TaxTMI 
TaxTMI 
Master Circular on Exports of Goods and Services
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.... A. Introduction PART 2 B. General guidelines for Exports B.1 Exemption from Declarations B.2 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 B.7 Setting up of Offices Abroad and Acquisition of Immovable Property for Overseas Office B.8 Advance Payments against Exports B.9 GR Approval for Trade Fair/Exhibitions abroad B.10 GR approval for Export of Goods for re-imports B.11 Part Drawings /Undrawn Balances B.12 Consignment Exports B.13 Opening / Hiring of Ware houses abroad B.14 Direct dispatch of documents by the exporter B.15 Invoicing of Software Exports B.16 Short Shipments and Shut out Shipments B.17 Counter-Trade Arrangement B.18 Export of Goods on Lease, Hire, etc. B.19 Export on Elongated Credit Terms B.20 Export of goods by Special Economic Zones (SEZs) B.21 Project Exports and Service Exports B.22 Export of Currency B.23 Forfaiting B.24 Exports to neighbouring countries b....
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.... - 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 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 Finance, vide Notification No.G.S.R.381 (E) dated May 3, 2000, (Annex - 1) as also Regulations notified by Reserve Bank vide its Notification No. FEMA 23/2000-RB dated May 3, 2000, as amended from time to time (Annex - 2). (iv) In terms of Regulation 4 of the Foreign Exchange Management (Guarantees) Regulations, ....
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....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 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 Notification No. FEMA.14/2000-RB dated May 3, 2000 (Annex-3) in the following manner: a. Bank draft, pay order, banker's or personal cheques. b. Foreign currency notes/foreign currency travellers' cheques from the buyer during his visit to India. c. Payment out of funds held in the FCNR/NRE account maintained by the buyer d. International Credit Cards of the buyer. Note: When payment for goods sold to overseas buyers during their visits is received in this manner, GR/SDF (duplicate) should be released by the AD Category - I banks only on receipt of funds in their Nostro account or if the AD Category - I ban....
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....may be maintained for each OPGSP or the bank should be able to delineate the transactions in the NOSTRO account of each OPGSP. e. The following debits will only be permitted to the NOSTRO collection account opened under this arrangement: I. Repatriation of funds representing export proceeds to India for credit to the exporters' account; II. Payment of fee/commission to the OPGSP as per the predetermined rates / frequency/ arrangement; and III. Charge back to the importer where the exporter has failed in discharging his obligations under the sale contract. f. The balances held in the NOSTRO collection account shall be repatriated and credited to the respective exporter's account with a bank in India immediately on receipt of the confirmation from the importer and, in no case, later than seven days from the date of credit to the NOSTRO collection account. g. AD Category -I banks shall satisfy themselves as to the bonafides of the transactions and ensure that the purpose codes reported to the Reserve Bank in the online payment gateways are appropriate. h. AD Category -I banks shall submit all the relevant information relating to any transaction under this arrangemen....
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....a within a stipulated period from the date of export, as under : i. Units located in SEZs shall realize and repatriate, full value of goods / software / services, to India within a period of twelve months from the date of export. Any extension of time beyond the above stipulated period may be granted by Reserve Bank of India, on case to case basis. [Ref: A.P.(DIR Series) Circular No.108 dated 11-06-2013] 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 : As soon as it is realised and in any case within fifteen months from the date of shipment of goods; and v. . In all other cases: With effect from May 20, 2013 this period of realization and repatriation to India has been brought down to nine months from the date of export, till September 30, 2013. ....
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....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 2 years in import / export of diamonds / coloured gemstones / diamond and coloured gemstones studded jewellery / plain gold jewellery and having an average annual turnover of Rs. 3 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 Category - I banks in the format prescribed. (iv) AD Category-I banks are required to submit quarterly reports to the Foreign Exchange Department, Reserve Bank of India, Central Office, Trade Division, Mumbai, giving details of name and address of the firm / company in whose name the Diamond Dollar Account is opened, along with the date of opening / closing the Diamond Dollar Account, by the 10th of the month following the quarter to ....
