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TMI BlogExport of Goods and Services- Simplification and Revision of Softex Procedure.X X X X Extracts X X X X X X X X Extracts X X X X ..... India (STPIs) or at Free Trade Zones (FTZs) or Export Processing Zones (EPZs) or Special Economic Zones(SEZs), had been authorised to certify exports declared through SOFTEX Forms. 2. Considering the spurt in the volume of software exports from India in recent times, the complexity of work contracts involved, the voluminous nature of contract agreements and the duration involved in execution of each contract as well as the time-consuming process involved in the certification of SOFTEX forms, the matter was revisited and a revised procedure, given herein below, has now been finalised in consultation with the stakeholders involved. 3. As per the revised procedure, a software exporter, whose annual turnover is at least Rs. 1000 crore or who ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A units by June 2012. 5. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. 6. 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) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (Rashmi Fauzdar) Chief General Manager ANNEX [Annex to A.P. (DIR Series) Circular No. 80 dated February 15, 2012] 1. Revised Procedure : Reporting of Software exports to STPI A. Periodicity - Monthly B. Time period - Not later than 30 days from the close of the month in which the invoice is raised C. Applicability - Software exporters wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Country of Export * Invoice Number * Invoice Date * Unique internal Project Code or Contract/Agreement/PO Date * Invoice Currency * Offshore Invoice value * Details of Software Package(s)/product(s) exported * Royalty agreement details * % age and amount of royalty * Period of Royalty agreement * Mode of realisation of Royalty value * Calculation of Royalty amount * The Authorized dealer's name should be given in Section A of individual bulk statement itself along with email id (Annexure A & B). If there are multiple ADs, then exporter may provide full details - i.e., Details such as bank name, address and Authorized Dealer code plus. * Details of Letter of Credit(L/C) facilty availed by the exporter * Details o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovided by Exporter on collections as per Annexure C. 2. Reporting of Software export Realizations to Authorized Dealer (AD) Software Exporters can have collection account overseas or get credit directly in the bank accounts maintained in India, where individual invoices raised on customers are collected. After meeting "onsite" branch expenses, as permitted by FEMA, net amount will be remitted to India. This would also include 100% realization of offsite exports. A. Periodicity - Quarterly B. Applicability - Software exporters with annual turnover in excess of Rs. 1,000 crore or submitting in excess of 600 Softex forms annually. C. Details of information - As per Annexure C, which will cover information as under * Name and Address of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PI is in the process of computerizing the submission of Softex form. STPI would be required to ensure that the computerisation of the Softex forms and the populating of the data must be compatible to 'Softex Card Design' as detailed in Annexure E and be able to generate a report in 'ENC file format' as detailed in Annexure D.
N.B. In the event of full computerisation at the STPIs, the exporters will upload their bulk statement to the STPI system which will be verified and certified by the STPI and the certified information will flow to RBI, Regional Office, Exporter as well as AD online. The data will eventually flow to DSIM, RBI for record with a copy retained at STPI.
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