Export repatriation period for SEZ units tightened; full export proceeds must be repatriated within prescribed time, with extensions case by case. Units in Special Economic Zones must realize and repatriate the full value of exports to India within twelve months of export, subject to case by case extensions by the Reserve Bank. The requirement is effective immediately for a one year period subject to review, implemented by amendments to the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, and AD Category I banks are to inform their constituents. Directions issued under Sections 10(4) and 11(1) of FEMA, 1999 remain without prejudice to other legal permissions.
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Export repatriation period for SEZ units tightened; full export proceeds must be repatriated within prescribed time, with extensions case by case.
Units in Special Economic Zones must realize and repatriate the full value of exports to India within twelve months of export, subject to case by case extensions by the Reserve Bank. The requirement is effective immediately for a one year period subject to review, implemented by amendments to the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, and AD Category I banks are to inform their constituents. Directions issued under Sections 10(4) and 11(1) of FEMA, 1999 remain without prejudice to other legal permissions.
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