TaxTMI 
TaxTMI 
Master Circular on Export of Goods and Services
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....Charge Click here to download Master Circular ============= Document 1 INDEX PART 1 . 3 A. Introduction 3 PART 2 5 B.General guidelines for Exports. 5 B.1 Exemption from Declarations 5 B.2 Manner of Receipt and Payment 8 B.3 Realisation and Repatriation of export proceeds B.4 Foreign Currency Account 8 B.5 Diamond Dollar Account 9 B.6 Exchange Earners' Foreign Currency (EEFC) Account 11 B.7 Setting up of Offices Abroad and Acquisition of Immovable Property for. Overseas Offices 12 B.8 Advance Payments against Exports 12 B.9 GR Approval for Trade Fair/Exhibitions abroad 13 B.10 GR approval for Export of Goods for re-imports 14 B.11 Part Drawings /Undrawn balances 14 B.12 Consignment Exports 15 B.13 Opening / Hiring of Ware houses abroad 16 B.14 Direct dispatch of documents by the exporter 17 B.15 Invoicing of Software Exports 18 B.16 Shut out Shipments and Short Shipments 19 B.17 Counter-Trade Arrangement. 19 B.18 Export of Goods on Lease, Hire, etc 20 B.19 Export on Elongated Credit Terms 21 B.20 Export of goods by Special Economic Zones (SEZs) 21 B.21 Project Exports and Service Exports ....
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....(i) Export trade is regulated by the Directorate General of Foreign Trade (DGFT) and its regional offices, functioning under the Ministry of Commerce and Industries, Department of Commerce, Government of India. Policies and procedures required to be followed for exports from India are announced by the DGFT. (ii), AD Category - I banks may conduct export transactions in conformity with the Foreign Trade Policy in vogue and the Rules framed by the Government of India and the Directions issued by Reserve Bank from time to time. In exercise of the powers conferred by clause (a) of sub-section (1), sub-section (3) of Section 7 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank has notified the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 relating to export of goods and services from India, hereinafter referred to as the 'Export Regulations'. These Regulations have been notified vide Notification No. FEMA 23/2000-RB dated May 3, 2000, as amended from time to time. (iii) The Directions contained in this Circular should be read with the Rules notified by the Government of India, Ministry of Fin....
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....port proceeds as per FEMA Regulations. Grant of GR waiver (i) AD Category - I banks may consider requests for grant of GR waiver from exporters for export of goods free of cost, for export promotion up to 2 per cent of the average annual exports of the applicant during the preceding three financial years subject to a ceiling of Rs.5 lakhs. For status holder exporters, the limit as per the present Foreign Trade Policy is Rs. 10 lakhs or 2 per cent of the average annual export realisation during the preceding three licensing years (April-March), whichever is higher. (ii) Export of goods not involving any foreign exchange transaction directly or indirectly requires the waiver of GR/PP procedure from the Reserve Bank. B.2 Manner of Receipt and Payment (i) The amount representing the full export value of the goods exported shall be received through an AD Bank in the manner specified in the Foreign Exchange Management (Manner of Receipt & Payment) Regulations, 2000 notified vide Email : [email protected] Website : www.fema.rbi.org.in 5 &-RESE & BANK OF Notification No. FEMA 14/2000-RB dated May 3, 2000 in the following manner: a) Bank draf....
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....nts are required to be settled by the concerned banks through these accounts. (b) Relaxation from ACU Mechanism- Indo-Myanmar Trade Trade transactions with Myanmar can be settled in any freely convertible currency in addition to the ACU mechanism. Email : [email protected] Website : www.fema.rbi.org.in 7 BANK OF B.3 Realisation and Repatriation of export proceeds It is obligatory on the part of the exporter that the amount representing the full value of goods or software exported should be realized and repatriated to India within a stipulated period from the date of export, as under : (i) By Units in Special Economic Zones (SEZs): No specific time period has been stipulated; (ii) By Status Holder Exporters as defined in the Foreign Trade Policy : Within a period of twelve months from the date of export; (iii) By 100 % Export Oriented Units (EOUs) and units set up under Electronic Hardware Technology Parks (EHTPs), Software Technology Parks (STPs) and Biotechnology Parks (BTPs) schemes : Within a period of twelve months from the date of export on or after September 1, 2004; (iv) Goods exported to a warehouse established outside India ....
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.... May 3, 2000 and as amended from time to time. (v) A person resident in India being a project / service exporter may open, hold and maintain foreign currency account with a bank outside or in India, subject to the standard terms and conditions in the Memorandum PEM. B.5 Diamond Dollar Account (DDA) (i) Under the scheme of Government of India, firms and companies dealing in purchase / sale of rough or cut and polished diamonds / precious metal jewellery plain, minakari and / or studded with / without diamond and / or other stones, with a track record of at least 3 years in import / export of diamonds / coloured Website : www.fema.rbi.org.in Email : [email protected] 9 H-RESE gemstones / diamond and coloured gemstones studded jewellery / plain gold jewellery and having an average annual turnover of Rs. 5 crores or above during the preceding three licensing years (licensing year is from April to March) are permitted to transact their business through Diamond Dollar Accounts. (ii) They may be allowed to open not more than five Diamond Dollar Accounts with their banks. (iii) Eligible firms and companies may apply for permission to their AD Cate....
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....two financial years or up to twenty-five per cent of the net worth, whichever is higher. (ii) For recurring expenses, remittances up to ten per cent of the average annual sales/income or turnover during the last two financial years may be sent for the purpose of normal business operations of the office (trading / non-trading) / branch or representative office outside India subject to the following terms and conditions; a) the overseas branch/office has been set up or representative is posted overseas for conducting normal business activities of the Indian entity; b) the overseas branch/office/representative shall not enter into any contract Website : www.fema.rbi.org.in Email : [email protected] 11 26 - TION BANK OF or agreement in contravention of the Act, Rules or Regulations made there under; c) the overseas office (trading / non-trading) / branch / representative should not create any financial liabilities contingent or otherwise for the head office in India and also not invest surplus funds abroad without prior approval of Reserve Bank. Any funds rendered surplus should be repatriated to India. (iii) The details of bank accounts op....
