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of <h1>Exporters Must Ship Within One Year of Advance Payment Under FEMA; RBI Approval Needed for Delays Beyond One Year</h1> Exporters receiving advance payments for goods and services outside India must adhere to specific obligations under FEMA regulations. Shipments must occur within one year of receiving the payment, with interest rates capped at 100 basis points above LIBOR or another benchmark. If the shipment is delayed beyond a year, Reserve Bank approval is required for refunds. Exporters with a satisfactory three-year track record can receive long-term advances for up to 10 years, subject to conditions like firm contracts, compliance with AML/KYC guidelines, and reporting large advances. The Export Data Processing and Monitoring System (EDPMS) tracks all such transactions.
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