TaxTMI 
TaxTMI 
Master Circular on Export of Goods and Services ((Updated on August 28, 2015)
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....eferred to for general guidance. The Authorised Persons and the Authorised Dealer Category - I banks may refer to respective circulars/ notifications for detailed information, if so needed. Yours faithfully, (A.K.Pandey) Chief General Manager INDEX PART - 1 A. Introduction PART - 2 B. General guidelines for Exports B.1 Exemption from Declarations B.2 Manner of Receipt and Payment B.3 Realization and Repatriation of proceeds of export of goods / software / services 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 EDF Approval for Trade Fair/Exhibitions abroad B.10 EDF approval for Export of Goods for re-imports B.11 Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality B.12 Part Drawings /Undrawn Balances B.13 Consignment Exports B.14 Opening / Hiring of Ware houses abroad B.15 Direct dis....
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....ion of Advance Received for Exports Appendix PART-1 A. Introduction (i) 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 Regulations have been notified vide Notification No. FEMA 23/2000-RB dated May 3, 2000, as amended from time to time. (iii) The Directions ....
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.... (ii) Grant of EDF waiver AD Category - I banks may consider requests for grant of EDF 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. Exports of goods not involving any foreign exchange transaction directly or indirectly requires the waiver of EDF procedure from the Reserve Bank. B.2 Manner of Receipt and Payment (i) The amount representing the full export value of the goods exported shall be received through an AD Bank in the manner specified in the Foreign Exchange Management (Manner of Receipt & Payment) Regulations, 2000 notified vide Notification No. FEMA.14/2000-RB dated May 3, 2000 in the following manner: a. Bank draft, pay order, banker's or personal cheques. b. Foreign currency notes/foreign currency travelers' cheques from the buyer during his visit t....
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....l accounts with the OPGSP, it shall be ensured that no funds are allowed to be retained in such accounts and all receipts should be automatically swept and pooled into the NOSTRO collection account opened by the AD Category-I bank. d. A separate NOSTRO collection account may be maintained for each OPGSP or the bank should be able to delineate the transactions in the NOSTRO account of each OPGSP. e. Under this arrangement, the permissible debits to the NOSTRO collection account are for repatriation of funds representing export proceeds to India for credit to the exporters' account, payment of fee/commission to the OPGSP as per the predetermined rates / frequency/ arrangement; and 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 bona-fides of the t....
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....e settled in any permitted currency outside the ACU mechanism, until further notice. (v) Third party payments for export / import transactions Taking into account the evolving international trade practices, it has been decided to permit third party payments for export / import transactions can be made subject to conditions as under: a) Firm irrevocable order backed by a tripartite agreement should be in place. However, it may not be insisted upon in cases where documentary evidence for circumstances leading to third party payments / name of the third party being mentioned in the irrevocable order/ invoice has been produced subject to: (i) AD bank should be satisfied with the bona-fides of the transaction and export documents, such as, invoice / FIRC. (ii) AD bank should consider the FATF statements while handling such transaction. b. Third party payment should be routed through the banking channel only; c. The exporter should declare the third party remittance in the Export Declaration Form and it would be responsibility of the Exporter to realize and repatriate the export proceeds from such third party named in the EDF; d. It would be responsibility of the ....
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.... period of one month from the date of closure of the exhibition/trade fair and full details are submitted to the AD Category - I banks concerned. (ii) Reserve Bank may consider applications in Form EFC (Annex 2) from exporters having good track record for opening a foreign currency account with banks in India and outside India subject to certain terms and conditions. Applications for opening the account with a branch of an AD Category - I bank in India may be submitted through the branch at which the account is to be maintained. If the account is to be maintained abroad the application should be made by the exporter giving details of the bank with which the account will be maintained. (iii) An Indian entity can also open, hold and maintain a foreign currency account with a bank outside India, in the name of its overseas office/branch, 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. (iv) A unit located in a Special Economic Zone (SEZ) may open, hold and maintain a Foreign Curre....
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....son Resident in India) Regulations, 2000 notified under Notification No. FEMA 10/2000-RB dated May 3, 2000 as amended from time to time. (ii) Resident individuals are permitted to include resident close relative(s) as defined in the Companies Act 1956 as a joint holder(s) in their EEFC bank accounts on former or survivor basis. (iii) This account shall be maintained only in the form of non-interest bearing current account. No credit facilities, either fund-based or non-fund based, shall be permitted against the security of balances held in EEFC accounts by the AD Category - I banks. (iv) All categories of foreign exchange earners are allowed to credit 100% of their foreign exchange earnings to their EEFC Accounts subject to the condition that a) The sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments. b) The facility of EEFC scheme is intended to enable exchange earners to save on conversion/transaction costs while undertaking forex transactions. This facility is not intend....
