TaxTMI 
TaxTMI 
Master Circular on Export of Goods and Services
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....oduction. B. General guidelines for Exports Exemption from Declarations Manner of Receipt and Payment. B.3 Realisation and Repatriation of export proceeds. B.4 Foreign Currency Account .... B.5 Diamond Dollar Account (DDA). B.6 Exchange Earners' Foreign Currency (EEFC) Account. 3355557700 9 B.7 Setting up of Offices Abroad and Acquisition of Immovable Property for Overseas Offices. 10 B.8 Advance Payments against Exports 11 B.9 GR Approval for Trade Fair/Exhibitions abroad .12 B.10 B.11 GR approval for Export of Goods for re-imports Part Drawings /Undrawn Balances.. 13 13 B.12 Consignment Exports ....... 14 B.13 Opening / Hiring of Ware houses abroad 15 B.14 B.15 Direct dispatch of documents by the exporter Invoicing of Software Exports. 15 17 B.16 B.17 Short Shipments and Shut out Shipments. Counter-Trade Arrangement.. 18 18 B.18 Export of Goods on Lease, Hire, etc. 19 B.19 Export on Elongated Credit Terms.. 19 B.20 B.21 Export of goods by Special Economic Zones (SEZs). Project Exports and Service Exports. 19 ....
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....ppendix 52 .95 95 100 101 102 105 108 Website: www.fema.rbi.org.in 2 Email [email protected] 3 of 110 PART-1 A. (i) Introduction Export trade is regulated by the Directorate General of Foreign Trade (DGFT) and its regional offices, functioning under the Ministry of Commerce and Industry, Department of Commerce, Government of India. Policies and procedures required to be followed for exports from India are announced by the DGFT, from time to time. (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) and 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 ....
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....n 5 of 110 PART 2 B. General guidelines for Exports B.1 Exemption from Declarations GR Exemption The requirement of declaration of export of goods and software in the prescribed form will not apply to the cases indicated in Regulation 4 of Notification No. FEMA 23/2000-RB dated May 3, 2000 (Annex 2). The exporters shall, however, be liable to realise and repatriate export 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 realization 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) ....
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....actions either in ACU Dollar or in ACU Euro. Accordingly, the Asian Monetary Unit (AMU) shall be denominated as 'ACU Dollar' and 'ACU Euro' which shall be equivalent in value to one US Dollar and one Euro, respectively. b) Further, AD Category - I banks are allowed to open and maintain ACU Dollar and ACU Euro accounts with their correspondent banks in other Website: www.fema.rbi.org.in 6 Email [email protected] 7 of 110 participating countries. All eligible payments are required to be settled by the concerned banks through these accounts. c) 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. B.3 Realisation and Repatriation of export proceeds It is obligatory on the part of the exporter to realise and repatriate the full value of goods or software to India within a stipulated period from the date of export, as under : B.4 (i) By Units in Special Economic Zones (SEZs): No specific time period has been stipulated; (ii) (iii) (iv) (V) (i) By Status Holder Exporters as define....
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.... by making remittance for the purpose of normal business operations of the said office/branch or representative subject to conditions stipulated in Regulation 7 of Notification No. FEMA 10/2000- RB dated May 3, 2000 and as amended from time to time. A unit located in a Special Economic Zone (SEZ) may open, hold and maintain a Foreign Currency Account with an AD Category - I bank in India subject to conditions stipulated in Regulation 6 (A) of Notification No. FEMA 10/2000-RB dated 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. Website: www.fema.rbi.org.in 8 Email [email protected] 9 of 110 B.5 (i) Diamond Dollar Account (DDA) 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 ....
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....A 3/2000-RB dated May 3, 2000 as amended from time to time. (vi) AD Category - I banks may permit exporters to repay packing credit advances whether availed in Rupee or in foreign currency from balances in their EEFC account and / or Rupee resources to the extent exports have actually taken place. B.7 Setting up of Offices Abroad and Acquisition of Immovable Property for Overseas Offices (i) (ii) At the time of setting up of the office, AD Category - I banks may allow remittances towards initial expenses up to fifteen per cent of the average annual sales/income or turnover during the last two financial years or up to twenty-five per cent of the net worth, whichever is higher. 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: Website: www.fema.rbi.org.in 10 Email [email protected] 11 of 110 a) the overseas branch/office has b....