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.... held in the exporter's EEFC accounts maintained at different branches/banks. Note: AD Category - I banks may also be guided by Master Circular on Guarantees and Co-acceptances issued by DBOD. B.9 GR Approval for Trade Fair/Exhibitions abroad Firms / Companies and other organisations participating in Trade Fair/Exhibition abroad can take/export goods for exhibition and sale outside India without the prior approval of the Reserve Bank. Unsold exhibit items may be sold outside the exhibition/trade fair in the same country or in a third country. Such sales at discounted value are also permissible. It would also be permissible to `gift' unsold goods up to the value of USD 5000 per exporter, per exhibition/trade fair. AD Website : www.fema.rbi.org.in 13 Email : [email protected] 4 BANK O Category - I banks may approve GR Form of export items for display or display- cum-sale in trade fairs/exhibitions outside India subject to the following; (i) The exporter shall produce relative Bill of Entry within one month of re-import into India of the unsold items. (ii) The sale proceeds of the items sold are repatriated to India in accordance with the For....
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.... When goods have been exported on consignment basis, AD Category - I banks, while forwarding shipping documents to his overseas branch/correspondent, should instruct the latter to deliver them only against trust receipt/undertaking to deliver sale proceeds by a specified date within the period prescribed for realisation of proceeds of the export. This procedure should be followed even if, according to the practice in certain trades, a bill for part of the estimated value is drawn in advance against the exports. (ii) The agents/consignees may deduct from sale proceeds of the goods expenses normally incurred towards receipt, storage and sale of the goods, such as landing charges, warehouse rent, handling charges, etc. and remit the net proceeds to the exporter (iii) The account sales received from the Agent/Consignee should be verified by the Website : www.fema.rbi.org.in Email : [email protected] 15 RESER AD Category - I banks. Deductions in Account Sales should be supported by bills/receipts in original except in case of petty items like postage/cable charges, stamp duty, etc. (iv) In case of goods exported on consignment basis, freight and mari....
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....R/SDF/PP/SOFTEX form. (ii) AD Category - I banks may also permit `Status Holder Exporters' (as defined in the Foreign Trade Policy), and units in Special Economic Zones (SEZ) to dispatch the export documents to the consignees outside India subject to the terms and conditions that: a) The export proceeds are repatriated through the AD banks named in the GR Form. b) The duplicate copy of the GR form is submitted to the AD banks for monitoring purposes, by the exporters within 21 days from the date of shipment of export. Website : www.fema.rbi.org.in Email : [email protected] 17 LESERY (iii) AD Category - I banks may regularize cases of dispatch of shipping documents by the exporter direct to the consignee or his agent resident in the country of the final destination of goods, up to USD 1 million or its equivalent, per export shipment, subject to the following conditions: a) The export proceeds have been realized in full. b) The exporter is a regular customer of AD Category - I bank for a period of at least six months. c) The exporter's account with the AD Category - I bank is fully compliant with Reserve Bank's extant KYC / AML guidelines....
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....s delay in making arrangements to re-ship, the exporter will give notice in duplicate to the Customs in the form and manner prescribed, attaching thereto the unused duplicate copy of GR form and the shipping bill. The Customs will verify that the shipment was actually shut out, certify the copy of the notice as correct and forward it to the Reserve Bank together with unused duplicate copy of the GR form. In this case, the original GR form received earlier from Customs will be cancelled. If the shipment is made subsequently, a fresh set of GR form should be completed. Email : [email protected] Website : www.fema.rbi.org.in 19 M-RESE 4 BANK O B.17 Counter-Trade Arrangement Counter trade proposals involving adjustment of value of goods imported into India against value of goods exported from India in terms of an arrangement voluntarily entered into between the Indian party and the overseas party through an Escrow Account opened in India in US Dollar will be considered by the Reserve Bank. (i) All imports and exports under the arrangement should be at international prices in conformity with the Foreign Trade Policy and Foreign Exchange Management Ac....
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....or undertaking turnkey/civil construction contracts abroad are required to obtain the approval of the AD Category - I banks/Exim Bank/Working Group at post-award stage before undertaking execution of such contracts. Regulations relating to ' Project Exports' and 'Service exports' are laid down in the revised Memorandum on Project Exports (PEM- October 2003 as amended from time to time). In order to provide greater flexibility to project exporters and exporters of services in conducting their overseas transactions, the guidelines stipulated vide paragraphs B.10 (i) (f),C 1(ii), D.1 (i), D.3 and D.4(iv) of the PEM have been modified as set out Website : www.fema.rbi.org.in Email : [email protected] 21 BANK O below. Project/Service exporters have also been extended the facility of deployment of temporary cash balance as set out here under; (i) Inter-Project Transfer of Machinery (B 10 (i) (f) & D 4 (iv)) The stipulation regarding recovery of market value (not less than book value) of the machinery, etc., from the transferee project has been withdrawn. Further, exporters may use the machinery / equipment for performing any other contract secured by ....
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.... payable by the exporter as approved by the Exim Bank / AD Category - I banks concerned may be done through an AD bank. Such remittances may be made in advance in one lump sum or at monthly intervals as approved by the authority concerned. B.24 Exports to neighbouring countries by Road, Rail or River The following procedure should be adopted by exporters for filing original copies of GR/SDF forms where exports are made to neighboring countries by road, rail or river transport: (i) In case of exports by barges/country craft/road transport, the form should be presented by exporter or his agent at the Customs station at the border through which the vessel or vehicle has to pass before crossing over to the foreign territory. For this purpose, exporter may arrange either to give the form to the Email : [email protected] Website : www.fema.rbi.org.in 23 & BANKO person in charge of the vessel or vehicle or forward it to his agent at the border for submission to Customs. (ii) As regards exports by rail, Customs staff has been posted at certain designated railway stations for attending to Customs formalities. They will collect the GR/SDF forms for goo....
