TaxTMI 
TaxTMI 
Master Direction – Export of Goods and Services (Updated as on March 17, 2025)
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....ions, Reserve Bank of India also issues directions to Authorised Persons under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act (FEMA), 1999. These directions lay down the modalities as to how the foreign exchange business has to be conducted by the Authorised Persons with their customers/ constituents with a view to implementing the regulations framed. 3. Instructions issued on export of goods and services from India have been compiled in this Master Direction. The list of underlying circulars/ notifications which form the basis of this Master Direction is furnished in the Appendix. Reporting instructions can be found in Master Directions on reporting (Master Direction No. 18 dated January 01, 2016) 4. It may be noted that, whenever necessary, Reserve Bank shall issue directions to Authorised Persons through A.P. (DIR Series) Circulars in regard to any change in the Regulations or the manner in which relative transactions are to be conducted by the Authorised Persons with their customers/ constituents. The Master Direction issued herewith shall be amended suitably simultaneously. This Master Direction is issued under Sections 10(4) and 11(1) of th....
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....goods by Special Economic Zones (SEZs) C.20 Extension of time C.21 Shipments lost in transit C.22 Export claims C.23 Write-off of unrealised export bills C.24 Write off in cases of payment of claims by ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority (IRDA) C.25 Write-off relaxation C.26 Set-off of export receivables against import payables C.27 Netting-off of export receivables against import payments - Units in (SEZs) C.28 Exporters' Caution List C.29 Issue of Guarantees by an Authorised Dealer C.30 Issuance of Electronic Bank Realisation Certificate (eBRC) Part-D Remittances connected with Export D.1 Agency commission on exports D.2 Refund of export proceeds Appendix PART-A General A.1 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 t....
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....t promotion schemes of FTP. (c) Contracts (for which payments are received through Asian Clearing Union (ACU) shall be denominated in ACU Dollar. However, participants in the ACU may settle their transactions in ACU Dollar or in ACU Euro as per RBI Notifications. Central Government may relax provisions of this paragraph in appropriate cases. Export contracts and invoices can be denominated in Indian rupees against EXIM Bank/Government of India line of credit. (d) Invoicing, payment and settlement of exports and imports is also permissible in INR subject to compliances as under RBI's A.P. (DIR Series) Circular No.10 dated 11th July, 2022. Accordingly, settlement of trade transactions in INR shall take place through the Special Rupee Vostro Accounts opened by AD banks in India as permitted under Regulation 7(1) of Foreign Exchange Management (Deposit) Regulations, 2016, in accordance to the following procedures: (i) Indian importers undertaking imports through this mechanism shall make payment in INR which shall be credited into the Special Vostro account of the correspondent bank of the partner country, against the invoices for the supply of goods or services from the overseas se....
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....2023 notified vide Notification No. FEMA 14(R)/2023-RB dated December 21, 2023. (ii) When payment for goods sold to overseas buyers during their visits is received in this manner, EDF (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 bank concerned is not the Credit Card servicing bank, on production of a certificate by the exporter from the Credit Card servicing bank in India to the effect that it has received the equivalent amount in foreign exchange, AD Category - I banks may also receive payment for exports made out of India by debit to the credit card of an importer where the reimbursement from the card issuing bank/ organization will be received in foreign exchange. (iii) Processing of export related receipts through Online Payment Gateways Processing of export related receipts through online payment gateways shall be in terms of Notification No. CO.DPSS.POLC.No.S-786/02-14-008/2023-24 dated October 31, 2023. 5 (iv) Settlement System under ACU Mechanism 6a) In order to facilitate transactions / settlements, effective March 06, 2020, participants in the Asian Clearing Union will have the....
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.... the evolving international trade practices, it has been decided to permit third party payments for export / import transactions 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 realise and repatriate the export proceeds from such third party named in the EDF; d) It would be responsibility of the Exporter to realise and repatriate the export proceeds from such third party named in the EDF; e) Reporting of outstanding, if any, would continue to be shown against the name of the exporter....
