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TMI BlogMaster Circular on Export of Goods and Services ((Updated on August 28, 2015)X X X X Extracts X X X X X X X X Extracts X X X X ..... he Authorised Dealer Category - I banks may refer to respective circulars/ notifications for detailed information, if so needed. Yours faithfully, (A.K.Pandey) Chief General Manager INDEX PART - 1 A. Introduction PART - 2 B. General guidelines for Exports B.1 Exemption from Declarations B.2 Manner of Receipt and Payment B.3 Realization and Repatriation of proceeds of export of goods / software / services B.4 Foreign Currency Account B.5 Diamond Dollar Account (DDA) B.6 Exchange Earners' Foreign Currency (EEFC) Account B.7 Setting up of Offices Abroad and Acquisition of Immovable Property for Overseas Office B.8 Advance Payments against Exports B.9 EDF Approval for Trade Fair/Exhibitions abroad B.10 EDF approval for Export of Goods for re-imports B.11 Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality B.12 Part Drawings /Undrawn Balances B.13 Consignment Exports B.14 Opening / Hiring of Ware houses abroad B.15 Direct dispatch of documents by the exporter B.16 Invoicing of Software Exports B.17 Short Shipments and Shut out Shipments B.18 Counter-Trade Arrangement B.19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom India are announced by the DGFT, from time to time. (ii) AD Category - I banks may conduct export transactions in conformity with the Foreign Trade Policy in vogue and the Rules framed by the Government of India and the Directions issued by Reserve Bank from time to time. In exercise of the powers conferred by clause (a) of sub-section (1) and sub-section (3) of Section 7 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank has notified the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 relating to export of goods and services from India, hereinafter referred to as the 'Export Regulations'. These Regulations have been notified vide Notification No. FEMA 23/2000-RB dated May 3, 2000, as amended from time to time. (iii) The Directions contained in this Circular should be read with the Rules notified by the Government of India, Ministry of Finance, vide Notification No.G.S.R.381 (E) dated May 3, 2000, (Annex - 1) as also Regulations notified by Reserve Bank vide its Notification No. FEMA 23/2000-RB dated May 3, 2000, as amended from time to time (iv) In terms of Regulation 4 of the Foreign Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade Policy is ₹ 10 lakhs or 2 per cent of the average annual export realization during the preceding three licensing years (April-March), whichever is higher. Exports of goods not involving any foreign exchange transaction directly or indirectly requires the waiver of EDF procedure from the Reserve Bank. B.2 Manner of Receipt and Payment (i) The amount representing the full export value of the goods exported shall be received through an AD Bank in the manner specified in the Foreign Exchange Management (Manner of Receipt & Payment) Regulations, 2000 notified vide Notification No. FEMA.14/2000-RB dated May 3, 2000 in the following manner: a. Bank draft, pay order, banker's or personal cheques. b. Foreign currency notes/foreign currency travelers' cheques from the buyer during his visit to India. c. Payment out of funds held in the FCNR/NRE account maintained by the buyer d. International Credit Cards of the buyer. Note: When payment for goods sold to overseas buyers during their visits is received in this manner, EDF (duplicate) should be released by the AD Category - I banks only on receipt of funds in their Nostro account or if the AD Category - I bank concerned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this arrangement, the permissible debits to the NOSTRO collection account are for repatriation of funds representing export proceeds to India for credit to the exporters' account, payment of fee/commission to the OPGSP as per the predetermined rates / frequency/ arrangement; and charge back to the importer where the exporter has failed in discharging his obligations under the sale contract. f. The balances held in the NOSTRO collection account shall be repatriated and credited to the respective exporter's account with a bank in India immediately on receipt of the confirmation from the importer and, in no case, later than seven days from the date of credit to the NOSTRO collection account. g. AD Category -I banks shall satisfy themselves as to the bona-fides of the transactions and ensure that the purpose codes reported to the Reserve Bank in the online payment gateways are appropriate. h. AD Category -I banks shall submit all the relevant information relating to any transaction under this arrangement to the Reserve Bank, as and when advised to do so. i. Each NOSTRO collection account should be subject to reconciliation and audit on a quarterly basis. j. Resolution of all p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be insisted upon in cases where documentary evidence for circumstances leading to third party payments / name of the third party being mentioned in the irrevocable order/ invoice has been produced subject to: (i) AD bank should be satisfied with the bona-fides of the transaction and export