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....at in the event of the exporter's inability to make the shipment, partly or fully, within one year from the date of receipt of advance payment, no remittance towards refund of unutilized portion of advance payment or towards payment of interest, shall be made after the expiry of the said period of one year, without the prior approval of the Reserve Bank. (2) 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. (3) AD Category - I banks may allow the purchase of foreign exchange from the market for refunding advance payment credited to EEFC account only after utilizing the entire balances held in the exporter's EEFC accounts maintained at different branches/banks. Note: AD Category - I banks may also be guided by the Master Circular on Guarantees and Co-acceptances issued by DBOD. B.9 GR Approval for Trade Fair/Exhibitions abroad Firms / Companies and other organizations participating in Trade Fair/Exhibition abroad can take/export goods for exhibition and sale outside India withou....
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....e bills, provided: a) b) The amount of undrawn balance is considered normal in the particular line of export trade, subject to a maximum of 10 per cent of the full export value. An undertaking is obtained from the exporter on the duplicate of GR/SDF/PP forms that he will surrender/account for the balance proceeds of the shipment within the period prescribed for realization. - In cases where the exporter has not been able to arrange for repatriation of the undrawn balance in spite of best efforts, AD Category – I banks, on being satisfied with the bona fides of the case, should ensure that the exporter has realised at least the value for which the bill was initially drawn (excluding undrawn balances) or 90 per cent of the value declared on GR/PP/SDF form, whichever is more and a period of one year has elapsed from the date of shipment. B.12 Consignment Exports (i) When goods have been exported on consignment basis, the AD Category-I (ii) (iii) bank, while forwarding shipping documents to his overseas branch/ correspondent, should instruct the latter to deliver them only against trust receipt/undertaking to d....
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....ts expeditiously. However, they may Website: www.fema.rbi.org.in Email [email protected] 15 16 of 110 (ii) (iii) dispatch shipping documents direct to the consignees or their agents resident in the country of final destination of goods in cases where: a) b) c) Advance payment or an irrevocable letter of credit has been received for the full value of the export shipment and the underlying sale contract/letter of credit provides for dispatch of documents direct to the consignee or his agent resident in the country of final destination of goods. The AD Category - I banks may also accede to the request of the exporter provided the exporter is a regular customer and the AD Category - I banks is satisfied, on the basis of standing and track record of the exporter and arrangements have been made for realisation of export proceeds. Documents in respect of goods or software are accompanied with a declaration by the exporter that they are not more than Rs. 25,000/- in value and not declared on GR/SDF/PP/SOFTEX form. AD Category - I banks may also permit `Status Holder Exporters' (as defined in the Fore....
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....PZ/FTZ /SEZ for valuation / certification not later than 30 days from the date of invoice / the date of last invoice raised in a month, as indicated above. The designated officials may also certify the SOFTEX Website: www.fema.rbi.org.in 17 Email: [email protected] 18 of 110 (iv) Forms of EOUs, which are registered with them. The invoices raised on overseas clients as at (i) and (ii) above will be subject to valuation of export declared on SOFTEX form by the designated official concerned of the Government of India and consequent amendment made in the invoice value, if necessary. B.16 Short Shipments and Shut out Shipments (i) When part of a shipment covered by a GR form already filed with Customs is short-shipped, the exporter must give notice of short-shipment to the Customs in the form and manner prescribed. In case of delay in obtaining certified short-shipment notice from the Customs, the exporter should give an undertaking to the AD banks to the effect that he has filed the short- shipment notice with the Customs and that he will furnish it as soon as it is obtained. (ii) Where a shipment has been e....
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.... particulars of the goods to be exported. B.19 Export on Elongated Credit Terms Exporters intending to export goods on elongated credit terms may submit their proposals giving full particulars through their banks for consideration to the Regional Office concerned of the Reserve Bank. B.20 Export of goods by Special Economic Zones (SEZs) Units in SEZs are permitted to undertake job work abroad and export goods from Website: www.fema.rbi.org.in 19 Email [email protected] 20 of 110 that country itself subject to the conditions that: (i) (ii) Processing / manufacturing charges are suitably loaded in the export price and are borne by the ultimate buyer. The exporter has made satisfactory arrangements for realisation of full export proceeds subject to the usual GR procedure. AD Category - I banks may permit units in DTAs to purchase foreign exchange for making payment for goods supplied to them by units in SEZs. B.21 Project Exports and Service Exports Export of engineering goods on deferred payment terms and execution of turnkey projects and civil construction contracts abroad are collectively referred to ....