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....equire prior approval from the Foreign Exchange Department of Reserve Bank of India, Central Office at Mumbai. b) The broad framework for cross border trade transactions in INR under Foreign Exchange Management Act, 1999 (FEMA) is as delineated below: (i) All exports and imports under this arrangement may be denominated and invoiced in Rupee (INR). (ii) Exchange rate between the currencies of the two trading partner countries may be market determined. (iii) The settlement of trade transactions under this arrangement shall take place in INR in accordance with the procedure laid down in Para c. c) In terms of Regulation 7(1) of Foreign Exchange Management (Deposit) Regulations, 2016, AD banks in India have been permitted to open Rupee Vostro Accounts. Accordingly, for settlement of trade transactions with any country, AD bank in India may open Special Rupee Vostro Accounts of correspondent bank/s of the partner trading country. In order to allow settlement of international trade transactions through this arrangement, it has been decided that: (i) Indian importers undertaking imports through this mechanism shall make payment in INR which shall be credited into the Special Vostro....
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.... permitted subject to adherence to provisions of FEMA Notification No. 8, as amended from time to time and the provisions of Master Direction on Guarantees & Co-acceptances. h) The Rupee surplus balance held may be used for permissible capital and current account transactions in accordance with mutual agreement. The balance in Special Vostro Accounts can be used for: (i) Payments for projects and investments. (ii) Export/Import advance flow management (iii) Investment in Government Treasury Bills, Government securities, etc. in terms of extant guidelines and prescribed limits, subject to FEMA and similar statutory provision. i) Reporting of cross- border transactions need to be done in terms of the extant guidelines under FEMA 1999. j) The bank of a partner country may approach an AD bank in India for opening of Special INR VOSTRO account. The AD bank will seek approval from the Reserve Bank with details of the arrangement. AD bank maintaining the special Vostro Account shall ensure that the correspondent bank is not from a country or jurisdiction in the updated FATF Public Statement on High Risk & Non Co-operative Jurisdictions on which FATF has called for counter measures. ....
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....h a bank outside India, for realisation of full export value and advance remittance received by the exporter towards export of goods or services. Funds in this account may be utilised by the exporter for paying for its imports into India or repatriated into India within a period not exceeding the end of the next month from the date of receipt of the funds after adjusting for forward commitments, provided that the realisation and repatriation requirements as specified in Regulation 9 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 are also met. A.5 Diamond Dollar Account (DDA) (i) Under the scheme of Government of India, firms and companies dealing in purchase / sale of rough or cut and polished diamonds / precious metal jewellery plain, minakari and / or studded with / without diamond and / or other stones, with a track record of at least 2 years in import / export of diamonds / colored gemstones / diamond and colored 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 busin....
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....ark or Electronic Hardware Technology Park for supply of goods to similar such unit or to a unit in Domestic Tariff Area and also payments received in foreign exchange by a unit in Domestic Tariff Area for supply of goods to a unit in Special Economic Zone (SEZ); (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 with the provisions of Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 (Notification No. FEMA.3(R)/2018-RB dated December 17, 2018). (vii) 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. (viii) Where a part of the export proceeds are credited to an EEFC account, the export declaration (duplicate) form may be certified as: "Proceeds amounting to ...... representing ..... percent of the export realization credited to the EEFC account maintained by the exporter with......" A.7 Counter-Trade Arrangement Counter trade proposa....
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....rmalities are completed. A.9 Border trade with Myanmar In supersession of instructions contained in A.P. (DIR Series) Circular No. 17 dated October 16, 2000, barter system of trade at the Indo-Myanmar border has been discontinued and replaced with normal trade with effect from December 1, 2015. Accordingly, all trade transactions with Myanmar, including those at the Indo-Myanmar border with effect from December 1, 2015 shall be settled in any permitted currency in addition to the Asian Clearing Union mechanism. A.10 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. A.11 Repayment of State credits Export of goods and services against repayment of state credits granted by erstwhile USSR will continue to be governed by t....
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....s' 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 without any monetary limit and permit subsequent changes in the terms of post award approval within the relevant FEMA guidelines / regulations. Project and service exporters may approach AD banks / Exim Bank based on their commercial judgment. The respective AD bank / Exim Bank should monitor the projects for which post-award approval has been granted by them. (iii) In order to provide greater flexibility to project & service exporters in conducting their overseas transactions, facilities have been provided as under: a) Inter-Project transfer of machinery - 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 and also subject to the reporting requirement and would be monitored by ....
