Regulation 12 - Payment for the Export - Foreign Exchange Management (Export of Goods and Services) Regulations, 2015

12. Payment for the Export:- In respect of export of any goods or software for which a declaration is required to be furnished under Regulation 3 , no person shall except with the permission of the Reserve Bank or, subject to the directions of the Reserve Bank, permission of an authorised dealer, do or refrain from doing anything or take or refrain from taking any action which has the effect of securing (i) that the payment for the goods or software is made otherwise than in the specified manner; or (ii) that the payment is delayed beyond the period specified under these Regulations; or (iii) that the proceeds of sale of the goods or software exported do not represent the full export value of the goods or software subject to such deductions, if any, as may be allowed by the Reserve Bank or, subject to the directions of the Reserve Bank, by an authorised dealer; Provided that no proceedings in respect of contravention of these provisions shall be instituted unless the specified period has expired and payment for the goods or software representing the full export value, or the value after deductions allowed under clause (iii), has not been made in the specified manner within the specified period. (iv) Export of services to which no Form specified in these Regulations apply, the exporter may export such services without furnishing any declaration, (i), (ii) (iii) above shall apply.