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....MA.23/2000-RB dated 3rd May 2000, as amended from time to time export declaration forms should be disposed of as under: C.3 GR forms (i) GR forms should be completed by the exporter in duplicate and both the copies submitted to the Customs at the port of shipment along with the shipping bill. (ii) Customs will give their running serial number on both the copies after admitting the corresponding shipping bill. The Customs serial number will have ten numerals denoting the code number of the port of shipment, the calendar year and a six- digit running serial number. (iii) Customs will certify the value declared by the exporter on both the copies of the GR form at the space earmarked and will also record the assessed value. (iv) They will then return the duplicate copy of the form to the exporter and retain the original for transmission to Reserve Bank. Email : [email protected] Website : www.fema.rbi.org.in 26 RESERY 4 BANK O (v) Exporters should submit the duplicate copy of the GR form again to Customs along with the cargo to be shipped. (vi) After examination of the goods and certifying the quantity passed for shipment on the duplicate c....
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.... banks should accept the Exchange Control (EC) copy of the shipping bill and SDF appended thereto, submitted by the exporter for collection/negotiation of shipping documents. (iv) The manner of disposal of EC copy of shipping Bill (and form SDF appended thereto) is the same as that for GR forms. The duplicate copy of the form together with a copy of invoice etc. shall be retained by the AD Category - I banks and may not be submitted to Reserve Bank. In cases where ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority (IRDA) initially settles the claims of exporters in respect of exports insured with them and subsequently receives the export proceeds from the buyer/buyer's country through the efforts made by them, the share of exporters in the amount so received is disbursed through the bank which had handled the shipping documents. In such cases, ECGC and private insurance companies regulated by IRDA will issue a certificate to the bank, which had handled the relevant shipping documents after full proceeds have been received. The certificate will indicate the number of declaration form, name of the exporter, name of the AD Category -....
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.... above procedures, AD Category - I Bank should ensure, by random check of the relevant duplicate forms by their internal / concurrent auditors, that non-realisation or short realisation allowed, if any, is within the powers delegated to them or has been duly approved by Reserve Bank, wherever necessary. C.7 Certification for EEFC Credits Where a part of the export proceeds are credited to an EEFC account, the export declaration (duplicate) form may be certified as under: "Proceeds amounting to representing ..... per cent of the export realisation credited to the EEFC account maintained by the exporter with " C.8 Consolidation of Air Cargo/ Sea Cargo (a) Consolidation of Air Cargo (i) Where air cargo is shipped under consolidation, the airline company's Master Airway Bill will be issued to the Consolidating Cargo Agent. The Cargo agent in turn will issue his own House Airway Bills (HAWBs) to individual shippers. (ii) AD Category - I Banks may negotiate HAWBs only if the relative letter of credit specifically provides for negotiation of these documents in lieu of Airway Bills issued by the airline company. (b) Consolidation of Sea Cargo (i) AD Category - I ....
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....s, in cases where the documents are being negotiated by a person other than the exporter who has signed GR/PP/SDF /SOFTEX Form for the export consignment concerned, after ensuring compliance with Regulation 12 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 (viii) To accept the variations in the value declared to the customs authorities and that is reflected on the export documents which stem from the terms of contract, on production of documentary evidence after verifying the arithmetical accuracy of the calculations and on conforming the terms of underlying contracts. Some such instances (where the values declared to the customs authorities and that shown on the documents may differ) are enumerated hereunder: a) The export realisable value may be more than what was originally declared to/accepted by the Customs on the GR/SDF form in certain circumstances such as where in c.i.f. or c. & f. contracts, part or whole of any freight increase taking place after the contract was concluded is agreed to be borne by buyers or where as a result of subsequent devaluation of the currency of the contract, buyers have agreed to an increase in price. b) I....
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....l to March). (iii) The bill numbers should be recorded in ENC statement and other relevant returns submitted to Reserve Bank. Website : www.fema.rbi.org.in 33 Email : [email protected] LESERS BANK O C.14 Follow-up of Overdue Bills (i) AD Category - I banks should closely watch realisation of bills and in cases where bills remain outstanding, beyond the due date for payment or 12 months from the date of export, the matter should be promptly taken up with the concerned exporter. If the exporter fails to arrange for delivery of the proceeds within 12 months or seek extension of time beyond 12 months, the matter should be reported to the RO concerned of the Reserve Bank stating, where possible, the reason for the delay in realising the proceeds. (ii) The duplicate copies of GR / SDF / PP / SOFTEX Forms should, continue to be held by AD Category - I banks until the full proceeds are realised, except in case of undrawn balances. (iii) AD Category - I banks should follow up export outstandings with exporters systematically and vigorously so that action against defaulting exporters does not get delayed. Any laxity in the follow up of realisation of e....
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....f the average annual export realisation during the preceding three financial years. (iii) For the purpose of reckoning the percentage of export bills outstanding to the average export realisations during the preceding three financial years, outstanding of exports made to countries facing externalisation problems may be ignored provided the payments have been made by the buyers in the local Website : www.fema.rbi.org.in Email : [email protected] 35 currency. C.17 Export Claims (i) AD Category - I banks may remit export claims on application, provided the relative export proceeds have already been realised and repatriated to India and the exporter is not on the caution list of Reserve Bank. (ii) In all such cases of remittances, the exporter should be advised to surrender proportionate export incentive, if any, received by him. C.18 Change of buyer/consignee Prior approval of Reserve Bank is not required if, after goods have been shipped, they are to be transferred to a buyer other than the original buyer in the event of default by the latter, provided the reduction in value, if any, involved does not exceed 25 per cent of the invoice value ....