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....resident in India may take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India 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 or 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. PART-B EDF / SOFTEX Procedure B.1 Export of goods through Customs ports (i) Customs shall certify the value declared and give running serial number on the two copies of Export Declaration Form (EDF), submitted by exporter at Non- Electronic Data Interchange (EDI) port. (ii) Customs shall retain the original EDF for transmission to the Reserve Bank and return the duplicate copy to the exporter. (iii) At the time of shipment of goods, exporters shall submit the duplicate copy of the EDF to Customs. After examining the goods, Customs shall certify the quantity in the form and return it....
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....from the buyer/buyer's country, the share of exporters in the amount so received is disbursed through the AD which had handled the shipping documents post receipt of certificate issued by ECGC/ private insurance companies. The certificate will indicate the number of declaration form, name of the exporter, name of the AD, date of negotiation, bill number, invoice value and the amount actually received by ECGC/private insurance company. B.3 Export of goods through Post Postal Authorities shall allow export of goods by post only if the original copy of the EDF has been countersigned by an AD. Therefore, EDF which involve sending goods by post should be first presented by the exporter to an AD for countersignature. The procedure is as under: (i) AD shall countersign EDF after ensuring that the parcel has been addressed to their branch or correspondent bank in the country of import and return the original copy to the exporter, who shall then submit the EDF to the post office with the parcel. (ii) The duplicate copy of EDF shall be retained by the AD to whom the exporter shall submit relevant documents together with an extra copy of invoice for negotiation/collection, within the pres....
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.... whichever is earlier. d) The EDF, both original and duplicate, should indicate the number and date of Letter of Permit issued by Ministry of Agriculture for operation of the vessel. e) The exporter will complete the EDF 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. EDF (Original) will be retained by the Customs for capturing of data in Customs' Electronic Data Interchange. f) Customs will give their running serial number on both the copies of EDF and will return the duplicate copy to the exporter as the value certification of the export has already been done as mentioned above. g) Rules, Regulations and Directions issued in respect of the procedure for submission of the EDF 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. B.5 SOFTEX Forms (i) All software exporters can now file single as well as bulk SOFTEX form in the form of a statement in excel format to the competent authority for certification. Since the SOFTEX data from STPI/SEZ are being transmitted in electronic forma....
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....ilable on the EDF and SOFTEX forms should invariably be cited. B.7 Export of Services 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 accrues on account of such export, and to repatriate the same to India in accordance with the provisions of the Act, and these Regulations, as also other rules and regulations made under the Act. B.8 Third party export proceeds Realization of export proceeds in respect of export of goods / software from third party should be duly declared by the exporter in the appropriate declaration form. B.9 Random verification In all the above procedures, AD Category - I bank should ensure, by random check of the relevant duplicate forms by their internal / concurrent auditors, that non-realization or short realization allowed, if any, is within the powers delegated to them or has been duly approved by the Reserve Bank, wherever necessary. B.10 Short Shipments and Shut out Shipments (i) When part of a shipment covered by an EDF al....
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....ale contract' with overseas buyer provides for acceptance of FCR as a shipping document in lieu of bill of lading. However, the acceptance of such FCR for purchase/discount would purely be the credit decision of the bank concerned who, among others, should satisfy itself about the bona fides of the transaction and the track record of the overseas buyer and the Indian supplier since FCRs are not negotiable documents. It would be advisable for the exporters to ensure due diligence on the overseas buyer, in such cases. B.12 Exemption from Declaration 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 16Notification No.FEMA.23 (R)/2015-RB dated January 12, 2016. The exporters shall, however, be liable to realise and repatriate export proceeds as per FEMA Regulations. PART-C Obligations of Authorised Dealers C.1 Grant of EDF waiver 17AD Category - I banks may consider requests for grant of EDF waiver from exporters as under: Status holders shall be entitled to export freely exportable items (excluding Gems and Jewellery, Articles of Gold and precious metals) on free of cost basis for ex....