documents, such as, invoice / FIRC. (ii) AD bank should consider the FATF statements while handling such transaction. b. Third party payment should be routed through the banking channel only; c. The exporter should declare the third party remittance in the Export Declaration Form and it would be responsibility of the Exporter to realize and repatriate the export proceeds from such third party named in the EDF; d. It would be responsibility of the Exporter to realize and repatriate the export proceeds from such third party named in the EDF; e. Reporting of outstanding, if any, in the XOS would continue to be shown against the name of the exporter. However, instead of the name of the overseas buyer from where the proceeds have to be realized, the name of the declared third party should appear in the XOS; f. In case of shipments being made to a country in Group II of Restricted Cover Countri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted through the branch at which the account is to be maintained. If the account is to be maintained abroad the application should be made by the exporter giving details of the bank with which the account will be maintained. (iii) An Indian entity can also open, hold and maintain a foreign currency account with a bank outside India, in the name of its overseas office/branch, by making remittance for the purpose of normal business operations of the said office/branch or representative subject to conditions stipulated in Regulation 7 of Notification No. FEMA 10/2000-RB dated May 3, 2000 and as amended from time to time. (iv) A unit located in a Special Economic Zone (SEZ) may open, hold and maintain a Foreign Currency Account with an AD Category - I bank in India subject to conditions stipulated in Regulation 6 (A) of Notification No. FEMA 10/2000-RB dated May 3, 2000 and as amended from time to time. (v) A person resident in India being a project / service exporter may open, hold and maintain foreign currency account with a bank outside or in India, subject to the standard terms and conditions in the Memorandum PEM. B.5 Diamond Dollar Account (DDA) (i) Under the scheme of Gover ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l be permitted against the security of balances held in EEFC accounts by the AD Category - I banks. (iv) All categories of foreign exchange earners are allowed to credit 100% of their foreign exchange earnings to their EEFC Accounts subject to the condition that a) The sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments. b) The facility of EEFC scheme is intended to enable exchange earners to save on conversion/transaction costs while undertaking forex transactions. This facility is not intended to enable exchange earners to maintain assets in foreign currency, as India is still not fully convertible on Capital Account. (v) It may be noted that the provisions at paragraph (iv) a) and (iv) b) above will apply, mutatis mutandis, also to holder of either a Resident Foreign Currency Account (Domestic) or a Diamond Dollar Account (DDA). (vi) The eligible credits represent - a. inward remittance received through normal banking channel, other than the remittance received pursuant to any un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o allow remittances by a company incorporated in India having overseas offices, within the above limits for initial and recurring expenses, to acquire immovable property outside India for its business and for residential purpose of its staff. (v) The overseas office / branch of software exporter company/firm may repatriate to India 100 per cent of the contract value of each 'off-site' contract. (vi) In case of companies taking up 'on site' contracts, they should repatriate the profits of such 'on site' contracts after the completion of the said contracts. (vii) An audited yearly statement showing receipts under 'off-site' and 'on-site' contracts undertaken by the overseas office, expenses and repatriation thereon may be sent to the AD Category - I banks. B.8 Advance Payments against Exports (1) In terms of Regulation 16 of Notification No. FEMA 23/2000-RB dated May 3, 2000, where an exporter receives advance payment (with or without interest), from a buyer outside India, the exporter shall be under an obligation to ensure that the shipment of goods is made within one year from the date of receipt of advance payment; the rate of interest, if any, payable on the advance payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for a term not exceeding two years at a time and further rollover of not more than two years at a time may be allowed subject to satisfaction with relative export performance as per the contract. b. BG / SBLC should cover only the advance on reducing balance basis. c. BG / SBLC issued from India in favor of overseas buyer should not be discounted by the overseas branch / subsidiary of bank in India. Note: AD Category - I banks may also be guided by the Master Circular on Guarantees and Co-acceptances issued by DBR. (xii) AD Category - I banks may allow the purchase of foreign exchange from the market for refunding advance payment credited to EEFC account only after utilizing the entire balances held in the exporter's EEFC accounts maintained at different