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....ver the 10 per cent limit before the end of the financial year. Export bills due in the financial year for which the exporter has extended the period of realisation on his own (within the 10 per cent limit) or sought extension of time from the AD Category - I banks but unrealised as at the end of financial year will be computed for export proceeds due in the following financial year. (vi) In cases where exporters have failed to comply with the above requirement, AD Category - I banks may promptly advise the exporter concerned to seek extension of time/reduction in invoice value/write-off in respect of non-realisation in excess of the 10 per cent limit, failing which, the AD Category - I banks may inform the exporter about the withdrawal of this facility of self write-off / extension of time, within a Website : www.fema.rbi.org.in 37 Email : [email protected] RESE 26 - TION BANK OF month, under advice to the Regional Office concerned of the Reserve Bank. C.20 Extension of Time (i) Reserve Bank of India has permitted the AD Category - I banks to extend the period of realisation of export proceeds beyond 12 months from the date of export, up to ....
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....d by the AD Category - I banks during a financial year does not exceed 10 per cent of the total export proceeds realised by the concerned exporter through the concerned AD Category - I banks during the previous financial year; c. Satisfactory documentary evidence is furnished in support of the exporter having made all efforts to realise the dues; d. The case falls under any of the undernoted categories: i. The overseas buyer has been declared insolvent and a certificate from the official liquidator indicating that there is no possibility of recovery of export proceeds produced. ii. The overseas buyer is not traceable over a reasonably long period of time. iii. The goods exported have been auctioned or destroyed by the Port/Customs/Health authorities in the importing country. iv. The unrealised amount represents the balance due in a case settled through the intervention of the Indian Embassy, Foreign Chamber of Commerce or similar Organisation. v. The unrealised amount represents the undrawn balance of an export bill (not exceeding 10 per cent of the invoice value) remained outstanding and turned out to be unrealisable despite all efforts Website : www.fema.r....
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.... "write off " already availed of during the year, if any. (ii) the relevant GR/SDF/PP Nos. to be written off, Bill No., invoice value, commodity exported, country of export, (iii) the export benefits, if any, availed of by the exporter have been surrendered. b. The following do not qualify for the "write off" facility: i. Exports made to countries with externalisation problem i.e. where the overseas buyer has deposited the value of export in local currency but the amount has not been allowed to be repatriated by the central banking authorities of the country. ii. GR/SDF/PP forms which are under investigation by agencies like, Directorate of Enforcement, Directorate of Revenue Intelligence, Central Bureau of Investigation, etc. as also the outstanding bills which are subject matter of civil/ criminal suit. c. After the "write off" has been permitted AD Category - I banks may certify the duplicate form as under :- "Write off of (Amount in words and figures) permitted in terms of A. P. (DIR Series) Circular No.30 dated April 4, 2001." Date Stamp & Signature of AD Category - I banks (iii) AD Category - I banks may forward a statement in form EBW to the Region....
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....shipments lost in transit which are partially settled directly by shipping companies/airlines under carrier's liability abroad are also repatriated to India by exporters. C.25 'Netting off' of export receivables against import payments - Units in Special Economic Zones (SEZs) AD banks may allow requests received from exporters for 'netting off' of export receivables against import payments for units located in Special Economic Zones subject to the following: (i) The 'netting off' of export receivables against import payments is in respect of the same Indian entity and the overseas buyer / supplier (bilateral netting) and the netting may be done as on the date of balance sheet of the unit in SEZ. (ii) The details of export of goods are documented in GR (O) forms / DTR as the case may be while details of import of goods / services are recorded through A1 / A2 form as the case may be. The relative GR / SDF forms will be treated as complete by the designated AD Category - I banks only after the entire proceeds are adjusted / received. (iii) Both the transactions of sale and purchase in 'R' Returns under FET-ERS are reported separately. (iv) The export / import transac....
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...., AD Category - I banks are required to : i. exercise due diligence regarding the track record of the exporter; ii. verify the bonafides of the transactions; iii. obtain from the exporter a certificate issued by DGFT / Custom authorities that no incentives have been availed by the exporter against the relevant export or the proportionate incentives availed, if any, for the relevant export have been surrendered; iv. obtain an undertaking from the exporter that the goods will be re-imported within three months from the date of remittance; and V. ensure that all procedures as applicable to normal imports are adhered to. C.28 Exporters' Caution List (i) AD Category - I banks will also be advised whenever exporters are cautioned in terms of provisions contained in Regulation 17 of "Export Regulations" (Annex 2). They may approve GR/SDF/PP forms of exporters who have been placed on caution list if the exporters concerned produce evidence of having received an advance payment or an irrevocable letter of credit in their favour covering the full value of the proposed exports. (ii) Such approval may be given even in cases where usance bills are to be drawn for the shi....
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....approval of Govt. of India .--- No person shall draw foreign exchange for a transaction included in the Schedule II without prior approval of the Government of India; Provided that this Rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) Account of the remitter. 5. Prior approval of Reserve Bank No person shall draw foreign exchange for a transaction included in the Schedule III without prior approval of the Reserve Bank; Provided that this Rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) Account of the remitter. 6. (1) Nothing contained in Rule 4 or Rule 5 shall apply to drawal made out of funds held in Exchange Earners' Foreign Currency (EEFC) account of the remitter. (2) Notwithstanding anything contained in sub-rule (1), restrictions imposed under rule 4 or rule 5 shall continue to apply where the drawal of foreign exchange from the Exchange Earners Foreign Currency (EEFC) Account is for the purpose specified in items 10 and 11 of Schedule II, or item 3, 4, 11, 16 & 17 of Schedule III as the case may be. 7. Use of International Credit Card while outside India ....
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....rmation Technology 7. Remittance of container detention charges exceeding the rate prescribed by Director General of Shipping Ministry of Surface Transport (Director General of Shipping) 8. Remittances under technical collaboration agreements where payment of royalty exceeds 5% on local sales and 8% on exports and lump-sum payment exceeds USD 2 million Ministry of Commerce and Industry 9. Remittance of prize money/sponsorship of sports activity abroad by a person other than International / National / State Level sports bodies, if the amount involved exceeds USD 100,000. Ministry of Human Resources Development (Department of Youth Affairs and Sports) 10. Omitted 11. Remittance for membership of P& I Club Ministry of Finance, (Insurance Division) Schedule III (See Rule 5) 1. Omitted 2. * Release of exchange exceeding USD 10,000 or its equivalent in one Website : www.fema.rbi.org.in 49 Email : [email protected] BANK OF calendar year, for one or more private visits to any country (except Nepal and Bhutan). 3. @Gift remittance exceeding USD 5,000 per remitter/donor per annum. 4. # Donation exceeding USD 5000 per remitter/donor pe....