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....ravention of the Act, Rules or Regulations made there under; c. The overseas office (trading / non-trading) / branch / representative should not create any financial liabilities, contingent or otherwise, for the head office in India and also not invest surplus funds abroad without prior approval of the Reserve Bank. Any funds rendered surplus should be repatriated to India. (iii) The details of bank accounts opened in the overseas country should be promptly reported to the AD Bank. (iv) AD Category - I banks may also allow remittances by a company incorporated in India having overseas offices, within the above limits for initial and recurring expenses, to acquire immovable property outside India for its business and for residential purpose of its staff. (v) The overseas office / branch of software exporter company/firm may repatriate to India 100 per cent of the contract value of each 'off-site' contract. (vi) In case of companies taking up 'on site' contracts, they should repatriate the profits of such 'on site' contracts after the completion of the said contracts. (vii) An audited yearly statement showing receipts under 'off-site' and 'on-site' contracts underta....
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....ecution of export orders should be avoided. (x) Receipt of such advance of USD 100 million or more should be immediately reported to the Trade Division, Foreign Exchange Department, Reserve Bank of India, Central Office, Mumbai. (xi) In case Authorized Dealer banks are required to issue bank guarantee (BG) / Stand by Letter of Credit (SBLC) for export performance, then the issuance should be rigorously evaluated as any other credit proposal keeping in view, among others, prudential requirements based on board approved policy. a. BG / SBLC may be issued for a term not exceeding two years at a time and further rollover of not more than two years at a time may be allowed subject to satisfaction with relative export performance as per the contract. b. BG / SBLC should cover only the advance on reducing balance basis. c. BG / SBLC issued from India in favor of overseas buyer should not be discounted by the overseas branch / subsidiary of bank in India. Note: AD Category - I banks may also be guided by the Master Circular on Guarantees and Co-acceptances issued by DBR. (xii) AD Category - I banks may allow the purchase of foreign exchange from the market for refundin....
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....to Directorate of Enforcement (DoE) for further investigation. A quarterly statement indicating details of such cases (as per Annex -5) may be forwarded to the concerned Regional Offices of RBI within 21 days from the end of each quarter. B.9 EDF Approval for Trade Fair/Exhibitions abroad 1. Firms / Companies and other organizations participating in Trade Fair/Exhibition abroad can take/export goods for exhibition and sale outside India without the prior approval of the Reserve Bank. Unsold exhibit items may be sold outside the exhibition/trade fair in the same country or in a third country. Such sales at discounted value are also permissible. It would also be permissible to 'gift' unsold goods up to the value of USD 5000 per exporter, per exhibition/trade fair. AD Category - I banks may approve EDF of export items for display or display-cum-sale in trade fairs/exhibitions outside India subject to the following: (i) The exporter shall produce relative Bill of Entry within one month of re-import into India of the unsold items. (ii) The sale proceeds of the items sold are repatriated to India in accordance with the Foreign Exchange Management (Realization, Repatriatio....
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....egotiate the bills, provided: a. 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. b. An undertaking is obtained from the exporter on the duplicate of EDF forms that he will surrender/account for the balance proceeds of the shipment within the period prescribed for realization. (ii) 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 realized at least the value for which the bill was initially drawn (excluding undrawn balances) or 90 per cent of the value declared on EDF form, whichever is more and a period of one year has elapsed from the date of shipment. B.13 Consignment Exports (i) When goods have been exported on consignment basis, the AD Category-I bank, while forwarding shipping documents to his overseas branch/ correspondent, should instruct the latter to deliver them only against trust receipt/undertaking to deliver sale proceeds by a specified date within the period prescribed ....
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....dit 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. (ii) 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 bank is satisfied, on the basis of standing and track record of the exporter and arrangements have been made for realization of export proceeds. 2. AD Category - I banks may also permit 'Status Holder Exporters' (as defined in the Foreign Trade Policy), and units in Special Economic Zones (SEZ) to dispatch the export documents to the consignees outside India subject to the terms and conditions that: (i) The export proceeds are repatriated through the AD banks named in the EDF. (ii) The duplicate copy of the EDF is submitted to the AD banks for monitoring purposes, by the exporters within 21 days from the date of shipment of export. 3. AD Category - I banks may regularize cases of dispatch of shipping documents by the exporter direct to the consignee or his agent resident in the count....