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....s well as old outstanding inward remittances received for export of goods/ software to EDPMS. Further, AD Category - I banks need to report the electronic FIRC to EDPMS wherever such FIRCs are issued against inward remittances. The quarterly return being submitted for delay in utilization of advances received for export stands discontinued. (2) AD Category- I banks can also allow exporters having a minimum of three years' satisfactory track record to receive long term export advance up to a maximum tenor of 10 years to be utilized for execution of long term supply contracts for export of goods subject to the conditions as under: (i) Firm irrevocable supply orders and contracts should be in place. The contract with the overseas party/ buyer should be vetted and the same shall clearly specify the nature, amount and delivery timelines of the products over the years and penalty in case of non-performance or contract cancellation. Product pricing should be in consonance with prevailing international prices. (ii) Company should have capacity, systems and processes in place to ensure that the orders over the duration of the said tenure can actually be executed. (iii) The facili....
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....llowing conditions:- (i) The KYC and due diligence exercise has been done by the AD Category - I bank for the overseas buyer; (ii) Compliance with the Anti-Money Laundering standards has been ensured; (iii) The AD Category-I bank should ensure that export advance received by the exporter should be utilized to execute export and not for any other purpose i.e., the transaction is a bonafide transaction; (iv) Progress payment, if any, should be received directly from the overseas buyer strictly in terms of the contract; (v) The rate of interest, if any, payable on the advance payment shall not exceed London Inter-Bank Offered Rate (LIBOR)/ 18any other widely accepted / Alternative reference rate + 100 basis points; (vi) There should be no instance of refund exceeding 10% of the advance payment received in the last three years; (vii) The documents covering the shipment should be routed through the same authorised dealer bank; and (viii) In the event of the exporter's inability to make the shipment, partly or fully, no remittance towards refund of unutilized portion of advance payment or towards payment of interest should be made without the prior approval of the Reserve Ban....
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....Bill of Entry within one month of re-import of the exported item from India. (ii) Where the goods being exported for testing are destroyed during testing, AD Category - I banks may obtain a certificate issued by the testing agency that the goods have been destroyed during testing, in lieu of Bill of Entry for import. C.5 Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality (i) In order to facilitate re-export of unsold rough diamonds imported on free of cost basis at SNZ, it is clarified that the unsold rough diamonds, when re-exported from the SNZ (being an area within the Customs) without entering the Domestic Tariff Area (DTA), do not require any EDF formality. (ii) Entry of consignment containing different lots of rough diamonds into the SNZ should be accompanied by a declaration of notional value by way of an invoice and a packing list indicating the free cost nature of the consignment. Under no circumstance, entry of such rough diamonds is permitted into DTA. 20(iii) For the lot/ lots cleared at the center/s which are duly notified under Customs Act, 1962/specified by the Central Board of Indirect Taxes ....
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....owing receipts under 'off-site' and 'on-site' contracts undertaken by the overseas office, expenses and repatriation thereon may be sent to the AD Category - I banks. C.7 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.8 Return of documents to exporters The duplicate copies of EDF 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.9 Landlocked countries AD Category - I banks may deliver one negotiable copy of the Bill of Lading to the Master of the carrying vessel or trade representative for exports to certain landlocked countries if the shipment is covered by an irrevocable letter of credit and the documents conform strictly to the terms of the Letter of Credit which, inter alia, provides for such delivery. C.10 Direct dispatch of documents by the ex....
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....ce value undrawn for payment after adjustment due to differences in weight, quality, etc., to be ascertained after arrival and inspection, weighment or analysis of the goods. In such cases, AD Category - I banks may negotiate 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 realised 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. C.12 Consignment Exports (i) When goods have been exported on consignment basis, the AD Category-I bank, while forwarding shippin....
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....be given to all type of export transactions on a financial year basis (i.e. April to March) and same should be reported in EDPMS. 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 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 realised, 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 ....