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...., G.S.R .. 442 dated November 2, 2002, G.S.R .. 831(E) dated December 20, 2002, G.S.R .. 33(E) dated January 16, 2003, G.S.R .. 397(E) dated May 14, 2003, G.S.R .. 731(E) dated September 11, 2003, G.S.R .. 849 (E) dated October 29, 2003, G.S.R .. 608(E) dated September 13, 2004), G.S.R.511(E) and G.S.R.512(E) dated July 28, 2005 and G.S.R.412(E) dated July 11, 2006. Please Note: * Stands amended vide A.P. (DIR Series) Circular No. 24 dated December 20, 2006 @ Stands amended vide A.P. (DIR Series) Circular No. 24 dated December 20, 2006. # Stands amended vide A. P . (DIR Series) Circular Nos. 24 and 45 dated December 20, 2006 and April 30,2007. $ Stands amended vide A.P. (DIR Series) Circular No. 46 dated April 30, 2007. ** Stands amended vide A.P. (DIR Series) Circular No. 47 dated April 30, 2007. Necessary Gazette Notifications are being issued. Email : [email protected] Website : www.fema.rbi.org.in 51 Te VION BANK OF Annex-2 Notification No.FEMA 23 /2000-RB dated 3rd May 2000 In exercise of the powers conferred by clause (a) of sub-section (1) and subsection (3) of section 7, sub-section (2) of section 47 of the Foreign Exch....
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.... 3. Declaration as regards export of goods and services :- (1) Every exporter of goods or software in physical form or through any other form, either directly or indirectly, to any place outside India, other than Nepal and Bhutan, shall furnish to the specified authority, a declaration in one of the forms set out in the Schedule and supported by such evidence as may be specified, containing true and correct material particulars including the amount representing - (i) the full export value of the goods or software; or (ii) if the full export value is not ascertainable at the time of export, the value which the exporter, having regard to the prevailing market conditions expects to receive on the sale of the goods or the software in overseas market, and affirms in the said declaration that the full export value of goods (whether ascertainable at the time of export or not) or the software has been or will within the specified period be, paid in the specified manner. (2) Declarations shall be executed in sets of such number as specified. (3) For the removal of doubt, it is clarified that, in respect of export of services to which none of the Forms specified in these Reg....
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....) of clause (i) to be re-exported by units in Special Economic Zones, under intimation to the Development Commissioner of Special Economic Zones/concerned Assistant Commissioner or Deputy Commissioner of Customs; j) replacement goods exported free of charge in accordance with the provisions of Exim Policy in force, for the time being. k) l) goods sent outside India for testing subject to re-import into India; defective goods sent outside India for repair and re-import provided the goods are accompanied by a certificate from an Authorised Dealer in India that the export is for repair and re-import and that the export does not involve any transaction in foreign exchange; m exports permitted by the Reserve Bank, on application made to it, subject to the terms and conditions, if any, as stipulated in the permission. Website : www.fema.rbi.org.in 54 Email : [email protected] trade samples of payment; BANK O 5. Indication of importer-exporter code number :- The importer-exporter code number allotted by the Director General of Foreign Trade under Section 7 of the Foreign Trade (Development & Regulation) Act, 1992 (22 of 1992) shall be indicat....
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....n :- The Commissioner of Customs or the postal authority or the official of Ministry of Information Technology, Department of Electronics to whom the declaration form is submitted, may, in order to satisfy themselves of due compliance with Section 7 of the Act and these regulations, require such evidence in support of the declaration as may establish that - a) the exporter is a person resident in India and has a place of business in India; b) the destination stated on the declaration is the final place of the destination of the goods exported; c) the value stated in the declaration represents - 1) the full export value of the goods or software; or 2) where the full export value of the goods or software is not ascertainable at the time of export, the value which the exporter, having regard to the prevailing market conditions expects to receive on the sale of the goods in the overseas market. Explanation : For the purpose of this regulation, 'final place of destination' means a place in a country in which the goods are ultimately imported and cleared through Customs of that country. . 8. Manner of payment of export value of goods :- Unless otherwise Auth....
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....en given a reasonable opportunity to make a representation in the matter; (c) On such direction, the said exporters shall be governed by the provisions of sub-regulation (1), until directed otherwise by the Reserve Bank. Explanation : For the purpose of this regulation, the "date of export" in relation to the export of software in other than physical form, shall be deemed to be the date of invoice covering such export. Website : www.fema.rbi.org.in Email : [email protected] 57 LESERY BANK OF 10. Export on Elongated Credit Terms :- No person shall enter into any contract to export goods on the terms which provide for a period longer than twelve months for payment of the value of the goods to be exported : Provided that the Reserve Bank may, for reasonable and sufficient cause shown, grant approval to enter into a contract on such terms. 11. Submission of export documents :- The documents pertaining to export shall, within 21 days from the date of export as, as the case may be, from the date of certification of SOFTEX form, be submitted to the Authorised Dealer mentioned in the relevant declaration form: Provided that, subject to th....
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....n respect of contravention of these provisions shall be instituted unless the specified period has expired and payment for the goods or software representing the full export value, or the value after deductions allowed under clause (iii), has not been made in the specified manner within the specified period. 14. Certain Exports requiring prior approval :- A. Export of goods on lease, hire, etc. No person shall, except with the prior permission of the Reserve Bank, take or send out by land, sea or air any goods from India to any place outside India on lease or hire or under any arrangement or in any other manner other than sale or disposal of such goods. B. Exports under trade agreement/rupee credit etc. (i) Export of goods under special arrangement between the Central Government and Government of a foreign state, or under rupee credits extended by the Central Government to Govt. of a foreign state shall be governed by the terms and conditions set out in the relative public notices issued by the Trade Control Authority in India and the instructions issued from time to time by the Reserve Bank. (ii) An export under the line of credit extended to a bank or a financia....
