public notices issued by the Trade Control Authority in India and the instructions by the Trade Control Authority in India and the instructions issued from time to time by .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nd Bhutan, shall furnish to the specified authority a declaration in one of the forms EDR or SOFTEX. The declaration shall be supported by such evidence as may be specified containing true and correct material particulars including the amount representing- The full export value (Regulation 2(v) defines the term export value in relation to export by way of lease or hire purchase or under any other similar arrangement, includes the charges, by whatever name called, payable in respect of such lease .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nder Section 7 of the Foreign Trade (Development & Regulation) Act, 1992. Evidence Regulation 7 provides that the Commissioner of Customs or the Postal Authority or the official of Department of Electronics to whom the declaration form is submitted may, in order to satisfy themselves of due compliance require such evidence in support of the declaration may establish that- The exporter is a person resident in Indi and has a place of business in India; The destination stated on the declaration .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

vides that Declaration in Form EDF shall be submitted in duplicate to the Commissioner of Customs. After duly verifying and authenticating the declaration form, the Commissioner of Customs shall forward the original declaration form/data to the nearest office of RBI and hand over the duplicate form to the exporter for being submitted to the authorized dealer. The declaration in form SOFTEX in respect of export of computer software and audio/video/television software shall be submitted in triplic .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

hat in respect of export of services to which none of the Forms specified apply, the exporter may export such services without furnishing any declaration. It shall be liable to realize the amount of foreign exchange which becomes 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, a s also other rules and regulations made under the Act. Exemptions Regulation 4 gives the list of cases which are exempted .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

laration by the exporter that they are not more than ₹ 5 lakh in value; 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 export; Goods imported free of cost on re-export basis; The following goods which are permitted by the Development Commissioner of SEX, EHTP, STP or FTZ to be re-exported, namely: Imported goods found defective, for the purpose .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

provided the goods are accompanied by a certificate from an authorized dealer in India that the export is for repair and re-import and that the export does not involve any transaction in foreign exchange; Exports permitted by RVI, on application made to it, subject to the terms and conditions, if any, as stipulated in the permission. Documents to authorized dealer The documents pertaining to export shall be submitted to the authorized dealer mentioned in the declaration form, within 21 days fro .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

lue declared in the declaration form does not differ from the value shown in the documents being negotiated or sent for collection ; or Where the value declared in the declaration is less than the value shown in the documents being negotiated or sent for collection, require the constituent concerned also to sin such declaration and thereupon such constituent shall be bound to comply with such requisition and such constituent signing the declaration shall be considered to be the exporter for the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ssion of RBI, the full value shall be paid to the authorized dealer as it is realized and in any case within 15 months. The RBI, for sufficient reasons may extend the time of 9 months or 15 months. Where the export has been made by the units in SEZs/SHE/EOUs/EHTPs/STPs/BTS the full export value of goods shall be realized and repatriated to India within 9 months from the date of export. RBI may extend the said period for a sufficient and reasonable cause is shown. Delay in receipt of payment Regu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ment therefor if the goods has been sold; and 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 RBI may specify in this behalf; The omission of the RBI to give directions shall not have the effect of absolving the person committing the contravention from the consequences thereof. Advance payment against exports Regulation 15 provides that where an exporter receives advance payment fr .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

exporter s inability to make the shipment, party or fully, within 1 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 RBI. The exporter may receive advance payment where the export agreement itself duly provides for shipment of goods extending beyond the period of 1 year from the date of receipt of advance pay .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version