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....t-term paper abroad including treasury bills and other monetary instruments with a maturity or remaining maturity of one year or less and the rating of which should be at least A-1/AAA by Standard & Poor or P-1/Aaa by Moody's or F1/AAA by Fitch IBCA etc., (b) deposits with branches / subsidiaries outside India of AD Category - I banks in India. (iv) Repatriation of Funds in case of On-site Software Contracts [C 1 (ii)] The requirement of repatriation of 30 per cent of contract value in respect of on- site contracts by software exporter company / firm has been dispensed with. They should, however, repatriate the profits of on-site contracts after completion of the contracts. B.22 Export of Currency In terms of Foreign Exchange Management (Export and Import of Currency) Regulations, 2000 notified vide Notification No. FEMA 6/ 2000-RB dated 3rd May 2000, as amended from time to time, any export of Indian currency of value exceeding Rs.7,500/- except to the extent permitted under any general permission granted under the Regulations, will require prior permission of the Reserve Bank. Website: www.fema.rbi.org.in Email: tradedivisione....
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.... 2000. B.26 Repayment of State Credits Export of goods and services against repayment of state credits granted by erstwhile USSR will continue to be governed by the extant directions issued by the Reserve Bank, as amended from time to time. B.27 Counter -Trade Arrangements with Romania The Reserve Bank will consider counter trade proposals from Indian exporters with Romania involving adjustment of value of exports from India against value of imports made into India in terms of a voluntarily entered arrangement between the concerned parties, subject to the condition, among others that the Indian exporter should utilize the funds for import of goods from Romania into India within six months from the date of credit to Escrow Accounts allowed to be opened. Website: www.fema.rbi.org.in 23 Email [email protected] 24 of 110 C. PART - 3 Operational Guidelines for AD Category - I banks C.1 Citing of Specific Identification Numbers (i) (ii) In all applications / correspondence with the Reserve Bank, the specific identification number as available on the GR, PP and SOFTEX forms should invariably be cited. ....
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.... ventures abroad against equity participation or under rupee credit agreement, the number and date of the Reserve Bank approval and/or number and date of the relative RBI circular should be recorded at the appropriate place on the GR form. Where Duplicate copy of GR form is misplaced or lost, AD Category | banks may accept another copy of duplicate GR form duly certified by Customs. Note: At present, GR Forms [to be completed in duplicate for export otherwise than by Post including export of software in physical form i.e. magnetic tapes / discs and paper media] can be obtained by the exporters from the Regional Offices of the Reserve Bank. As part of simplifying the procedures, GR Forms are now made available on-line on the Reserve Bank's website www.rbi.org.in. (Link:- Notification FEMA Forms For Printing of GR Form) Accordingly, the exporters have the option to use the GR Forms available on-line as well. Website: www.fema.rbi.org.in 25 Email [email protected] 26 of 110 C.4 SDF The following system may be followed in case of SDF: (i) (ii) (iii) (iv) The SDF should be submitted in duplicate....
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....he parcel is being addressed to their branch or correspondent bank in the country of import and return the original copy to the exporter, who should submit the form to the post office with the parcel. The duplicate copy of the PP form will be retained by the AD banks to whom the exporter should submit relevant documents together with an extra copy of invoice for negotiation/collection, within the prescribed period of 21 days. The concerned overseas branch or correspondent should be instructed to deliver the parcel to consignee against payment or acceptance of relative bill. (iv) - AD Category I banks may, however, countersign PP forms covering parcels addressed direct to the consignees, provided: a) An irrevocable letter of credit for the full value of the export has been opened in favour of the exporter and has been advised through the AD Category - I banks concerned. Or b) The full value of the shipment has been received in advance by the exporter through an AD Category - I banks. Or c) The AD Category - I bank is satisfied, on the basis of the standing and track record of the exporter and the arrangements....
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....eas buyer should also provide that FCR may be accepted in lieu of bill of lading as a shipping document. C.9 Delay in submission of shipping documents by exporters In cases where exporters present documents pertaining to exports after the prescribed period of 21 days from date of export, AD Category - I banks may handle them without prior approval of the Reserve Bank, provided they are satisfied with the reasons for the delay. C.10 Check-list for Scrutiny of Forms AD Category - I banks may ensure: (i) (ii) (iii) The number on the duplicate copy of a GR form presented to them is the same as that of the original which is usually recorded on the Bill of Lading/Shipping Bill and the duplicate has been duly verified and authenticated by appropriate Customs authorities. The Shipping Bill No. on the SDF form should be the same as that appearing on the Bill of Lading. In the case of c.i.f., c.& f. etc. contracts where the freight is sought to be paid at destination, that the deduction made is only to the extent of freight declared on GR/SDF form or the actual amount of freight indicated on the Bill of Lading/Airway Bill, ....
