export of goods & services
AP (DIR Series) (2000-2001) Circular No. 35, dated 11-6-2001
Attention
of authorised dealers is invited to paragraph C.10 of the Annexure to A.P. (DIR
Series) Circular No. 12, dated September 9, 2000, in terms of which authorised
dealers have been advised to watch closely realisation of export bills and in
cases where bills remain outstanding beyond the due date for payment or 6
months from the date of export, the matter should be promptly taken up with the
concerned exporter. If the exporter still fails to arrange repatriation of the
export proceeds, within six months or seeks extension beyond six months, the
matter should be reported to the Reserve Bank in the prescribed manner.
2. In terms
of the amendments made in the Foreign Exchange Management (Export of Goods and
Services) Regulations, 2000, vide Notification No. FEMA 36/2001-RB, dated
February 27, 2001, enclosed to A.P. (DIR Series) Circular No. 28, dated March
30, 2001, units in Special Economic Zones (SEZs) have been permitted to realise
and repatriate the full export value of goods or software to India within
twelve months from the date of export. However, as regards follow up of
outstanding export proceeds, authorised dealers should send a statement in Form
XOS containing the details of all export bills outstanding beyond six months
from the date of shipment irrespective of the location of the exporter/unit. In
case of units located in Special Economic Zones (SEZs), authorised dealers
should indicate “SEZ” in the remarks column of XOS statement.
3. Authorised
dealers may being the contents of this circular to the notice of their
constituents concerned.
4. The directions
contained in this circular have been issued under section 10(4) and section
11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Any
contravention or non-observance of these directions is subject to the penalties
prescribed under the Act.