branches/banks. (3) 'AD Category- I banks may allow exporters to receive advance payment for export of goods which would take more than one year to manufacture and ship and where the 'export agreement' provides for shipment of goods extending beyond the period of one year from the date of receipt of advance payment subject to the following conditions:- (i) The KYC and due diligence exercise has been done by the AD Category - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y. Such sales at discounted value are also permissible. It would also be permissible to 'gift' unsold goods up to the value of USD 5000 per exporter, per exhibition/trade fair. AD Category - I banks may approve EDF of export items for display or display-cum-sale in trade fairs/exhibitions outside India subject to the following: (i) The exporter shall produce relative Bill of Entry within one month of re-import into India of the unsold items. (ii) The sale proceeds of the items sold are repatriated to India in accordance with the Foreign Exchange Management (Realization, Repatriation, and Surrender of Foreign Exchange) Regulations, 2000. (iii) The exporter shall report to the AD Category - I banks the method of disposal of all items exported, as well as the repatriation of proceeds to India. (iv) Such transactions approved by the AD Category - I banks will be subject to 100 per cent audit by their internal inspectors/auditors. B.10 EDF approval for Export of Goods for re-imports (i) AD Category - I banks may consider request from exporters for granting EDF approval in cases where goods are being exported for re-import after repairs / maintenance / testing / calibration, et ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ized at least the value for which the bill was initially drawn (excluding undrawn balances) or 90 per cent of the value declared on EDF form, whichever is more and a period of one year has elapsed from the date of shipment. B.13 Consignment Exports (i) When goods have been exported on consignment basis, the AD Category-I bank, while forwarding shipping documents to his overseas branch/ correspondent, should instruct the latter to deliver them only against trust receipt/undertaking to deliver sale proceeds by a specified date within the period prescribed for realization of proceeds of the export. This procedure should be followed even if, according to the practice in certain trades, a bill for part of the estimated value is drawn in advance against the exports. (ii) The agents/consignees may deduct from sale proceeds of the goods expenses normally incurred towards receipt, storage and sale of the goods, such as landing charges, warehouse rent, handling charges, etc. and remit the net proceeds to the exporter. (iii) The account sales received from the Agent/Consignee should be verified by the AD Category - I banks. Deductions in Account Sales should be supported by bills/receipts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Economic Zones (SEZ) to dispatch the export documents to the consignees outside India subject to the terms and conditions that: (i) The export proceeds are repatriated through the AD banks named in the EDF. (ii) The duplicate copy of the EDF is submitted to the AD banks for monitoring purposes, by the exporters within 21 days from the date of shipment of export. 3. AD Category - I banks may regularize cases of dispatch of shipping documents by the exporter direct to the consignee or his agent resident in the country of the final destination of goods, up to USD 1 million or its equivalent, per export shipment, subject to the following conditions: (i) The export proceeds have been realized in full. (ii) The exporter is a regular customer of AD Category - I bank for a period of at least six months. (iii) The exporter's account with the AD Category - I bank is fully compliant with the Reserve Bank's extant KYC / AML guidelines. (iv) The AD Category - I bank is satisfied about the bona-fides of the transaction. (v) In case of doubt, the AD Category - I bank may consider filing Suspicious Transaction Report (STR) with FIU_IND (Financial Intelligence Unit in India). B.16 Invoicin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uplicate copy of the EDF. In this case, the original EDF received earlier from Customs will be cancelled. If the shipment is made subsequently, a fresh set of EDF should be completed B.18 Counter-Trade Arrangement Counter trade proposals involving adjustment of value of goods imported into India against value of goods exported from India in terms of an arrangement voluntarily entered into between the Indian party and the overseas party through an Escrow Account opened in India in US Dollar will be considered by the Reserve Bank subject to following conditions: (i) All imports and exports under the arrangement should be at international prices in conformity with the Foreign Trade Policy and Foreign Exchange Management Act, 1999 and the Rules and Regulations made there under. (ii) No interest will be payable on balances standing to the credit of the Escrow Account but the funds temporarily rendered surplus may be held in a short-term deposit up to a total period of three months in a year (i.e., in a block of 12 months) and the banks may pay