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....for late shipment of goods in conformity with trade practice concerning the commodity. In these cases, while exporters declare to the Customs the full export value based on the contract price, invoices submitted along with shipping documents for negotiation/ collection may reflect a different value arrived at after taking into account the results of analysis of samples or late shipment penalty, as the case may be. To accept for negotiation or collection the bills for exports by sea or air which fall short of the value declared on GR/SDF forms on account of trade, only if the discount has been declared by the exporter on relative GR/SDF form at the time of shipment and accepted by Customs. C.11 Return of Documents to Exporters The duplicate copies of GR/SDF/PP forms and shipping documents, once submitted to the AD Category - I banks for negotiation, collection, etc., should not ordinarily be returned to exporters, except for rectification of errors and resubmission. C.12 Handing Over Negotiable Copy of Bill of Lading to Master of Vessel/Trade Representative AD Category - I banks may deliver one negotiable copy of the Bill of L....
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....tion of export proceeds is not applicable for units located in Special Economic Zones (SEZs). The units in SEZS will however continue to follow the GR/SDF/PP/SOFTEX export procedure outlined above. AD Category - I banks should furnish to the Regional Office concerned of Website: www.fema.rbi.org.in 32 Email [email protected] 33 of 110 the Reserve Bank, on a half-yearly basis, a consolidated statement in Form XOS (Annex 7) giving details of all export bills outstanding beyond six months from the date of export as at the end of June and December every year. The statement should be submitted in triplicate within fifteen days from the close of the relative half-year. C.15 Reduction in Invoice Value on Account of Prepayment of Usance Bills Occasionally, exporters may approach AD Category - I banks for reduction in invoice value on account of cash discount to overseas buyers for prepayment of the usance bills. AD Category - I banks may allow cash discount to the extent of amount of proportionate interest on the unexpired period of usance, calculated at the rate of interest stipulated in the export contract or at the pr....
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....months from the date of export. C.19 Extension of time and Self write-off by the exporters (i) For export proceeds due within the prescribed period during a financial year all exporters (other than Status Holder exporters) have been allowed to write off (including reduction in invoice value) outstanding export dues and extend the prescribed period of realization beyond 12 months or further period as applicable, provided (a) The aggregate value of such export bills written-off (including reduction in invoice value) and bills extended for realization does not Website: www.fema.rbi.org.in 34 Email [email protected] 35 of 110 (ii) (iii) (b) exceed 10 per cent of the export proceeds due during the financial year; and such export bills are not a subject to investigation by Directorate of Enforcement / Central Bureau of Investigation or any other Investigating Agencies. Exporters dealing with more than one AD Category - I banks can avail of this facility through each AD Category - I bank, i.e., the limit of 10 per cent for self write-off (including reduction in invoice value) and extension of time for ....
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.... the date of export, up to a period of six months, at a time, irrespective of the invoice value of the export subject to the following conditions: a) b) The export transactions covered by the invoices are not under investigation by Directorate of Enforcement / Central Bureau of Investigation or other investigating agencies, The AD Category - I bank is satisfied that the exporter has not been able to realise export proceeds for reasons beyond his control, c) The exporter submits a declaration that the export proceeds will be realised during the extended period, d) e) f) While considering extension beyond one year from the date of export, the total outstanding of the exporter does not exceed USD one million or 10 per cent of the average export realizations during the preceding three financial years, whichever is higher. All the export bills outstanding beyond six months from the date of export may be reported in XOS statement. However, where extension of time has been granted by the AD Category - I banks, the date up to which extension has been granted may be indicated in the 'Remarks' column. In cases where t....
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....assy, 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 un realizable despite all efforts made by the exporter. vi. The cost of resorting to legal action would be disproportionate to the unrealised amount of the export bill or where the exporter even after winning the Court case against the overseas buyer could not execute the Court decree due to reasons beyond his control. vii. Bills were drawn for the difference between the letter of credit value and actual export value or between the provisional and the actual freight charges but the amount have remained unrealised consequent on dishonour of the bills by the overseas buyer and there are no prospects of realization. The case is not the subject matter of any pending civil or criminal suit. The exporter has not come to the adverse notice of the Directorate of Enforcement or the Central Bureau of Investigation or any such other law enforcement agency. The exporter has surrendered proportionate export incen....
