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of <h1>India Waives GR Form Filing for Exports Under $25K, Gifts Up to INR 500K; Customs Urged to Comply.</h1> The circular issued by the Government of India's Ministry of Finance addresses the waiver of filing GR forms for exports valued below USD 25,000 under the Foreign Exchange Management Regulations. This exemption also applies to exports of gifts valued up to INR 500,000. The notification, initially issued by the Reserve Bank of India, amended the relevant regulations, but there have been reports of non-compliance by customs field formations. The Central Board of Excise and Customs emphasizes the need for strict adherence to these amended regulations and requests that the instructions be communicated to all relevant parties.
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