interest at the applicable rate. (iii) No fund based/or non-fund based facilities would be permitted against the balances in the Escrow Acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for undertaking turnkey/civil construction contracts abroad are required to obtain the approval of the AD Category - I banks/ Exim Bank at post-award stage before undertaking execution of such contracts. Regulations relating to ' Project Exports' and 'Service Exports' are laid down in the revised Memorandum of Instructions on Project and Service Exports (PEM-July 2014). (ii) Accordingly, AD banks / Exim Bank may consider awarding post-award approvals without any monetary limit and permit subsequent changes in the terms of post award approval within the relevant FEMA guidelines / regulations. Project and service exporters may approach AD banks / Exim Bank based on their commercial judgment. The respective AD bank / Exim Bank should monitor the projects for which post-award approval has been granted by them. (iii) The stipulation of time limit of 30 days for the exporter undertaking Project Exports and Service contracts abroad to submit form DPX1/ PEX-1 /TCS-1 to the Approving Authority (AA) for seeking post award approval will not apply henceforth. (iv) In order to provide greater flexibility to project & service exporters in conducting their overseas transactions, facilities ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s twenty five thousand only); and (ii) Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveler coming from and going to Pakistan and Bangladesh, and visiting India may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding ₹ 25,000 (Rupees twenty five thousand only) while exiting only through an airport. B.24 Forfaiting Export-Import Bank of India (EXIM Bank) and AD Category - I banks have been permitted to undertake forfaiting, for financing of export receivables. Remittance of commitment fee / service charges, etc., payable by the exporter as approved by the EXIM Bank / AD Category - I banks concerned may be done through an AD bank. Such remittances may be made in advance in one lump sum or at monthly intervals as approved by the authority concerned. B.25 Export factoring on non-recourse basis Taking into account the recommendation made by the Technical Committee on Facilities and Services to the Exporters (Chairman: Shri G. Padmanabhan), it has been decided to permit AD banks to factor the export receivables on a non-recourse basis, so as to enable the exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed at stations other than the designated stations, exporters must arrange to present EDF to the Customs Officer at the Border Land Customs Station where Customs formalities are completed. B.27 Border Trade with Myanmar This is governed by the Agreement on Border Trade between India and Myanmar. People living along both sides of the India-Myanmar border are permitted to exchange certain specified locally produced commodities (Annex 5) under the barter trade arrangement. They can also trade in freely convertible currency. AD banks should follow the guidelines stipulated in A.P.(DIR Series) Circular No.17 dated October 16, 2000. B.28 Repayment of State Credits Export of goods and services against repayment of state credits granted by erstwhile USSR will continue to be governed by the extant directions issued by the Reserve Bank, as amended from time to time. B.29 Counter -Trade Arrangements with Romania The Reserve Bank will consider counter trade proposals from Indian exporters with Romania involving adjustment of value of exports from India against value of imports made into India in terms of a voluntarily entered arrangement between the concerned parties, subject to the condi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... together with relative shipping documents and an extra copy of the invoice with the AD Category - I banks named in the EDF form. (ix) After the documents have been negotiated / sent for collection, the AD Category - I banks should report the transaction through Export Data Processing and Monitoring System (EDPMS) to the Reserve Bank. (x) The duplicate copy of the form together with a copy of invoice etc. shall be retained by the AD Category - I banks and may not be submitted to the Reserve Bank. (xi) In the case of exports made under deferred credit arrangement or to joint ventures abroad against equity participation or under rupee credit agreement, the number and date of the Reserve Bank approval and/or number and date of the relative RBI circular should be recorded at the appropriate place on the EDF form. (xii) Where Duplicate copy of EDF form is misplaced or lost, AD Category - I banks may accept another copy of duplicate EDF form duly certified by Customs. Note: EDF Form numbers are now made available on-line on the Reserve Bank's website www.rbi.org.in. (Link: - Notification → FEMA → Forms → Foreign Exchange Management Act Forms → for Printing of EDF ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atches by Indian owned vessels, as per the norms prescribed by the Ministry of agriculture, Government of India, the EDF declaration procedure in this regard has been rationalized in consultation with the Government of India as