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.... (iii) (iv) C. which are subject matter of civil/ criminal suit. 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 bank AD Category I banks may forward a statement in form EBW to the Regional Office of the Reserve Bank under whose jurisdiction they are functioning, indicating details of write offs etc., every half year ended 30th June and 31st December within 15 days from the date of completion of the relevant half year. AD Category - I banks are to put in place a system under which their internal inspectors or auditors carryout random sample check/per cent check of outstanding export bills written off. C.22 Write off in cases of Payment of Claims by ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority (IRDA) (i) AD Category - I banks shall, on an application received from the exporter supported by documentary evidence from the ECGC and priva....
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....ww.fema.rbi.org.in Email: [email protected] 41 42 of 110 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 transactions with ACU countries are kept outside the arrangement. (v) All the relevant documents are submitted to the concerned AD Category - I banks who should comply with all the regulatory requirements relating to the transactions. C.26 Agency Commission on Exports (i) - AD Category I banks may allow payment of commission, either by remittance or by deduction from invoice value, on application submitted by the exporter. The remittance on agency commission may be allowed subject to the following conditions: a) b) Amount of commission has been declared on GR/SDF/PP/SOFTE....
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....dures as applicable to normal imports are adhered to. Website: www.fema.rbi.org.in 43 Email [email protected] 44 of 110 C.28 Exporters' Caution List (i) (ii) (iii) 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. Such approval may be given even in cases where usance bills are to be drawn for the shipment provided the relative letter of credit covers the full export value and also permits such drawings and the usance bill mature within twelve months from the date of shipment. AD Category - I banks should obtain prior approval of the Reserve Bank for issuing guarantees for caution-listed exporters. Website: www.fema.rbi.org.in 44 Email [email protected] 45 of 110 PART - 4 Annex-1 Foreign Exchange Management (....
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....thout 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 Ill as the case may be. 7. Use of International Credit Card while outside India Nothing contained in Rule 5 shall apply to the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India. Website: www.fema.rbi.org.in 46 Email [email protected] 47 of 110 Schedule I Transactions which are Prohibited (see rule 3) 1. Remittance out of lottery winnings. 2. Remittance of income from....
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....0 9. Remittance of prize Ministry of Human Resources money/sponsorship of sports activity Development (Department of Youth abroad by a person other than Affairs and Sports) International / National / State Level sports bodies, if the amount involved exceeds USD 100,000. 10. Omitted 11. Remittance for membership of Ministry of Finance (Insurance P&I Club Division) Website: www.fema.rbi.org.in 49 Email [email protected] 50 of 110 Schedule III (See Rule 5) 1. Omitted 2. Release of exchange exceeding USD 10,000 or its equivalent in one 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 per annum. # 5. Exchange facilities exceeding USD 100,000 for persons going abroad for employment. 6. Exchange facilities for emigration exceeding USD 100,000 or amount prescribed by country of emigration. 7. Remittance for maintenance of close relatives abroad, @@ i. exceeding net salary (after deduction of taxes, contribution to provident fund and ....
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....6, G.S.R.511(E) dated July 28, 2006, and G.S.R.382 (E) dated May 05, 2010. Please Note: @ 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, respectively. $ 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. @@ May be read with A.P. (DIR Series) Circular No 26 dated January 14, 2010. Website: www.fema.rbi.org.in Email [email protected] 51 52 of 110 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 Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following regulations relating to export of goods and services from India, namely: 1. Short title and commencement :- (i) These Regulations may be called the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000. (i....
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....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. Website: www.fema.rbi.org.in 53 Email [email protected] 54 of 110 (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 Regulations apply, the exporter may export such services without furnishing any declaration, but shall be liable to realise the amount of foreign exchange which becomes due or accrue....
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....l 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) goods sent outside India for testing subject to re-import into India; 1) 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. 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 indicated on all copies of the declaration forms submitted by the exporter to the specified authority and in all correspondence of the exporter with the Authorised Dealer or the Reserve Bank, as the case may be. 6. Auth....
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....itted, 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. Website: www.fema.rbi.org.in 56 Email: [email protected] 57 of 110 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 Authorised by the Reserve Bank, the amount representing the fu....
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....unit has been given a reasonable opportunity to make a representation in the matter; I 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. 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 the directions issued by the Reserve Bank from time to ti....