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.... 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 entirely shut out and there is delay in making arrangements to re-ship, the exporter will give notice in duplicate to the Customs in the form and manner prescribed, attaching thereto the unused duplicate copy of EDF and the shipping bill. The Customs will verify that the shipment was actually shut out, certify the copy of the notice as correct and forward it to the Reserve Bank together with unused duplicate copy of the EDF. In this case, the original EDF received earlier from Customs will be cancelled. If the shipment is made subsequently, a fresh set of EDF should be completed B.18 Counter-Trade Arrangement Counter trade proposals involving adjustment of value of goods imported into India against value of goods exported from India in terms of an arrangement voluntarily entered into between the Indian party and the overseas party through an Escrow Account opened in India in US Do....
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....ent in foreign exchange to a unit in the SEZ for the services rendered by it (i.e. a unit in SEZ) to a DTA unit. It must be ensured that in the Letter of Approval (LoA) issued to the SEZ unit by the Development Commissioner(DC) of the SEZ, the provisions pertaining to the goods / services supplied by the SEZ unit to the DTA unit and for payment in foreign exchange for the same should be mentioned. B.22 Project Exports and Service Exports (i) Export of engineering goods on deferred payment terms and execution of turnkey projects and civil construction contracts abroad are collectively referred to as 'Project Exports'. Indian exporters offering deferred payment terms to overseas buyers and those participating in global tenders for undertaking turnkey/civil construction contracts abroad are required to obtain the approval of the AD Category - I banks/ Exim Bank at post-award stage before undertaking execution of such contracts. Regulations relating to ' Project Exports' and 'Service Exports' are laid down in the revised Memorandum of Instructions on Project and Service Exports (PEM-July 2014). (ii) Accordingly, AD banks / Exim Bank may consider awarding post-award approvals w....
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....ts 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.23 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, permission of Reserve Bank is required for any export of Indian currency except to the extent permitted under any general permission granted under the Regulations as under: (i) Any person resident in India may take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees twenty five thousand only); and (ii) Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveler coming from and going to Pakistan and Bangladesh, and visiting India may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees twenty five thousand only) while exiting only through an airport. B.24 For....
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....es by road, rail or river transport: (i) In case of exports by barges/country craft/road transport, the form should be presented by exporter or his agent at the Customs station at the border through which the vessel or vehicle has to pass before crossing over to the foreign territory. For this purpose, exporter may arrange either to give the form to the 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 EDF 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 EDF to the Customs Officer at the Border Land Customs Station where Customs formalities are completed. B.27 Border Trade with Myanmar This is governed by the Agreement on Border Trade between India and Myanmar. People living along both sides ....
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....he Customs serial number will have ten numerals denoting the code number of the port of shipment, the calendar year and a six- digit running serial number. (iv) Customs will certify the value declared by the exporter on both the copies of the EDF form at the space earmarked and will also record the assessed value. (v) They will then return the duplicate copy of the form to the exporter and retain the original for transmission to the Reserve Bank. (vi) Exporters should submit the duplicate copy of the EDF form again to Customs along with the cargo to be shipped. (vii) After examination 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. (viii) 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 EDF form. (ix) After the documents have been negotiated / sent for collection, the AD Category - I banks should report the transaction through Export Data Processing and....
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....nk 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. (f) 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. (g) Any alteration in the name and address of consignee on the EDF form should also be authenticated by the AD Category - I banks under his stamp and signature. C.3.2. Mid-Sea Trans-shipment of catch by Deep Sea Fishing Vessels (i) Since deep sea fishing involves continuous sailing outside the territorial limit, trans-shipment of catches takes place in the high sea leading to procedural constraints in regulatory reporting requirement viz. the Declaration of Export in terms of Notification No.FEMA.23/2000/RB dated May 3, 2000. (ii) For mid-sea trans-shipment of catches by Indian owned vessels, as per the norms prescribed by the Ministry of agriculture, Government of India, the EDF declaration procedure in this regard has been rationalized in consultation with the Government of India as outlined below should....
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.... (iv) The manner of disposal of EC copy of Shipping Bill is the same as that for EDF. 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. (v) In cases where ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority (IRDA) initially settles the claims of exporters in respect of exports insured with them and subsequently receives the export proceeds from the buyer/buyer's country through the efforts made by them, the share of exporters in the amount so received is disbursed through the bank which had handled the shipping documents. In such cases, ECGC and private insurance companies regulated by IRDA will issue a certificate to the bank, which had handled the relevant shipping documents after full proceeds have been received. The certificate will indicate the number of declaration form, name of the exporter, name of the AD Category - I banks, date of negotiation, bill number, invoice value and the amount actually received by ECGC and private insurance companies regulated by IRDA. C.5 SOFTEX Forms (i) A software exporter, whose....
