export of goods and services

 

A.P. (DIR Series) (2001-2002) Circular No. 5, dated 27-8-2001

Export of Goods and Services

Attention of all authorised dealers is invited to the second proviso to Regulation 9 of the Reserve Bank Notification No. FEMA 23/2000-RB dated May 3, 2000, empowering Reserve Bank to extend the period of six months within which the amount representing full export value of goods or software export shall be realized and repatriated to India.

2.         It has been decided, as a temporary measure, to allow a period of 360 days (in place of existing six months), from the date of shipment, for realisation and repatriation of full value of goods/software exported to the countries included in the list annexed.

3.         The relaxation in the period of realisation will be available for one year with effect from September 1, 2001, that is, to the exports to be made on or after September 1, 2001. Accordingly, from September 1, 2002, the exporters will be under obligation to realise full export proceeds within the prescribed period of six months from the date of export.

4.         Authorised dealers may bring the contents of this circular to the notice of their constituents concerned.

5.         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.

1.

Antigua

2.

Argentina

3.

Bahama

4.

Barbados

5.

Belige

6.

Bermuda

7.

Bolivia

8.

Brazil

9.

Chile

10.

Colombo

11.

Costa Rica

12.

Cuba

13.

Cyprus

14.

Dominica

15.

Dominican rep

16.

El Salvador

17.

Faeroe Is

18.

Folkland Is

19.

French Guiana

20.

Gibraltar

21.

Greenland

22.

Grenada

23.

Guadeloupe (French West Indies)

24.

Guatemala

25.

Guyana

26.

Haiti

27.

Honduras

28.

Jamaica

29.

Malta

30.

Martinique

31.

Mexico

32.

Monstserrat

33.

Netherlands Antilles

34.

Nicaragua

35.

Panama excluding Canal Zone rep

36.

Paraguay

37.

Peru

38.

St. Lucia

39.

St. Pierre & Miqueion

40.

St. Vincent

41.

 Surinam

42.

Trinidad & Tobago

43.

Uruguay