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....ng anything contained in clause (i) of sub-regulation (1), where the export agreement provides for shipment of goods extending beyond the period of one year from the date of receipt of advance payment, the exporter shall require the prior approval of the Reserve Bank. 17. Issue of directions by Reserve Bank in certain cases :- (1) Without prejudice to the provisions of Regulation 3 in relation to the export of goods or software which is required to be declared, the Reserve Bank may, for the purpose of ensuring that the full export value of the goods or, as the case may be, the value which the exporter having regard to the prevailing market conditions expects to receive on the sale of goods or software in the overseas market, is received in proper time and without delay, by general or special order, direct from time to time that in respect of export of goods or software to any destination or any class of export transactions or any class of goods or software or class of exporters, the exporter shall, prior to the export, comply with the conditions as may be specified in the order, namely ; Email : [email protected] 60 Website : www.fema.rbi.org.in BANK ....
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....laration of export of software otherwise than in physical form, i.e. magnetic tapes/discs, and paper media. Amended vide Notification No. FEMA 36/2001-RB dated February 27, 2001 G.S.R.119(E)/March 21, 2001 No. FEMA 57/2002-RB dated April 1, 2002 Amended vide Notification G.S.R.473(E)/July 8, 2002 Amended vide Notification No. FEMA 99/2003-RB dated August 27, 2003 G.S.R.773(E)/September 29, 2003 Amended vide Notification No. FEMA 107/2003-RB dated October 29, 2003 G.S.R.900 (E)/December 22, 2003 Amended vide Notification No FEMA 114/2004-RB dated March 13, 2004 G.S.R.279 (E)/April 23, 2004 Amended vide Notification No. FEMA 116/2004-RB dated March 25, 2004 G.S.R.352 (E)/June 8, 2004 Amended vide Notification No FEMA 176/2008-RB dated July 23, 2008 G.S.R.576 (E)/August 5, 2008 Email : [email protected] Website : www.fema.rbi.org.in 62 &-RESE e-TION BANK OF Forms: - GR, SDF, PP and SOFTEX EXCHANGE CONTROL DECLARATION (GR) FORM NO. ORIGINAL Exporter Invoice No. & Date SB No. & Date AR4/AR4A No. & Date Q/Cert. No. & Date Importer-Exporter Code No. Consignee Export Trade Control If export under: Deferre....
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.... Caution List of the Reserve Bank of India. Date (Signature of Exporter) @ State appropriate date of delivery which must be within six months from the date of shipment, but for exports to warehouses established outside India with the permission of the Reserve Bank, the date of delivery must be within fifteen months. *Strike out whichever is not applicable Space for use by Reserve Bank of India Website : www.fema.rbi.org.in Email : [email protected] 65 4 BANK OF EXCHANGE CONTROL DECLARATION (GR) FORM NO. Duplicate Exporter Invoice No. & Date SB No. & Date Consignee AR4/AR4A No. & Date Q/Cert. No. & Date Importer-Exporter Code No. Export Trade Control If export under: Deferred Credit Joint Venture Rupee Credit Others RBI's Approval/Cir. No. & Date L/C. No. Custom House Agent Type of shipment : Outright Sale Consignment Export Others (Specify) Pre-Carriage by of Place Receipt by Pre-Carrier Vessel/Flight Rotation No. No. Port Loading of Nature contract CIF of /FOB /C&F Other (Specify) Exchange Rate u/s 14 of CA Currency of invoice Port of Discharge....
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.... USE Uniform Code Number *Indicate ( ) in the box applicable Date of *(i) (ii) receipt for Bill negotiation collection, No *Indicate ( ) in the box applicable Type of Bill* (i) DA (ii) DP (iii) Others (Specify) Type of shipment : * (i) Firm Sale Contract (ii) Consignment Basis (iii) Others (Specify) The GR Form was included in the statement sent to the Reserve Bank with the R Return for the fortnight ending sent on We certify and confirm that we have received the total amount of (Currency) (amount) as under being the proceeds of exports declared on this form. Website : www.fema.rbi.org.in Email : [email protected] 68 2 . TION, 4 BANK O Date of receipt Currency Credit to Nostro Account in Country Debit to NR Rupee Account of a Bank in country Period of R Return with which the realisation has been reported to RBI In our name In the name of* Held with us Held with* (1) (2) (3) (4) (5) (6) (7) *(Write the name of the concerned Indian Authorised Dealer Branch) Any other manner of receipt (Specify) (Stamp & Signature of Authorised dealer) Date : Address : SPACE FOR USE BY RESERVE BANK OF INDIA ....
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....y Period of R Return with which the realisation has been reported to RBI In our name In the name of ** Held with us Held with ** (1) (2) (3) (4) (5) (6) (7) ** (Write the name of the concerned Indian Authorised Dealer Branch) Any other manner of receipt (Specify) (Stamp & Signature of Authorised dealer) Date : Address : SPACE FOR USE BY RESERVE BANK OF INDIA Email : [email protected] Website : www.fema.rbi.org.in 71 BANK OF FORM PP* EXCHANGE CONTROL Exporter's Declaration ORIGINAL Form Number : (Please see 'Notes to Exporters') 1. (a) Name of the Post Office (b) Number and date of Parcel Receipt (for RBI use) 2. Exporter's Name 3. Importer/Exporter Code No. 4. Buyer's/Consignee's Name and address: 5. Country of destination 6. Nature of contract*(i) CIF/(ii) C&F/(iii)FOB/ (iv) Others (Specify): 7. Date of despatch . Shipment*(i) Outright 8. Type of Sale/(ii) Others Consignment export/(iii) (Specify) ..... 9. Description of goods : : Unitt 10. Quantity of goods _Quantity 11. Currency of Invoice [+Ton/Kilogram/Litre/Cubic Metre/ Metre/Metre/Number/Others Sq.....