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....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. Website: www.fema.rbi.org.in 59 Email [email protected] 60 of 110 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 fro....
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....ment or towards payment of interest, shall be made after the expiry of the said period of one year, without the prior approval of the Reserve Bank. (2) Notwithstanding 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 expo....
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....ed by the Central Government which have introduced Electronic Data Interchange (EDI) system for processing shipping bills notified by the Central Government. To be completed in duplicate for export by Post. Form SOFTEX: To be completed in triplicate for declaration 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 Amended vide Notification No. FEMA 57/2002-RB dated April 1,2002 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 Website: www.fema.rbi.org.in 63 Email [email protected] 64 of 110 Forms: -GR....
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....d to the prevailing market conditions, expect to receive on the sale of goods in the overseas market. I/We undertake that I/we will deliver to the bank named herein the foreign exchange representing the full export value of the goods on or before @.. In the manner specified in the Regulations under the Act, 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 OR am/are not in 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 66 Email [email protected] 67 of 110 Exporter EXCHANGE CONTROL DECLARATION (GR) FORM NO. Duplicate Invoice Date No. & SB No. & Date AR4/AR4A No. & Date Q/Cert. No. & Importer-Exporter Code No. Date Consignee Export Control Tr....
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....ing the full export value of the goods on or before @.. In the manner specified in the Regulations under the Act, 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 OR am/are not in 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 FOR AUTHORISED DEALER'S USE Uniform Code Number *Indicate ( ) in the box applicable Date of *(i) (ii) receipt for negotiation collection, Bill No Type of Bill* (i) (ii) (iii) Others DA DP (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 (amount) a....
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....Date (i) negotiation of (ii) receipt collection for (!!!) Bill No. *Type of (i) DA (ii) DP (iii) (Specify) Website: www.fema.rbi.org.in 71 Email: [email protected] 72 of 110 Bill Others *Types of shipment (i) Firm Sale Contract (ii) Consignment Basis (Specify) (iii) Others *Indicate ( ) in the box applicable The SDF Form was included in the Statement sent to 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. Date Curren Credit to Nostro Debit to NR Rupee Period of R of cy receip t Account in...............Country Account of a Bank Return with in.. ...... country which the realization has been reported to In our name (1) (2) (3) In the name of** (4) Held Held with us with** (5) (6) **(Write the name of the concerned Indian Authorised Dealer Branch) Any other manner of receipt (Specify) RBI (7) (Stamp & Signature....
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.... 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. 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 Website: www.fema.rbi.org.in Email [email protected] 74 75 of 110 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 months from the date of shipment, whichever is earlier. *Strike out whichever is not applicable. (For A.D.'s use) (Signature of Exporter) Date: Stamp & Signature of Authorised d....
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....e/Metre/Number/Others Description of goods : Quantity of goods : Unitt .....Quantity Currency of Invoice [†Ton/Kilogram/Litre/Cubic Metre/ (Specify)]..... Where the full export 12. Analysis of export value : ascertainable value @ value is not Particulars expected on sale of goods in the oversease market may be shown @Full Export value Currency No application for F.O.B. Value Amount Website: www.fema.rbi.org.in 77 Email [email protected] 78 of 110 permission for Freight remittance/deduction From the declared value on account of agency Commission and/or discount will be Entertained by the Reserve Bank or Authorised Dealer unless these have been declared on this form Insurance Discount (Rate. ....) Agency Commission (Rate_ (For Customs 13. Customs Assessable Value Use) Export Value (Rupees) verified (Customs Appraiser) 14. If the export is made under general permission of the Reserve Bank of India, Number and date of its approval 15. If the export is made under L/C arrangements, name of advising bank in ....
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....(Amount) as under being the proceeds of exports declared on this form. Date of Currency Credit to Nostro receipt Account in Debit to NR Rupee Account of a bank Period to R Return with (Country) in which the (country) realization has been reported to RBI In our name In the name Held with us Held witht oft 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 : Notes to Authorised Dealer: 1. Please ensure that the columns on the face of the PP Form have been completed by the exporter and that they have been duly authenticated by the Postal authorities wherever necessary. 2. On receipt of the full export value of the shipment declared on this Form, the Authorised Dealer will forward to the Reserve Bank this duplicate copy of the Form together with a copy of the Customs certified Shipper's Invoice, duly certified. In respect of shipments made on consignment basis, the Account Sales received from the consignee in original in ....