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....o ...... representing ..... percent of the export realization credited to the EEFC account maintained by the exporter with......" C.8 Consolidation of Air Cargo/Sea Cargo (i) Consolidation of Air Cargo (a) 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. (b) 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. (ii) Consolidation of Sea Cargo (a) 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 (b) F....
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....outstanding, beyond the due date for payment 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 the stipulated period or seek extension of time beyond the stipulated period, 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 EDF/SOFTEX Forms should, continue to be held by AD Category - I banks until the full proceeds are realized, except in case of undrawn balances. (iii) AD Category - I banks should follow up export outstanding 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 AD Category - I banks will be viewed seriously by the Reserve Bank, leading to the invocation of the penal provision under FEMA, 1999. (iv) With operationalization of EDPMS on March 01, 2014, realization of all export transaction for shipping documents after February 28, 2014 should be reported in EDPMS and old outstanding shipping....
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....nsignee 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.18 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 stipulated period of realization 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: (a) The export transactions covered by the invoices are not under investigation by Directorate of Enforcement / Central Bureau of Investigation or other investigating agencies, (b) The AD Category - I bank is satisfied that the exporter has not been able to realize export proceeds for reasons beyond his control, (c) The exporter submits a declaration that the export proceeds will be realized during the extended period, (d) Whi....
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....e 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 undernoted 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 balance due in a case settled through the intervention of the Indian Embassy, Foreign Chamber of Commerce or similar Organization; (e) The unrealized amount represents the undrawn balance of an export bill (not exceeding 10% of the invoice value) remaining outstanding and turned out to be unrealizable despite all efforts made by the exporter; (f) The cost of resorting to legal action would be disproportionate to the unrealized amount of the export bill or where the exporter even after winning the Court case against the overseas buyer could not execute the C....
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....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. (ii) Such write-off will not be restricted to the limit of 10 per cent indicated above. (iii) Surrender of incentives, if any, in such cases will be as provided in the Foreign Trade Policy. (iv) The claims settled in rupees by ECGC and private insurance companies regulated by IRDA should not be construed as export realization in foreign exchange. C.21 Write-off - Relaxation As announced in the Foreign Trade Policy (FTP), 2015-20, realization of export proceeds shall not be insisted upon under any of the Export Promotion Schemes under the said FTP, subject to the following conditions: (a) The write off on the basis of merits is allowed by the Reserve Bank or by AD Category - I bank on behalf of the Reserve Bank, as per extant guidelines; (b) The exporter produces a certificate from ....
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.... receivables against import payables AD category -I banks may deal with the cases of set-off of export receivables against import payables, subject to following terms and conditions: (i) The import is as per the Foreign Trade Policy in force. (ii) Invoices/Bills of Lading/Airway Bills and Exchange Control copies of Bills of Entry for home consumption have been submitted by the importer to the Authorized Dealer bank. (iii) Payment for the import is still outstanding in the books of the importer. (iv) Both the transactions of sale and purchase may be reported separately in 'R' Returns. (v) The relative EDF will be released by the AD bank only after the entire export proceeds are adjusted / received. (vi) The " set-off" of export receivables against import payments should be in respect of the same overseas buyer and supplier and that consent for "set-off" has been obtained from him. (vii) The export / import transactions with ACU countries should be kept outside the arrangement. (viii) All the relevant documents are submitted to the concerned AD bank who should comply with all the regulatory requirements relating to the transactions. C.25 Agency Commissio....
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....that the goods will be re-imported within three months from the date of remittance and (v) Ensure that all procedures as applicable to normal imports are adhered to. C.27 Exporters' Caution List (i) AD Category - I banks will also be advised whenever exporters are cautioned in terms of provisions contained in Regulation 17 of "Export Regulations" (Annex 2). They may approve EDF 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 favor covering the full value of the proposed exports. (ii) Such approval may be given even in cases where usance bills are to be drawn for the 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. (iii) AD Category - I banks should obtain prior approval of the Reserve Bank for issuing guarantees for caution-listed exporters. Annex - 1 -Foreign Exchange Management (Current Account Transactions) Rules, 2000 Annex-2 - Form EFC Annex 3- Common SOFTEX Form Annex-4- Revised SOFTEX Proced....