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....r A.D.'s use) (Signature of Exporter) Stamp & Date: Signature of Authorised dealer Dat Addres S : e : Bank's Code No. Uniform Notes to Exporters (1) This Form should not be pasted on the Parcel. (2) The PP Form procedure applies to postal exports to all territories outside India excluding Nepal and Bhutan. The PP Form should be completed in duplicate in all cases. (3) The Original should be submitted by the exporter to the Post Office after having it countersigned by an Authorised Dealer in foreign exchange. The Post Office through which the goods have been despatched will forward the Original to the nearest office of Reserve Bank of India. (4) All documents relating to export of goods from India must be passed through the medium of an Authorised Dealer in foreign exchange in India within 21 days of the date of shipment of the goods. (5) The amount representing the full export value of goods must be realised on the due date for payment or within six months from the date of shipment, whichever is earlier. Website : www.fema.rbi.org.in Email : [email protected] 74 RESERY BANK OF Note : Government of ....
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....Union: * Yes/No 17. Name & address of bank through whom payment is to be received I/We hereby declare that I/we am/are the *SELLER/CONSIGNOR of the goods in respect of which the declaration is made and that the particulars given above are true and that *(a) the export value as contracted with the buyer is the same as the full export value declared above/*(b) the full export value of goods is not ascertainable at the time of export and that the value declared is that which I/we, having regard to the prevailing market conditions, expect to receive on the sale of goods in the overseas market. Website : www.fema.rbi.org.in Email : [email protected] 77 28 - TION. BANK O I/We undertake that I/we will deliver to the bank named above the foreign exchange representing the full export value of the goods on or beforet in the manner prescribed in rule 9 of the Foreign Exchange Regulation Rules, 1974. I/We further declare that I/we am/are resident in India and I/we have a place of business in India. I/We* am/are not in the Caution List of the Reserve Bank of India. +State approximate date of delivery which must be the due date for payment or within six mo....
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....d falls short of the full export value declared on the Form for reasons other than deduction of bank charges, please indicate the authority conferred on the Authorised Dealers by or under the Exchange Control Manual or the Authorised Dealer's Circular or Circulars, as the case may be, or the Reserve Bank of India's approval number and date for reduction. 4. Space for use by Reserve Bank of India Email : [email protected] Website : www.fema.rbi.org.in 80 BANK OF EXCHANGE CONTROL SOFTWARE EXPORT DECLARATION (SOFTEX) FORM (For declaration of Software Exports through data-communication links and receipt of Royalty on the Software Packages/Products exported) FORM NO: AB ORIGINAL 1. Name and address of the exporter 2. STPI Centre within whose jurisdiction the unit is situated 3. Import-Export Code Number : STP/EHTP/EPZ/SEZ/100% 4. Category of exporter EOU/DTA unit 5. Buyer's name and address including country and their relationship with exporting unit (if any) 6. Date and Number of Invoice Yes a) Whether export contract/ purchase order already registered with STPI. (If 'No', please attach copy of the contract/purchase....
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.... [email protected] Website : www.fema.rbi.org.in 83 BANK OF 15. Name and address of designated Authorised Dealer in India through whom payment has been received/to be received A.D. Code No. SECTION -C 16. Declaration by exporter I/We hereby declare that I/we am/are the seller of the software in respect of which this declaration is made and that the particulars given above are true and that the value to be received from the buyer represents the export value contracted and declared above. I/we also declare that the software has been developed and exported by using Authorised and legitimate datacom links. I/We undertake that I/we will deliver to the bank named above the foreign exchange representing the full value of the software exported as above on or before (i.e. within six months from the date of invoice/date of last invoice raised during a month), in the manner specified in the Regulations made under the Foreign Exchange Management Act, 1999. Name: Signature of the Exporter Place: Stamp Date: Designation: Enclosure: (1) Copy of Export Contract [7(a)] (2) Copy of Royalty Agreement [12(c)] (3) Copy of communication ....
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.... Transmission charges included in invoice (b) Transmission charges (if payable separately by the overseas client) (c) Deduct: Agency commission, at the rate of . % (d) Any other deductions as permitted by RBI (please specify) (e) Amount to be realised [(a+b) - (c+d)] 10. 87 Email : [email protected] Website : www.fema.rbi.org.in Te VION BANK OF 11. How export value will be realised (mode of realisation) (Please mark on the appropriate box) (a) Under L/C (a) Name and address of Authorised Dealer (b) Authorised Dealer Code No. (b) Bank Guarantee (a) Name and address of Authorised Dealer (b) Authorised Dealer Code No. (c) Any other arrangement (a) Name and address of e.g. advance payment, etc. Authorised Dealer including transfer/remittance to bank account maintained (b) Authorised Dealer Code No. overseas (Please specify) SECTION - B (For receipt of Royalty on Software Packages/Products exported) 12. Details of Software Package(s)/ Product(s) exported (a) Date of export (b) GR/SDF/PP/SOFTEX Form No. on which exports were declared (c) Royalty agreement details %age and amount of roy....
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....f. as under being the (Currency) (Amount) proceeds of exports declared on this form. Period of R-Return with Date of to Nostro Debit Currency Credit Non- to Account Resident Receipt Rupee Account of a which the in ...... realisation Website : www.fema.rbi.org.in 90 Email : [email protected] 4 BANK OF (Country) bank in (country) has been reported to RBI In our name In the name of ** Held with us Held with ** 1 2 3 4 5 6 7 ( ** Write the name of the concerned branch of Authorised Dealer) receipt (Specify) Any other manner of Place: Date: Stamp (Signature of Authorised Official) Name: Designation : Name Address & of Authorised Dealer Email : [email protected] 91 Website : www.fema.rbi.org.in BANK OF EXCHANGE CONTROL SOFTWARE EXPORT DECLARATION (SOFTEX) FORM (For declaration of Software Exports through data-communication links and receipt of Royalty on the Software Packages/Products exported) FORM NO: AB TRIPLICATE 1. Name and address of the exporter 2. STPI Centre within whose jurisdiction the....