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....noted that the provisions at paragraph (iii) a) and (iii) b) above will apply, mutatis mutandis, also to holder of either a Resident Foreign Currency Account (Domestic) or a Diamond Dollar Account (DDA). [ Ref: A.P. (DIR Series) Circular No.12 dated 31-07-2012 A.P. (DIR Series) Circular No.79 dtd 22-01-2013] (v) The eligible credits represent - a. inward remittance received through normal banking channel, other than the remittance received pursuant to any undertaking given to the Reserve Bank or which represents foreign currency loan raised or investment received from outside India or those received for meeting specific obligations by the account holder. b. Payments received in foreign exchange by a unit in Domestic Tariff Area (DTA) for supplying goods to a unit in Special Economic Zone out of its foreign currency account. (vi) AD Category - I banks may permit their exporter constituents to extend trade related loans / advances to overseas importers out of their EEFC balances without any ceiling subject to compliance of provisions of Notification No. FEMA 3/2000-RB dated May 3, 2000 as amended from time to time. (vii) AD Category - I banks may permit exporters ....
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....ndertaken by the overseas office, expenses and repatriation thereon may be sent to the AD Category - I banks. B.8 Advance Payments against Exports (1) In terms of Regulation 16 of Notification No. FEMA 23/2000-RB dated May 3, 2000, where an exporter receives advance payment (with or without interest), from a buyer outside India, the exporter shall be under an obligation to ensure that - • the shipment of goods is made within one year from the date of receipt of advance payment; • the rate of interest, if any, payable on the advance payment does not exceed London Inter-Bank Offered Rate (LIBOR) + 100 basis points; and • the documents covering the shipment are routed through the AD Category - I bank through whom the advance payment is received. Provided that 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) 'AD Category- I ba....
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....R Form of export items for display or display-cum-sale in trade fairs/exhibitions outside India subject to the following: • The exporter shall produce relative Bill of Entry within one month of re-import into India of the unsold items. • The sale proceeds of the items sold are repatriated to India in accordance with the Foreign Exchange Management (Realisation, Repatriation, and Surrender of Foreign Exchange) Regulations, 2000. • The exporter shall report to the AD Category - I banks the method of disposal of all items exported, as well as the repatriation of proceeds to India. • Such transactions approved by the AD Category - I banks will be subject to 100 per cent audit by their internal inspectors/auditors. B.10 GR approval for Export of Goods for re-imports (i) AD Category - I banks may consider request from exporters for granting GR approval in cases where goods are being exported for re-import after repairs / maintenance / testing / calibration, etc., subject to the condition that the exporter shall produce relative Bill of Entry within one month of re-import of the exported item from India. (ii) Where the goods bei....
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....les 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 marine insurance must be arranged in India. AD Category - I banks may allow the exporters to abandon the books, which remain unsold at the expiry of the period of the sale contract. Accordingly, the exporters may show the value of the unsold books as deduction from the export proceeds in the Account Sales. B.13 Opening / Hiring of Ware houses abroad AD Category - I banks may consider the applications received from exporters and grant permission for opening / hiring warehouses abroad subject to the following conditions: • Applicant's export outstanding does not exceed 5 per cent of exports made during the previous financial year. • Applicant has a minimum export turnover of USD 100,000/- during the last financial year. • Period of realisation should be as applicable. • All transactions should be routed through the designated branch of the AD Banks. • The above permission may be granted to the exporters initially for ....
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....count with the AD Category - I bank is fully compliant with the Reserve Bank's extant KYC / AML guidelines. d) The AD Category - I bank is satisfied about the bonafides of the transaction. In case of doubt, the AD Category - I bank may consider filing Suspicious Transaction Report (STR) with FIU_IND (Financial Intelligence Unit in India). B.15 Invoicing of Software Exports (i) For long duration contracts involving series of transmissions, the exporters should bill their overseas clients periodically, i.e., at least once a month or on reaching the 'milestone' as provided in the contract entered into with the overseas client and the last invoice / bill should be raised not later than 15 days from the date of completion of the contract. It would be in order for the exporters to submit a combined SOFTEX form for all the invoices raised on a particular overseas client, including advance remittances received in a month. (ii) Contracts involving only 'one-shot operation', the invoice/bill should be raised within 15 days from the date of transmission. (iii) The exporter should submit declaration in Form SOFTEX in quadruplicate in respect of export of computer software and....