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....included in invoice Transmission charges (if payable (b) 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)] 909 910 9/11 Currency 11. How export value will be realised (mode of realization) (Please mark on the appropriate box) ☠(a) Under L/C (b) Bank Guarantee Website: www.fema.rbi.org.in (a) Name and address of 83 Authorised Dealer (b) Authorised Dealer Code No. (a) Name and address of Authorised Dealer Email [email protected] 84 of 110 ☠(c) Any other arrangement e.g. advance payment, etc. including transfer/remittance to bank account maintained overseas (Please specify) (b) Authorised Dealer Code No. (a) Name and address of Authorised Dealer (b) Authorised Dealer Code No. SECTION-B (For receipt of Royalty on Software Packages/Products exported) Details of Software Package(s)/ Product(s) exported 12. (a) Date of export (b) GR/SDF/PP/SOFTEX Form No. on which exports were dec....
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.... AB DUPLICATE 1. Name and address of the exporter 2. STPI Centre within whose jurisdiction the unit is situated 3. Import-Export Code Number 4. Category of exporter : STP/EHTP/EPZ/SEZ/100% 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 7. a) Whether export contract/ purchase order already registered with STPI. Yes No (If 'No', please attach copy of the contract/purchase order) b. Does contract stipulate payment of royalty Yes SECTION-A (For exports through data communication link) 8. Name of Authorised datacom STPI/VSNL/DOT/Internet/Others service provider 9. Type of software exported (Please mark on the appropriate box on the left side). No (Please specify) Website: www.fema.rbi.org.in 86 Email [email protected] 87 of 110 (a) Computer Software Data Entry jobs and Conversion RBI Code 906 Software Data Processing Software Development 907 Software Product, Packages 908 Others (Please specify) 909 (b) ....
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....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. Place: Date: Name: Designation: Enclosure: Signature of the Exporter Stamp (1) Copy of Export Contract [7(a)] (2) Copy of Royalty Agreement [121] Copy of communication from foreign customer [14] Space for use of the competent authority (i.e. STPI/FTZ/EPZ/SEZ) on behalf of Ministry of Information Technology Certified that the software described above was actually transmitted and the export/royalty value declared by the exporter has been found to be in order and accepted by us. Place: Date: Name: Designation: (Signature of Designated Official of STPI/FTZ/EPZ/SEZ on behalf of Ministry of Information Technology) Stamp Website: www.fema.rbi.org.in 89 Email tradedivisionexport....
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.... RBI Code 906 Software Data Processing Software Development 907 Software Product, Packages 908 Others (Please specify) 909 (b) Other Software 910 Video/TV Software Others (Please specify) Analysis of Export Value Amount 10. (a) Full export value of which :- i) Net value of exports without ii) transmission charges Transmission charges included in invoice Transmission charges (if payable (b) 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 realized [(a+b) - (c+d)] 911 Currency Website: www.fema.rbi.org.in 92 Email [email protected] 93 of 110 11. How export value will be realized (mode of realization) (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....
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.... of STPI/FTZ/EPZ/SEZ on behalf of Ministry of Information Technology) Stamp Website: www.fema.rbi.org.in 94 Email [email protected] 95 of 110 Annex-3 Notification No.FEMA 14/2000-RB dated 3rd May 2000 In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following regulations in respect of the manner of receipt and payment in foreign exchange, namely: 1. Short title and commencement:- i) These Regulations may be called the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000. ii) They shall come into effect on 1st day of June, 2000. 2. Definitions:- In these Regulations, unless the context requires otherwise, - (i) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999); (ii) 'authorised dealer' means a person authorised as an authorised dealer under subsection (1) of Section 10 of the Act; (iii) 'authorised bank' means a bank, other than an authorised dealer, authorised by the Reserve Bank to accept deposits from persons resident outside India; (iv) 'FCNR/NRE account....
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....tes /travelers cheque from a buyer during his visit to India, provided the foreign currency so received is surrendered within the specified period to the authorised dealer of which the exporter is a customer ; Website: www.fema.rbi.org.in 96 Email [email protected] 97 of 110 ii) by debit to FCNR/NRE account maintained by the buyer with an authorised dealer or an authorised bank in India ; iii) in rupees from the credit card servicing bank in India against the charge slip signed by the buyer where such payment is made by the buyer through a credit card ; iv) from a rupee account held in the name of an Exchange House with an authorised dealer if the amount does not exceed two lakh rupees per export transaction; v) in accordance with the directions issued by the Reserve Bank to authorised dealers, where the export is covered by the arrangement between the Central Government and the Government of a foreign country or by the credit arrangement entered into by the EXIM Bank with a financial institution in a foreign state; vi) in the form of precious metals i.e. gold/silver/platinum equivalent to value of jewel....