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....(b) GR/SDF/PP/SOFTEX Form No. on which exports were declared (c) Royalty agreement details %age and amount of royalty Period of royalty agreement Email : [email protected] Website : www.fema.rbi.org.in 94 BANK OF (Enclose copy of Royalty agreement, if not already registered) 13. How royalty value will be realised (as defined in Royalty agreement) 14 Calculation of royalty amount (Enclose copy of communication from the foreign customer) 15. Name and address of designated Authorised Dealer in India through whom payment has been received/to be received A.D. Code No. SECTION -C 16. Declaration by exporter I/We hereby declare that I/we am/are the seller of the software in respect of which this declaration is made and that the particulars given above are true and that the value to be received from the buyer represents the export value contracted and declared above. I/we also declare that the software has been developed and exported by using Authorised and legitimate datacom links. I/We undertake that I/we will deliver to the bank named above the foreign exchange representing the full value of the software exported as ab....
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....eanings respectively assigned to them in the Act. 3. Manner of Receipt in Foreign Exchange :- 97 Website : www.fema.rbi.org.in Email : [email protected] De - VION BANK OF (1) Every receipt in foreign exchange by an authorised dealer, whether by way of remittance from a foreign country (other than Nepal and Bhutan) or by way of reimbursement from his branch or correspondent outside India against payment for export from India, or against any other payment, shall be as mentioned below: Group Manner of receipt of foreign exchange (1) member countries in the Asian Clearing Union (except Nepal)namely, Bangladesh Islamic Republic of Iran , Myanmar ,Pakistan and SriLanka a) payment for all eligible current transactions by debit to the Asian Clearing Union dollar account in India of a bank of the member country in which the other party to the transaction is resident or by credit to the Asian Clearing Union dollar account of the authorised dealer maintained with the correspondent bank in the member country; and b) payment in any permitted currency in all other cases (2) all countries other than those mentioned in (1). a) payment in rupees from the a....
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.... Nepal and Bhutan) against payment for import into India, or against any other payment, shall be as mentioned below: Website : www.fema.rbi.org.in Email : [email protected] 99 RESERY BANK O Group Manner of payment (1) member countries in the Asian Clearing Union (except Nepal)namely, Bangladesh, Islamic Republic of Iran, Myanmar, Pakistan and SriLanka a) payment for all eligible current transactions by credit to the Asian Clearing Union dollar account in India of a bank of the member country in which the other party to the transaction is resident or by debit to the Asian Clearing Union dollar account of the authorised dealer maintained with the correspondent bank in the member country; and b) payment in any permitted currency in other cases (2) all countries other than those mentioned in (1). a) payment in rupees from the account of a bank situated in any country other than a member country of Asian Clearing Union or Nepal or Bhutan; or b) payment in any permitted currency. " (1 A) In respect of imports into India from Myanmar, payment may be made in any freely convertible currency or through ACU Mechanism to Myanmar" (2) In respect of imp....
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....) Details of Export Bills not Realised (partly or fully) within the prescribed period GR/SOFTEX/ Amount SDF/PP No. Details of Extension / Reduction in invoice value/ Write off by the Exporter himself Amount Revised due date Extension/ Reduction in invoice value / Write off sought from AD Amount Revised due date @ @ (1) (2) (3) Total NOTE : 1) The exporter should approach AD/RBI for extension of time in respect of bills in Column (3) in PART B. 2) Total of Bills in Column (2) in Part B should not exceed 10% of those in Column 1 of PART A 3) From 2005 onwards Bills in Column 1 of PART A will include those which have been extended for realisation by the exporter himself or with the approval of AD/RBI. 4) In respect of export bills written off (including reduction in invoice value) evidence for surrender of export incentives to be enclosed. @ For cases of extension Exporters Signature : Verified by Authorised Dealer 102 Email : [email protected] Website : www.fema.rbi.org.in Te VION BANK OF Annex- 5 (para B 25, Part I of the Master Circular) Commodities identified for exchange by residents living along the border bet....
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....exports made and proceeds Financial Total Amount Outstanding at realised during the period the preceding 3 years and outstanding at the end of the period. Year exports made (Rs.) realised (Rs.) the end of the period (Rs.) 6. Details of imports made Calendar Year Financial Year Country Amount (Rs.) Country Amount (Rs.) during the preceding 3 years, country-wise. 7. In case the account is proposed to be opened with a bank abroad, indicate the details of arrangements made for availing of loans/ overdrafts/lines of credit from the bank with which the account will be maintained. 8. Quarterwise projections of export receipts to be cred- ited to the account and payments in foreign exchange (itemwise) to be made from the account under various heads, during the next year. 9. Whether the applicant's name has been/was placed on exporters' caution list at any time. 10. Details of foreign currency loan raised by the exporter and their maturity patterns. 11. Any other information that the applicant may like to provide in support of this application. exports made (Rs.) realised (Rs.) the end of the period (Rs.) Place: (Signature of Applicant....
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....d (Yes /No) No. & date of bank certificat e issued Rema rks Curre ncy Amo unt Curre ncy Amou nt Currenc y Amou nt 12. 13. 14. 15. 16. 17. 18. Total 108 Website : www.fema.rbi.org.in Email : [email protected] Te VION BANK OF Summary Part III : Part I Part II 'Cash' exports Export on consignment Undrawn balances Total Exports on deferred basis payment basis Rs. Rs. Rs. Rs. Rs. Outstandings as on (End of previous half-year) Add: Addition during the half- year under report Less: Deletion during the half-year Net position of outstanding as on (End of half-year under report) We certify that all export bills i.e. export bills purchased, negotiated and sent for collection, outstanding beyond the prescribed period / due date of realisation of as at the end of half-year under report have been included in this statement. (Signature of Authorised Place: Official) Stamp Name: Date : Designation: ****** Website : www.fema.rbi.org.in 109 Email : [email protected] Te VION BANK OF PART 5 List of circulars which have been consolidated in the Master Circ....