Regulation 17 - Issue of directions by Reserve Bank in certain cases - Foreign Exchange Management (Export of Goods And Services) Regulations, 2000

17. Issue of directions by Reserve Bank in certain cases :- 1. Without prejudice to the provisions of Regulation 3 in relation to the export of goods or software which is required to be declared, the Reserve Bank may, for the purpose of ensuring that the full export value of the goods or, as the case may be, the value which the exporter having regard to the prevailing market conditions expects to receive on the sale of goods or software in the overseas market, is received in proper time and without delay, by general or special order, direct from time to time that in respect of export of goods or software to any destination or any class of export transactions or any class of goods or software or class of exporters, the exporter shall, prior to the export, comply with the conditions as may be specified in the order, namely ; (a) that the payment of the goods or software is covered by an irrevocable letter of credit or by such other arrangement or document as may be indicated in the order; 1 (b) that any declaration to be furnished to the specified authority shall be submitted to the authorised dealer for its prior approval, which may, having regard to the circumstances, be given or withheld or may be given subject to such conditions as may be specified by the Reserve Bank by directions issued from time to time. (c) that a copy of the declaration to be furnished to the specified authority shall be submitted to such authority or organisation as may be indicated in the order for certifying that the value of goods or software specified in the declaration represents the proper value thereof. 2 2. No direction under sub-regulation (1) shall be given by the Reserve Bank and no approval under clause (b) of that sub-regulation shall be withheld by the Authorised Dealer, unless the exporter has been given a reasonable opportunity to make a representation in the matter. *************************** Note : 1. Has been substituted vide Notification No. 114/2004 dated 13/3/2004 , before it was read as, that any declaration to be furnished to the specified authority shall be submitted to the Reserve Bank for its prior approval, which may, having regard to the circumstances, be given or withheld or may be given subject to such conditions as the Reserve Bank may deem fit to impose ; 2. Has been substituted vide Notification No. Supra , before it was read as, No direction under sub-regulation (1) shall be given, and no approval under clause (b) of that sub-regulation shall be withheld by the Reserve Bank, unless the exporter has been given a reasonable opportunity to make a representation in the matter.