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....t shall be made in accordance with the directions issued by the Reserve Bank to authorised dealer ; (2) subject to the provisions of sub-regulation (1), a person resident in India may make payment in foreign exchange through an international card held by him : Website: www.fema.rbi.org.in 98 Email [email protected] 99 of 110 Provided that - a) the transaction for which the payment is so made is in conformity with the provisions of the Act, rules and regulations made thereunder; and b) in the case of import for which the payment is so made, the import is also in conformity with the provisions of the Export-Import Policy for the time being in force. Amended vide Notification No. FEMA 98/2003-RB dated August 27, 2003 G.S.R.G.S.R.772(E)/September 29, 2003 Amended vide Notification No. FEMA 128/2005-RB dated January 11,2005 G.S.R.53(E)/February 2,2005 Website: www.fema.rbi.org.in 99 Email [email protected] 100 of 110 Annex-4 (C.19, Part-1, Self write-off and extension of time) (PART A) Annual statement to be furnished to Authorised Dealers by exporters giving details of export perf....
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....asted Sunflower Seeds 21. Katha 22. Ginger Annex-5 23. Any other commodities as may be mutually agreed upon between the two sides Website: www.fema.rbi.org.in 101 Email [email protected] 102 of 110 (para B 4, Part-1 of the Master Circular) EFC (Application for opening foreign currency account with a bank in India or abroad by exporters) Annex-6 Instructions: 1. The application should be completed in duplicate and submitted through the designated branch of a bank authorized to deal in foreign exchange in India with which the foreign currency account is to be maintained/which will monitor the account, to the Office of Reserve Bank under whose jurisdiction the exporter is located. 2. Before forwarding the application to Reserve Bank, authorised dealers should properly scrutinize it to ensure that it is complete in all respects. Documentation: 3. 4. 5. 6. Exporter's declaration duly certified by his auditors, indicating export bills realized during the preceding 3 years and the export bills outstanding beyond the due date. Auditor's certificate giving country-wise break-up....
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....erations on account maintained with a bank abroad, as the case may be. Place: Date : Stamp (Signature of Applicant/Authorised Official) Name: Designation: Name and Address of Authorised Dealer: ----------------- Website: www.fema.rbi.org.in 104 Email [email protected] 105 of 110 (para C.14, Part-1 of the Master Circular) XOS Annex-7 A.D. Code No........ Statement of particulars of export bills outstanding beyond prescribed period/ due date of realization as at 30th June/ 31st December Part I - Outstanding export bills other than those on deferred payment terms Comm- odity Sr. Bill Name No. No. and date & Addr- - ter's Expor Date Due GR/P of date P/ Code export of SOFT Port of Ship- Ship- ping Name & add- ment bill No. ess No./ real- EX and ress of the of IE isa- form date over- export Code tion No. seas -ter No. buyer 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Curr- Invoice Amount Amount value Realised Outstand- ing Curr- Currency ency ency and ....
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.... Date : Designation: *************** Website: www.fema.rbi.org.in 107 Email [email protected] 108 of 110 Sr.No. 1. 2. انه 3. 4. 5. 6. 7. 8. 9. 10.. 11. 12. 13. 14 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. List of circulars which have been consolidated in the Master Circular on Export of Goods and Services Circular No A.D. (MA Series) Circular No. 15 A.P.( DIR Series) Circular No.12 A.P.(DIR Series) Circular No.4 A.P.(DIR Series) Circular No.5 A.P.(DIR Series) Circular No.6 A.P.(DIR Series) Circular No.9 A.P.(DIR Series) Circular No.10 A.P.(DIR Series) Circular No.20 A.P.(DIR Series) Circular No.30 A.P.(DIR Series) Circular No.34 A.P.(DIR Series) Circular No.35 A.P.(DIR Series) Circular No.38 A.P.(DIR Series) Circular No.53 A.P.(DIR Series) Circular No.54 A.P.(DIR Series) Circular No.2 A.P.(DIR Series) Circular No.10 A.P.(DIR Series) Circular No.11 A.P.(DIR Series) Circular No.12 A.P.(DIR Series) Circular No.21 A.P.(DIR Series) Circular No.28 ....