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.... 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 9 months from the date of export. Where the reduction in value exceeds 25%, all other relevant conditions stipulated in paragraph C.17 should also be satisfied. C.19 Export of goods by Special Economic Zones (SEZs) (i) Units in SEZs are permitted to undertake job work abroad and export goods from that country itself subject to the conditions that: a) Processing / manufacturing charges are suitably loaded in the export price and are borne by the ultimate buyer. b) The exporter has made satisfactory arrangements for realization of full export proceeds subject to the usual EDF procedure. (ii) 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. Authorised Dealer Banks are permitted to sell foreign exchange to a unit in the DTA for making payment 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 Developm....
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....airlines under carrier's liability abroad are also repatriated to India by exporters. C.22 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. 25C.23 "Write-off" of unrealised export bills C.23.1. An exporter who has not been able to realise the outstanding export dues despite best efforts, may either self-write off or approach the AD Category - I banks, who had handled the relevant shipping documents, with appropriate supporting documentary evidence. The limits prescribed for write-offs of unrealised export bills are as under: Particulars Limit Limit(%) in relation to Self-write-off by an exporter (Other than the Status Holder Exporter) 5% Total export proceeds realised during the calendar year preceding the year in which the write-off is being done Self-write-off by Status Holder Exporter 10% Write-off by AD Category-1 Bank 10% C.23.2. The abov....
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.... of outstanding amount of export bills up to the specified ceilings indicated in para C.23.1 above, where the documents have been directly dispatched by the exporter to the consignee or his agent resident in the country of final destination of goods if the case falls under any of the categories specified at C.23.2 (d) (i), (ii) and (iii) above. C.23.5. The AD Category-1 banks shall ensure that the exporter seeking write-off has submitted documentary evidence towards surrendering of proportionate export incentives if any, availed of in respect of the relative export bill. C.23.6. In case of self-write-off, the AD Category-1 bank shall obtain from the exporter, a certificate from Chartered Accountant indicating the export realization in the preceding calendar year and details of the amount of write-off, if any, already availed of during the current calendar year along with the requisite details of the EDF/Export Bill under the write-off request. This certificate shall also indicate that the export benefits, if any, availed by the exporter have been surrendered. C.23.7. The following cases, however, would not qualify for the "write-off" facility: * Exports made to countries with ....
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....es against import payables C.26.1. AD category -I banks may deal with the following requests received from their Exporter/Importer constituents for allowing set-off of outstanding export receivables against outstanding import payables: * Set-off of outstanding export receivables against outstanding import payables from/to the same overseas buyer/supplier. * Set-off of outstanding export receivables against outstanding import payables with their overseas group/associate companies either on net basis or gross basis, through an in-house or outsourced centralized settlement arrangement. The set-off shall be subject to the following conditions: * The arrangement shall be operationalised/supervised through/by one AD Category - I bank only * AD Category - I bank is satisfied with the bonafides of the transactions and ensures that there are no KYC/AML/CFT concerns; * The invoices under the transaction are not under investigation by Directorate of Enforcement/Central Bureau of Investigation or any other investigative agency; * Import/export of goods/services has been undertaken as per the extant Foreign Trade policy * The export / import transactions with ACU countries....
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....y after the entire proceeds are adjusted / received. (iii) Both the transactions of sale and purchase in R- Returns under FETERS 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.28 Exporters' Caution List 281) An exporter would be caution-listed by the Reserve Bank based on the recommendations of the AD bank concerned, depending upon the exporters track record with the AD bank and investigative agencies. The AD bank would make recommendations in this regard to the Regional Office concerned of the Foreign Exchange Department of the Reserve Bank in case the exporter has come to the adverse notice of the Enforcement Directorate(ED) / Central Bureau of Investigation (CBI) / Directorate of Revenue Intelligence (DRI) /any such other law enforcement agency and/or the exporter is not traceable and/or is not making sincere efforts to realise the export proceeds. The AD bank would also make recommendations to the Regional Office of the Reserve Bank fo....