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....P. (DIR Series) Circular No.35 Export of Goods and Services -Facilities to Status Holder Exporters April 1, 2002 20 A.P. (DIR Series) Circular No.38 Foreign Exchange Management Act, 1999 - Export of goods and services - Reduction in value April 12, 2002 21 A.P. (DIR Series) Circular No.53 Use of Credit Cards AP (DIR Series) Circular No.53 (June 27, 2002) June 27, 2002 22 A.P. (DIR Series) Circular No.54 Maintenance of foreign currency account abroad by a company/firm/a body corporate registered or incorporated in India June 29, 2002 23 A.P. (DIR Series) Circular No.2 Export of Goods and Services July 4, 2002 24 A.P. (DIR Series) Circular No.10) Export of Goods and Services - Facilities to units in Special Economic Zones (SEZs August 14, 2002 25 A.P. (DIR Series) Circular No.11 Exchange Earners' Foreign Currency (EEFC) Account Scheme - Amendment August 14, 2002 26 A.P. (DIR Series) Circular No.12 Export of Goods and Services August 28, 2002 27 A.P. (DIR Series) Circular No.21 Disposal of duplicate copies of Export Declaration Forms September 16, 2002 28 A.P. (DIR Series) Circu....
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.... September 24, 2003 46 A.P. (DIR Series) Circular No.26 Export of Goods and Services - Export of Books on Consignment Basis October 3, 2003 47 A.P. (DIR Series) Circular No.30 Export of Goods and Services October 21, 2003 48 A.P. (DIR Series) Circular No.32 Export of Goods and Services - Project Exports October 28, 2003 49 A.P. (DIR Series) Circular No.40 Export of Goods and Services - Liberalization December 5, 2003 50 A.P. (DIR Series) Circular No.61 Exemption from Declaration of Export of Goods and Software - January 31, 2004 51 A.P. (DIR Series) Circular No.68 Export of Goods and Services - Liberalization February 11, 2004 52 A.P. (DIR Series) Circular No.73 Export of Goods by way of Gifts - Liberalization - February 20, 2004 53 A.P. (DIR Series) Circular No.77 Foreign Exchange Management Act, 1999 - Guidelines for Compilation of R-Returns March 13, 2004 54 A.P. (DIR Series) Circular No.94 Exchange Earners' Foreign Currency (EEFC) Account Scheme - Trade Related Loans/Advances June 7, 2004 55 A.P. (DIR Series) Circular No.96 Exchange Earner's Foreign Cu....
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.... A.P (DIR Series) Circular No.6 Export of Goods and Services- Direct Dispatch of Shipping Documents Realization and Repatriation of Export Proceeds - Liberalization August 13, 2008 76 A.P (DIR Series) Circular No.43 Settlement system under ACU Mechanism December 26, 2008 77 A.P (DIR Series) Circular No.51 Opening of Diamond Dollar Accounts - Liberalization February 13, 2009 78 A.P. (DIR Series) Circular No.60 On-line downloading of GR Forms March 26, 2009 79 A.P. (DIR Series) Circular No.70 Export of Goods and Software - Realization and Repatriation of export Proceeds - Liberalization June 30, 2009 80 A.P (DIR Series) Circular No.13 Opening of Diamond Dollar Accounts (DDAs) - Modification October 29, 2009 81 A.P. (DIR Series) Circular No.14 Maldives Monetary Authority now ACU Member October 30, 2009 82 A.P. (DIR Series) Circular No.52 Foreign Exchange Management Act (FEMA), 1999 - Current Account Transactions - Liberalization May 13, 2010 83 A.P. (DIR Series) Circular No.57 Export of Goods and Software - Realization and Repatriation of Export proceeds - Liberalization June 29, 201....
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....No.98 Discontinuation of Supplying Printed GR forms by Reserve Bank March 30, 2012 101 A.P. (DIR Series) Circular No.124 Exchange Earner's Foreign Currency (EEFC) Account May 10, 2012 102 A.P. (DIR Series) Circular No.128 Exchange Earner's Foreign Currency Account May 16, 2012 103 A.P. (DIR Series) Circular No.08 Exchange Earner's Foreign Currency Account July 18, 2012 104 A.P. (DIR Series) Circular No.12 EEFC Account, Diamond Dollar Account and Resident Foreign Currency Account - Review of Guidelines July 31, 2012 105 A.P. (DIR Series) Circular No.46 Supply of Goods and Services by Special Economic Zones to Units in Domestic Tariff Areas October 23, 2012 106 A.P. (DIR Series) Circular No.47 Export of Goods and Services - Simplification and Revision of Softex Procedure October 23, 2012 107 A.P. (DIR Series) Circular No.52 Export of Goods and Software - Realization and Repatriation of export proceeds - Liberalization November 20, 2012 108 A.P. (DIR Series) Circular No.66 Export of Goods and Services - Simplification and Revision of Softex Procedure at SEZs January 01, 2013 ....