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....No interest will be payable on balances standing to the credit of the Escrow Account but the funds temporarily rendered surplus may be held in a short-term deposit up to a total period of three months in a year (i.e., in a block of 12 months) and the banks may pay interest at the applicable rate. (iii) No fund based/or non-fund based facilities would be permitted against the balances in the Escrow Account. (iv) Application for permission for opening an Escrow Account may be made by the overseas exporter / organisation through his / their AD Category - I bank to the Regional Office concerned of the Reserve Bank. B.18 Export of Goods on Lease, Hire, etc. Prior approval of the Reserve Bank is required for export of machinery, equipment, etc., on lease, hire basis under agreement with the overseas lessee against collection of lease rentals/hire charges and ultimate re-import. Exporters should apply for necessary permission, through an AD Category - I banks, to the Regional Office concerned of the Reserve Bank, giving full particulars of the goods to be exported. B.19 Export on Elongated Credit Terms Exporters intending to export goods on elongated credit terms may sub....
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....ct/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 them in any country subject to the satisfaction of the sponsoring AD Category - I bank(s) / EXIM Bank / Working Group and also subject to the reporting requirement and would be monitored by the AD Category - I bank(s) / EXIM Bank / Working Group. (ii) Inter-Project Transfer of Funds [D 1 (i) & D 3] AD Category - I bank(s) / EXIM Bank / Working Group may permit exporters to open, maintain and operate one or more foreign currency account/s in a currency(ies) of their choice with inter-project transferability of funds in any currency or country. The Inter-project transfer of funds will be monitored by the AD Category - I bank(s) / EXIM Bank / Working Group. (iii) Deployment of Temporary Cash Surpluses Project / Service exporters....
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....form to the 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 goods loaded at these stations so that the goods may move straight on to the foreign country without further formalities at the border. The list of designated railway stations can be obtained from the Railways. For goods loaded at stations other than the designated stations, exporters must arrange to present GR/SDF forms to the Customs Officer at the Border Land Customs Station where Customs formalities are completed. B.25 Border Trade with Myanmar This is governed by the Agreement on Border Trade between India and Myanmar. People living along both sides of the India-Myanmar border are permitted to exchange certain specified locally produced commodities (Annex 5) under the barter trade arrangement. They can also trade in freely convertible currency. AD banks should follow the guidelines stipulated in A.P.(DIR Series) Circular No.17 dated October 16, 2000. B.26 Repayment of S....
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....ion of the goods and certifying the quantity passed for shipment on the duplicate copy, Customs will return it to the exporter for submission to the AD Category - I banks for negotiation or collection of export bills. • Within 21 days from the date of export, exporter should lodge the duplicate copy together with relative shipping documents and an extra copy of the invoice with the AD Category - I banks named in the GR form. • After the documents have been negotiated / sent for collection, the AD Category - I banks should report the transaction to the Reserve Bank in statement ENC under cover of appropriate R-Supplementary Return. • 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 the Reserve Bank. • In the case of exports made under deferred credit arrangement or to joint 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 ....
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....i) The GR Form, both original and duplicate, should indicate the number and date of Letter of Permit issued by Ministry of Agriculture for operation of the vessel. (viii) The exporter will complete the GR Form in duplicate and both the copies may be submitted to the Customs at the registered port of the vessel or any other port as approved by Ministry of Agriculture. GR (Original) will be retained by the Customs for capturing of data in Customs' Electronic Data Interchange. (ix) Customs will give their running serial number on both the copies of GR Form and will return the duplicate copy to the exporter as the value certification of the export has already been done as mentioned above. (x) Rules, Regulations and Directions issued in respect of the procedure for submission of the GR form by exporter to the AD Category-I banks, and the disposal of these forms by these banks will be same as applicable to the other exporters. C.4 SDF The following system may be followed in case of SDF: (i) The SDF should be submitted in duplicate (to be annexed to the relative shipping bill) to the Commissioner of Customs concerned. (ii) After verifying and au....
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....elevant documents together with an extra copy of invoice for negotiation/collection, within the prescribed period of 21 days. (iii) 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: • 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 • The full value of the shipment has been received in advance by the exporter through an AD Category - I banks. Or • The AD Category - I bank is satisfied, on the basis of the standing and track record of the exporter and the arrangements made for realization of the export proceeds, that he could do so. In such cases, particulars of advance payment/letter of credit / AD Category - I bank's certification of standing, etc., of the exporter should be furnished on the form under proper authentication. (v) Any alteration in the name and address of consig....