outlined below should be followed by the exporter in conformity with Regulation 3 of Notification No.FEMA.23/2000-RB dated May 3, 2000. (a) The exporters may submit the EDF, duly signed by the Master of the Vessel in lieu of Custom Certification, indicating the composition of the catch, quantity, export value, date of transfer of catch, etc. (b) The date of transfer of catch may be indicated in the column for 'Date of Shipment' with suitable remarks. (c) Bill of Lading / Receipt of Trans-shipment issued by the carrier vessel should include the EDF Number. (d) The EDF should be duly supported by a certificate from an international cargo surveyor. (e) The prescribed period of realization and repatriation should be reckoned with reference to the date of transfer of catch as certified by the Master of the Vessel or the date of the invoice, whichever is earlier. (f) The EDF, both original and duplicate, should indicate the number and date of Letter of Permi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he AD Category - I banks, date of negotiation, bill number, invoice value and the amount actually received by ECGC and private insurance companies regulated by IRDA. C.5 SOFTEX Forms (i) A software exporter, whose annual turnover is at least ₹ 1000 crore or who files at least 600 SOFTEX forms annually, will be eligible to submit a statement in excel format as per Annexure A, giving all particulars along with quadruplicate set of SOFTEX form to the nearest STPI. STPI will then verify the details and decide on a percentage sample check of the documents in details. Software companies will submit all the documents on demand to STPI within 30 days of their advice or any reasonable/extended time at the discretion of the Director, STPI, at the request from the exporter. STPI will thus certify the statement and SOFTEX forms in bulk on the "Top Sheet" regarding the values etc. and will thereafter forward the first copy of the revised SOFTEX format to the concerned Regional Office of RBI, the duplicate copy along with bulk statement in excel format to Authorised Dealers for negotiation / collection / settlement, the third copy to the exporter and the last copy will be retained by STP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for negotiation of this document, in lieu of bill of lading even if the relative sale contract with the overseas buyer does not provide for acceptance of FCR as a shipping document, in lieu of bill of lading (b) Further, Authorized Dealers may, at their discretion, also accept FCR issued by Shipping companies of repute/IATA approved agents (in lieu of bill of lading), for purchase/discount/collection of shipping documents even in cases, where export transactions are not backed by letters of credit, provided their 'relative sale contract' with overseas buyer provides for acceptance of FCR as a shipping document in lieu of bill of lading. However, the acceptance of such FCR for purchase/discount would purely be the credit decision of the bank concerned who, among others, should satisfy itself about the bona fides of the transaction and the track record of the overseas buyer and the Indian supplier since FCRs are not negotiable documents. It would be advisable for the exporters to ensure due diligence on the overseas buyer, in such cases. C.9 Delay in submission of shipping documents by exporters In cases where exporters' present documents pertaining to exports after the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... operationalization of EDPMS on March 01, 2014, realization of all export transaction for shipping documents after February 28, 2014 should be reported in EDPMS and old outstanding shipping bills prior to March 01, 2014 should continue to be reported in XOS till completion of the cycle. C.14 Reduction in Invoice Value on Account of Prepayment of Usance Bills Occasionally, exporters may approach AD Category - I banks for reduction in invoice value on account of cash discount to overseas buyers for prepayment of the usance bills. AD Category - I banks may allow cash discount to the extent of amount of proportionate interest on the unexpired period of usance, calculated at the rate of interest stipulated in the export contract or at the prime rate/LIBOR of the currency of invoice where rate of interest is not stipulated in the contract. C.15 Reduction in Invoice Value in other cases (i) If, after a bill has been negotiated or sent for collection, its amount is to be reduced for any reason, AD Category - I banks may approve such reduction, if satisfied about genuineness of the request, provided: (a) The reduction does not exceed 25 per cent of invoice value: (b) It does not relate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reasons beyond his control, (c) The exporter submits a declaration that the export proceeds will be realized during the extended period, (d) While considering extension beyond one year from the date of export, the total outstanding of the exporter does not exceed USD one million or 10 per cent of the average export realizations during the preceding three financial years, whichever is higher. (e) All the export bills outstanding beyond six months from the date of export may be reported in XOS statement. However, where