Status
Holder Exporters - Export of goods and services
A.P. (DIR Series) (2001-2002) Circular No. 35, dated 1-4-2002
Attention
of authorised dealers is invited to A.P. (DIR Series) Circular No. 12 dated
September 9, 2000, containing directions regarding Export of Goods and
Services.
2. With a
view to simplifying the procedures regarding exports, it has been decided to
extend the following facilities to the exporters with proven track record who
have been certified as “Status Holder Exporters” in terms of the EXIM Policy :
—
(i) Despatch
of Shipping Documents - In terms of paragraph C.7 of A.P. (DIR Series)
Circular No. 12 dated September 9, 2000, authorised dealers have been advised to
accede, in certain cases, to the requests of the exporters for despatch of
documents direct to the consignee. It has now been decided that authorised
dealers may permit the exporters with proven track record who have been
certified as “Status Holder Exporters” in terms of the EXIM Policy, to despatch
the export documents direct to the consignees outside India subject to the
conditions that (a) the export proceeds are repatriated through the
authorised dealer named in the GR form and (b) the duplicate copy of the
GR Form is submitted to the authorised dealer for monitoring purposes, by the
exporters within 21 days from the date of shipment of export.
(ii) Enhancement
in normal period for realisation of export proceeds - In terms of
the second proviso made to regulation 9 of Notification No. FEMA 23/2000-RB
dated May 3, 2000, the Reserve Bank has been empowered to extend the period of
six months for realisation and repatriation of export proceeds to India. It has
now been decided that the exporters with proven track record who have been
certified as “Status Holder” in terms of the EXIM Policy, realise and
repatriate the full value of export proceeds within a period of twelve months
from the date of shipment.
These facilities will be available in respect of the
shipment made on or after April 1, 2002.
3. Necessary
amendments to the Foreign Exchange Management Regulations are being notified
separately.
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).