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.........." C.9 Consolidation of Air Cargo/Sea Cargo (a) Consolidation of Air Cargo • 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. • 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 • AD Category - I banks may accept Forwarder's Cargo Receipts (FCR) issued by IATA approved agents, in lieu of bills of lading, for negotiation / collection of shipping documents, in respect of export transactions backed by letters of credit, if the relative letter of credit specifically provides for negotiation of this document, in lieu of bill of lading even if the relative sale contract with the overseas buyer does not provide for acceptance of FCR as a shipping document, in lieu of bill of lading • Further, authorized dealers may, at their discretion, also accept FCR issued by ....
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....tc. basis provided the amount of freight has been included in the invoice and the bill. • To negotiate the documents, 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. • 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: • The export realizable 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 born....
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....nd are given bill numbers on a financial year basis (i.e. April to March). (iii) The bill numbers should be recorded in ENC statement and other relevant returns submitted to the Reserve Bank. C.15 Follow-up of Overdue Bills (i) AD Category - I banks should closely watch realization 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 Regional Office concerned of the Reserve Bank stating, where possible, the reason for the delay in realizing 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 realization of export proceeds by A....
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....e preceding three financial years. (iii) For the purpose of reckoning the percentage of export bills outstanding to the average export realizations during the preceding three financial years, outstanding of exports made to countries facing externalization problems may be ignored provided the payments have been made by the buyers in the local currency. C.18 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 the Reserve Bank. (ii) In all such cases of remittances, the exporter should be advised to surrender proportionate export incentives, if any, received by him. C.19 Change of buyer/consignee Prior approval of the 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 and the realization of export proceeds is not delayed beyond the period of 12 months from the date of export. C.20 Extens....
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....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-realization 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 month, under advice to the Regional Office concerned of the Reserve Bank. C.21 Extension of Time (i) The Reserve Bank of India has permitted the AD Category - I banks to extend the period of realization of export proceeds beyond 12 months from 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: • The export transactions covered by the invoices are not under investigation by Directorate of Enforcement / Central Bureau of Investigation or other investigating agencies, ....
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....er Exporters 10%* • 'Write-off" by Authorized Dealer Bank- 10%* *of the total export proceeds realized during the previous calendar year. (ii). The above limits will be related to total export proceeds realized during the previous calendar year and will be cumulatively available in a year. (iii) The above "write-off" will be subject to conditions that the relevant amount has remained outstanding for more than one year, satisfactory documentary evidence is furnished in support of the exporter having made all efforts to realize the dues, and the case falls under any of the under noted categories : a) 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 has been produced. b) The overseas buyer is not traceable over a reasonably long period of time. c) The goods exported have been auctioned or destroyed by the Port / Customs / Health authorities in the importing country. d) The unrealized amount represents the....
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....ive AD banks may forward a statement in form EBW, in the enclosed format, to the Regional Office of Reserve Bank under whose jurisdiction they are functioning, indicating details of write-offs allowed under this circular. viii) AD banks are advised to put in place a system under which their internal inspectors or auditors (including external auditors appointed by authorised dealers) should carry out random sample check / percentage check of "write-off" outstanding export bills. ix) Cases not covered by the above instructions / beyond the above limits, may be referred to the concerned Regional Office of Reserve Bank of India. [Ref: A. P. (DIR Series) Circular No.88 dtd 12-03-2013] C.23 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 private insurance companies regulated by IRDA confirming that the claim in respect of the outstanding bills has been settled by them, write off the relative export bills and delete them from the XOS statement.....
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....be furnished on the reverse of the duplicate copy. AD Category - I banks should ensure that amounts of claims on 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.27 (A) 'Netting off' of export receivables against import payments - Units in Special Economic Zones (SEZs) AD Category - I 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)....
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....m, provided a valid agreement/written understanding between the exporters and/or beneficiary for payment of commission exists. • The relative shipment has already been made. (ii) AD Category - I banks may allow payment of commission by Indian exporters, in respect of their exports covered under counter trade arrangement through Escrow Accounts designated in US Dollar, subject to the following conditions: (a) The payment of commission satisfies the conditions as at (a) and (b) stipulated in paragraph (i) above. (b) The commission is not payable to Escrow Account holders themselves. (c) The commission should not be allowed by deduction from the invoice value. (iii) Payment of commission is prohibited on exports made by Indian Partners towards equity participation in an overseas joint venture / wholly owned subsidiary as also exports under Rupee Credit Route except commission up to 10 per cent of invoice value of exports of tea & tobacco. C.29 Refund of Export Proceeds AD Category - I banks, through whom the export proceeds were originally realised may consider requests for refund of export proceeds of goods exported from India and being re-impo....