extension of time has been granted by the AD Category - I banks, the date up to which extension has been granted may be indicated in the 'Remarks' column. (f) In cases where the exporter has filed suits abroad against the buyer, extension may be granted irrespective of the amount involved / outstanding. (ii) In cases where an exporter has not been able to realize proceeds of a shipment made within the extended period for reasons beyond his control, but expects to be able to realize proceeds if further extension of the period is allowed to him, as well as in respect of cases not covered under Para (i) above necessary application (in duplicate) should be made to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xporter even after winning the Court case against the overseas buyer could not execute the Court decree due to reasons beyond his control; (g) Bills were drawn for the difference between the letter of credit value and actual export value or between the provisional and the actual freight charges but the amounts have remained unrealized consequent on dishonor of the bills by the overseas buyer and there are no prospects of realization. (iv) The exporter has surrendered proportionate export incentives (for the cases not covered under A. P. (DIR. Series) Circular No.03 dated July 22, 2010), if any, availed of in respect of the relative shipments. The AD Category - I banks should obtain documents evidencing surrender of export incentives availed of before permitting the relevant bills to be written off. (v) In case of self-write-off, the exporter should submit to the concerned AD bank, a Chartered Accountant's certificate, indicating the export realization in the preceding calendar year and also the amount of write-off already availed of during the year, if any, the relevant EDF to be written off, Bill No., invoice value, commodity exported, country of export. The CA certificate may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idelines; (b) The exporter produces a certificate from the Foreign Mission of India concerned, about the fact of non-recovery of export proceeds from the buyer; and (c) This would not be applicable in self write off cases. C.22 Shipments Lost in Transit (i) When shipments from India for which payment has not been received either by negotiation of bills under letters of credit or otherwise are lost in transit, the AD Category - I banks must ensure that insurance claim is made as soon as the loss is known. (ii) In cases where the claim is payable abroad, the AD Category - banks must arrange to collect the full amount of claim due on the lost shipment, through the medium of their overseas branch/correspondent and release the duplicate copy of EDF only after the amount has been collected. (iii) A certificate for the amount of claim received should be furnished on the reverse of the duplicate copy. (iv) AD Category - I banks should ensure that amounts of claims on shipments lost in transit which are partially settled directly by shipping companies/airlines under carrier's liability abroad are also repatriated to India by exporters. C.23 'Netting off' of export receivables agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommission on Exports (i) AD Category - I banks may allow payment of commission, either by remittance or by deduction from invoice value, on application submitted by the exporter. The remittance on agency commission may be allowed subject to conditions as under: (a) Amount of commission has been declared on EDF/SOFTEX form and accepted by the Customs authorities or Ministry of Information Technology, Government of India / EPZ authorities as the case may be. In cases where the commission has not been declared on EDF/SOFTEX form, remittance may be allowed after satisfying the reasons adduced by the exporter for not declaring commission on Export Declaration Form, provided a valid agreement/written understanding between the exporters and/or beneficiary for payment of commission exists. (b) The relative shipment has already been made. (ii) AD Category - I banks may allow payment of commission by Indian exporters, in respect of their exports covered under counter trade arrangement through Escrow Accounts designated in US Dollar, subject to the following conditions: (a) The payment of commission satisfies the conditions as at (a) and (b) stipulated in paragraph (i) above. (b) The co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing details of overdue Export Advances Appendix List of Circulars which have been consolidated in the Master Circular on Export of Goods and Services Sr. No Circular No. Subject Date 1 A.D. (MA Series) Circular No.15 May 31, 1993 2 A.P. (DIR Series) Circular No.12 Foreign Exchange Management Act 1999 - Export of Goods and Services September 9, 2000 3 A.P.(DIR Series) Circular No.6 Exchange Earners' Foreign Currency (EEFC) Account Scheme August 14,2000 4 A.P.(DIR Series) Circular No.16 Exchange Earners' Foreign Currency (EEFC) Account Scheme October 10, 2000 5 A.P.(DIR Series) Circular No.17 Barter Trade with Myanmar under the Indo-Myanmar Border Trade Agreement October 16, 2000 6 A.P.(DIR Series) Circular No.23 Foreign Exchange Management Act, 1999 - Returns and Statements December 30, 2000 7 A.P.