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....xport proceeds on "as and when realised basis" and, with effect from October 16, 2017, they are required to generate Electronic Bank Realisation Certificate (eBRC) only from the data available in EDPMS, to ensure consistency of data in EDPMS and consolidated eBRC. PART-D Remittances connected with Export D.1 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 conditions as under: a) Amount of commission has been declared on EDF/SOFTEX form and accepted by the Customs authorities or Ministry of Information Technology, Government of India / EPZ authorities as the case may be. In cases where the commission has not been declared on EDF/SOFTEX form, remittance may be allowed after satisfying the reasons adduced by the exporter for not declaring commission on Export Declaration Form, provided a valid agreement/written understanding between the exporters and/or beneficiary for payment of commission exists. b) The relative shipment has already been made. (ii) AD Category - I banks may allow....
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....es (SEZs October 3, 2002 3 A.P. (DIR Series) Circular No.41 Issue of Corporate Guarantee in lieu of Bid Bond Guarantee November 8, 2002 4 A.P. (DIR Series) Circular No.91 Export of Goods and Services - Facilities to Units in Special Economic Zones (SEZs) April 1, 2003 5 A.P. (DIR Series) Circular No.100 Export of Goods and Services - Exports to Warehouses Abroad May 2, 2003 6 A.P. (DIR Series) Circular No.77 Foreign Exchange Management Act, 1999 - Guidelines for Compilation of R-Returns March 13, 2004 7 A.P. (DIR Series) Circular No.71 Data on Project Export Finance June 8, 2007 8 A.P. (DIR Series) Circular No.30 Compilation of Bank-wide consolidated R-Return February 25,2008 9 A.P (DIR Series) Circular No.43 Settlement system under ACU Mechanism December 26, 2008 10 A.P. (DIR Series) Circular No.84 Compilation of R-Returns : Reporting under FETERS February 29, 2012 11 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 12 A.P. (DIR Series) Circular No.60 Export Outstanding Statement (XOS) Online Bank wide Submission October 01, 2013 13 A.P. (DIR Series)....
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....ees (INR) July 11, 2022 1 FEM (Export of Goods and Services) Regulations, 2000 was repealed and replaced by FEM (Export of Goods and Services) Regulations, 2015 with effect from January 12, 2016. 2 FEM (Export of Goods and Services) Regulations, 2000 was repealed and replaced by FEM (Export of Goods and Services) Regulations, 2015 with effect from January 12, 2016. 3 FEM (Export of Goods and Services) Regulations, 2000 was repealed and replaced by FEM (Export of Goods and Services) Regulations, 2015 with effect from January 12, 2016. 4 Inserted by AP (DIR Series) Circular 27 dated April 01, 2020 5 omitted 6 Inserted by AP (DIR Series) Circular 22 dated March 17, 2020 7 Inserted vide AP (DIR Series) Circular No.09 dated July 08, 2022 8 Inserted by AP (DIR Series) Circular 42 dated February 4, 2016. 9 Inserted vide AP (DIR Series) Circular No. 10 dated July 11, 2022 10 Inserted by FEM (Foreign Currency Accounts by a person Resident in India) Regulations, 2015 with effect from January 21, 2016. Prior to insertion it read as "Regulation 7(7) of the Foreign Exchange Management (Foreign Currency Accounts by a person Resident in India) Regulations, 2000 notified....
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....t realisation during preceding three licensing years. Such free of cost supplies shall not be entitled to Duty Drawback or any other export incentive under any export promotion scheme." which was inserted Gazette Notification No 23/2015-2020 dated August 23, 2017. 18 Inserted vide AP (DIR Series) Circular No.13 dated September 28, 2021 19 Inserted vide AP (DIR Series) Circular No. 74 dated May 26, 2016 20 Inserted vide AP(DIR Series) Circular No.10 dated November 22, 2019 21 Inserted vide AP(DIR Series) Circular No.08 dated December 04, 2020 22 Inserted by AP (Dir) Series Circular 74 dated May 26, 2016, to be effected from June 15, 2016. Prior to insertion it read as: "With operationalisation 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 bills prior to March 01, 2014 should continue to be reported in XOS till completion of the cycle." 23 Omitted by AP (DIR) Series Circular 74 dated May 26, 2016 with effect from June 15, 2016. Prior to deletion it read as: "All the export bills outstanding beyond six months from the date of export may be reported in XOS s....