Liberalisations in Project and Service Exports

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.... Regulation 18 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 notified vide Notification No. FEMA 23/2000-RB dated 3rd May 2000, as amended from time to time and the Memorandum of Instructions on Project & Service Exports (PEM) of October 2003 issued vide A. P. (DIR Series) Circular No. 32 dated October 28, 2003. 2. With a view to simplifying the procedures and pr....

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....e (not less than book value) of the machinery, etc., from the transferee project is withdrawn with immediate effect. Further, exporters may use the machinery / equipment for performing any other contract secured by them in any country subject to the satisfaction of the sponsoring AD Category - I bank(s) / Exim Bank / Working Group. The reporting requirement for transfer of machinery / equipment wi....

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.... Group may permit exporters to open, maintain and operate one or more foreign currency account/s in a currency/currencies of their choice with inter-project transferability of funds in any currency or country. The Inter-project transfer of funds will be monitored by the AD Category - I bank(s) / Exim Bank / Working Group. 3. Deployment of Temporary Cash Surpluses At present, Project / Service e....