export of goods
and services
A.P. (DIR Series) (2001-2002) Circular No. 6, dated 24-9-2001
Attention
of all Authorised Dealers is invited to the second proviso to Regulation 9 to
the Notification No. FEMA 23/2000-RB dated May 3, 2000 empowering Reserve Bank
of India to extend the period of six months within which the amount
representing full export value of the goods shall be realised and repatriated
to India.
2. It has
been decided, as a temporary measure, to allow manufacturer exporters of the
products listed in the Annexure and having export contracts of Rs. 100 crores
and above in value term in one year, a period upto 365 days from the date of
shipment, for the realisation and repatriation of full value of the exports of products
specified.
3. The
relaxation in the period of realisation will be available for exports to be
made on or after 1st October, 2001 for a period of one year subject to review.
4. Authorised
Dealers may bring the contents of this circular to the notice of their
constituents concerned.
5. The
directions contained in the 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.
Annexure
Products eligible for exports with extended
period of
realisation by manufacturer exporters
1. Pharmaceuticals
(including drugs, fine chemicals).
2. Agro-chemicals
(including inorganic and organic chemicals).
3. Transport
equipment (including commercial vehicles, two-wheelers, tractors, railway
wagons, locomotives).
4. Cement
(including glass, glassware, ceramics and refractories).
5. Iron
& Steel (including iron & steel bars/rods and primary and semi-finished
iron & steel) and
6. Electrical machinery (including
transmission line towers, gear, transformers).