TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Updated FEMA Rules on Export Realization, Repatriation, and Bank Compliance for Export Transactions</h1> The circular consolidates and updates regulations under the Foreign Exchange Management Act, 1999, governing export of goods and services from India. It mandates exporters to realize and repatriate export proceeds within prescribed timelines, generally nine months, with extensions under specific circumstances. Authorized Dealer Category-I banks are directed to ensure compliance with export documentation, reporting, and foreign exchange transactions, including invoicing in freely convertible currencies or Indian Rupees through designated Vostro accounts. Provisions cover export advances, third-party payments, export factoring, project and service exports, and special arrangements like counter-trade and exports to neighboring countries. Banks must monitor overdue export bills, facilitate write-offs under defined conditions, and maintain records of export transactions. The circular also addresses foreign currency accounts, guarantees related to exports, and the issuance of electronic bank realization certificates. It emphasizes adherence to anti-money laundering and know-your-customer norms and outlines procedures for exports through various channels, including customs ports and post.
TaxTMI 