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.... means the Foreign Exchange Management Act, 1999 (42 of 1999); (b) "Drawal" means drawal of foreign exchange from an ealizatio person and includes opening of Letter of Credit or use of International Credit Card or International Debit Card or ATM Card or any other thing by whatever name called which has the effect of creating foreign exchange liability; I "Schedule" means a schedule appended to these rules; (d) The words and expressions not defined in these rules but defined in the Act shall have the same meanings respectively assigned to them in the Act. 3. Prohibition on drawal of Foreign Exchange.---Drawal of foreign exchange by any person for the following purpose is prohibited, namely: a. a transaction specified in the Schedule I; or b. a travel to Nepal and/or Bhutan; or c. a transaction with a person resident in Nepal or Bhutan. Provided that the prohibition in clause I may be exempted by RBI subject to such terms and conditions as it may consider necessary to stipulate by special or general order. 4. Prior approval of Govt. of India.---No person shall draw foreign exchange for a transaction included in the Schedule II without prior approval o....
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....rtment of Education and Culture) 2. Advertisement in foreign print media for the purposes other than promotion of tourism, foreign investments and international bidding (exceeding USD 10,000) by a State Government and its Public Sector Undertakings Ministry of Finance, (Department of Economic Affairs) 3. Remittance of freight of vessel chartered by a PSU Ministry of Surface Transport, (Chartering Wing) 4. Payment of import through ocean transport by a Govt. Department or a PSU on c.i.f. basis (i.e. other than f.o.b. and f.a.s. basis) Ministry of Surface Transport, (Chartering Wing) 5. Multi-modal transport operators making remittance to their agents abroad Registration Certificate from the Director General of Shipping 6. Remittance of hiring charges of transponders by (a) TV Channels (b) Internet Service providers Ministry of Information and Broadcasting Ministry of Communication and Information 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 payme....
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....p; exceeding the estimate from the doctor in India or hospital/doctor abroad. 10. Release of exchange for studies abroad exceeding the estimate from the institution abroad or USD 100,000, per academic year, whichever is higher. 11. Commission, per transaction, to agents abroad for sale of residential flats or commercial plots in India exceeding USD 25,000 or 5% of the inward remittance whichever is more. 12. Omitted 13. Omitted 14. Omitted 15.Remittance exceeding USD 1,000,000 per project, for any consultancy service procured from outside India. Explanation:- For the purposes of this item number 'infrastructure project' Is those related to - (i) Power, (ii) Telecommunication, (iii) Railways, (iv) Roads including bridges, (v) Sea port and air port, (vi) Industrial parks, and (vii) Urban Infrastructure (water supply, sanitation and sewage) 16. Omitted 17. Remittance exceeding USD 100,000 by an entity in India by way of reimbursement of pre-incorporation expenses. 18. Omitted (Amendments) (Notification G.S.R..663 (E) dated August 17,2000,S.O.301(E) dated March 30, 2001, G.S.R..442 dated November 2,2002, G.S.R..831(E) dated D....
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....) Circular No.100 May 2, 2003 30. A.P. (DIR Series) Circular No.104 May 31, 2003 31. A.P. (DIR Series) Circular No.105 June 16, 2003 32. A.P. (DIR Series) Circular No.8 August 16, 2003 33. A.P. (DIR Series) Circular No.12 August 20, 2003 34. A.P. (DIR Series) Circular No.20 September 23, 2003 35. A.P. (DIR Series) Circular No.22 September 24, 2003 36. A.P. (DIR Series) Circular No.26 October 3, 2003 37. A.P. (DIR Series) Circular No.30 October 21, 2003 38. A.P. (DIR Series) Circular No.32 October 28, 2003 39. A.P. (DIR Series) Circular No.40 December 5, 2003 40. A.P. (DIR Series) Circular No.61 January 31, 2004 41. A.P. (DIR Series) Circular No.68 February 11, 2004 42. A.P. (DIR Series) Circular No.73 February 20, 2004 43. A.P. (DIR Series) Circular No.94 June 7, 2004 44. A.P. (DIR Series) Circular No.96 June 15, 2004 45. A.P. (DIR Series) Circular No.97 June 21, 2004 46. A.P. (DIR Series) Circular No.9 September 1, 2004 47. A.P. (DIR Series) Circular No.10 September 13, 2004 48. A.P. (DIR Series) Circular No.25 ....