(DIR Series) Circular No.27 Foreign Exchange Management Act, 1999 - Export of Goods and Services - Forwarder's Cargo Receipt March 2, 2001 8 A.P. (DIR Series) Circular No.28 Foreign Exchange Management Act, 1999 March 30, 2001 9 A.P.(DIR Series) Circular No. 30 'Write off' of Unrealized Export Bills - Simplification of Procedure Apr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Foreign Currency (EEFC) Account Scheme October 31, 2002 31 A.P. (DIR Series) Circular No.41 Issue of Corporate Guarantee in lieu of Bid Bond Guarantee November 8, 2002 32 A.P. (DIR Series) Circular No.61 "Write-off" of unrealized export bills-Surrender of export incentives December 14, 2002 33 A.P. (DIR Series) Circular No.62 Exchange Earners' Foreign Currency (EEFC) Account Scheme December 17, 2002 34 A.P. (DIR Series) Circular No.71 Acquisition of immovable property outside India- Branches/trading offices overseas January 13, 2003 35 A.P.(DIR Series) Circular No.76 R-Return and Guide to Authorised Dealers for Compilation of R Returns - Submission of Documents / Statements/ Schedules - Discontinuation February 3, 2003 36 A.P. (DIR Series) Circular No.78 Exchange Earners' Foreign Currency (EEFC) Account Scheme February 14, 2003 37 A.P. (DIR Series) Circular No.91 Export of Goods and Services - Facilities to Units in Special Economic Zones (SEZs) April 1, 2003 38 A.P. (DIR Series) Circular No.94 Export of Goods and Services - Export of goods on promotional grounds April 26, 2003 39 A.P. (DIR Series) Circular No.100 Export of Goods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IR Series) Circular No.28 Indo-Myanmar Trade - Relaxation from ACU Mechanism November 19, 2004 61 A,P. (DIR Series) Circular No.21 Export of Goods and Services - Liberalization - GR Approval for export January 10, 2006 62 A.P. (DIR Series) Circular No.31 Export of Goods and Services - Extension of period of realization April 21, 2006 63 A.P. (DIR Series) Circular No.32 Remittance of initial and recurring expenses for Branch offices opened abroad April 21, 2006 64 A.P. (DIR Series) Circular No.15 Exchange Earner's Foreign Currency (EEFC) Account-Liberalization of Procedure November 30, 2006 65 A.P. (DIR Series) Circular No.18 Establishment of Offices Abroad December 4, 2006 66 A.P. (DIR Series) Circular No.26 Liberalizations in Project and Service Exports January 8, 2007 67 A.P. (DIR Series) Circular No.33 Liberalization of Export and Import procedures February 28, 2007 68 A.P. (DIR Series) Circular No.37 Export of Goods and Services Refund of Export Proceeds - Liberalization April 5, 2007 69 A.P. (DIR Series) Circular No.71 Data on Project Export Finance June 8, 2007 70 A.P. (DIR Series) Circular No.13 Exchange Earner's Foreign Curre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urrency (EEFC) Account and Resident Foreign Currency (RFC) account - Joint holder - liberalization September 15, 2011 90 A.P. (DIR Series) Circular No.35 Processing and Settlement of Export related receipts facilitated by Online Payment Gateways - Enhancement of the value of transaction October 14, 2011 91 A.P. (DIR Series) Circular No.40 Export of Goods and Software - Realization and Repatriation of export proceeds - Liberalization November 01, 2011 92 A.P. (DIR Series) Circular No.47 "Set-off" of export receivables against import payables - Liberalization of Procedure November 17, 2011 93 A.P. (DIR Series) Circular No.48 Mid - Sea Trans-shipment of catch by Deep Sea Fishing Vessel November 21, 2011 94 A.P. (DIR Series) Circular No.65 Export of Goods and Services - Forwarder's Cargo Receipt January 12, 2012 95 A.P. (DIR Series) Circular No.73 Opening of Diamond Dollar Accounts (DDAs January 31, 2012 96 A.P. (DIR Series) Circular No.80 Export of Goods and Services- Simplification and Revision of Softex Procedure February 15, 2012 97 A.P. (DIR Series) Circular No.81 Export of Goods and Services - Receipt of advance payment for export of goods Involvin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts June 26, 2013 115 A.P. (DIR Series) Circular No.14 Export of Goods and Software - Realization and Repatriation of export proceeds - Liberalization July 22, 2013 116 A.P. (DIR Series) Circular No.43 Export of Goods and Services - Simplification and Revision of Declaration Form for Exports of Goods/Software September 13, 2013 117 A.P. (DIR Series) Circular No.51 Export of Goods and Services - Project Exports September 20, 2013 118 A.P. (DIR Series) Circular No.60 Export Outstanding Statement (XOS) Online Bank wide Submission October 01, 2013 119 A.P. (DIR Series) Circular No.62 Closing of Old Outstanding Bills : Export - Follow-up - XOS Statements October 14, 2013 120 A.P. (DIR Series) Circular No.63 Memorandum of Procedure for Channeling Transactions through Asian Clearing Union (ACU) October 18, 2013 121 A.P. (DIR Series) Circular No.70 Third party payments for export/import transactions November 08, 2013 122 A.P. (DIR Series) Circular No.100 Third party payments for export/import transactions February 4, 2014 123 A.P. (DIR Series) Circular No.101 Export of Goods and Services: Export Data Processing and Monitoring System (EDPMS) February 4, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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