Export declaration requirement mandates exporters to declare full export value to ensure realisation of foreign exchange proceeds. Section 7 of FEMA requires every exporter to furnish a declaration to the Reserve Bank or other authority containing true and correct particulars, ... Summary
Export declaration requirement mandates exporters to declare full export value to ensure realisation of foreign exchange proceeds.
Section 7 of FEMA requires every exporter to furnish a declaration to the Reserve Bank or other authority containing true and correct particulars, including the full export value or the value expected to be realised abroad; the same obligation applies to exporters of services. AD Category I banks may conduct export transactions under DGFT policy and RBI directions. The Reserve Bank may direct exporters to comply with requirements it deems fit to ensure timely realisation of export proceeds and may determine a reduced value of goods based on market conditions.
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