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TMI BlogForeign Exchange Management (Export of Goods & Services) Regulations, 2015X X X X Extracts X X X X X X X X Extracts X X X X ..... reign Exchange Management Act, 1999 (42 of 1999); (ii) 'authorised dealer' means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Act, and includes a person carrying on business as a factor and authorised as such under the said section 10 ; (iii) 'EXIM Bank' means the Export-Import Bank of India established under the Export-Import Bank of India Act, 1981 (28 of 1981); (iv) 'export' includes the taking or sending out of goods by land, sea or air, on consignment or by way of sale, lease, hire-purchase, or under any other arrangement by whatever name called, and in the case of software, also includes transmission through any electronic media ; (v) 'export value' in relation to export by way of lease or hire-purchase or under any other similar arrangement, includes the charges, by whatever name called, payable in respect of such lease or hire-purchase or any other similar arrangement; (vi) 'form' means form annexed to these Regulations; (vii) 'schedule' means schedule appended to these Regulations; (viii) 'software' means any computer programme, database, drawing, design, audio/v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed free of payment; b) personal effects of travellers, whether accompanied or unaccompanied; c) ship's stores, trans-shipment cargo and goods supplied under the orders of Central Government or of such officers as may be appointed by the Central Government in this behalf or of the military, naval or air force authorities in India for military, naval or air force requirements; d) by way of gift of goods accompanied by a declaration by the exporter that they are not more than five lakh rupees in value e) aircrafts or aircraft engines and spare parts for overhauling and/or repairs abroad subject to their reimport into India after overhauling /repairs, within a period of six months from the date of their export; f) goods imported free of cost on re-export basis; g) the following goods which are permitted by the Development Commissioner of the Special Economic Zones, Electronic Hardware Technology Parks, Software Technology Parks or Free Trade Zones to be re-exported, namely: 1) imported goods found defective, for the purpose of their replacement by the foreign suppliers/collaborators; 2) goods imported from foreign suppliers/collaborators on loan basis; 3) goods im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orm, the said designated official shall forward the original directly to the nearest office of the Reserve Bank and return the duplicate to the exporter. The triplicate shall be retained by the designated official for record. C. Duplicate Declaration Forms to be retained with Authorised Dealers On the realisation of the export proceeds, the duplicate copies of export declaration forms viz. EDF and SOFTEX and Exchange Control copies of the shipping bills shall be retained by the Authorised Dealers. 7. Evidence in support of declaration:- The Commissioner of Customs or the postal authority or the official of Department of Electronics, to whom the declaration form is submitted, may, in order to satisfy themselves of due compliance with Section 7 of the Act and these regulations, require such evidence in support of the declaration as may establish that - a) the exporter is a person resident in India and has a place of business in India; b) the destination stated on the declaration is the final place of the destination of the goods exported; c) the value stated in the declaration represents - 1) the full export value of the goods or software; or 2) where the full export v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... repatriated to India within nine months from the date of export. Provided further that the Reserve Bank, or subject to the directions issued by the Bank in this behalf, the authorised dealer may, for a sufficient and reasonable cause shown, extend the period of nine months. (b) The Reserve Bank may for reasonable and sufficient cause direct that the said exporter/s shall cease to be governed by sub-regulation (2); Provided that no such direction shall be given unless the unit has been given a reasonable opportunity to make a representation in the matter. (c) On such direction, the said exporter/s shall be governed by the provisions of sub-regulation (1), until directed otherwise by the Reserve Bank.' Explanation: For the purpose of this regulation, the "date of export" in relation to the export of software in other than physical form, shall be deemed to be the date of invoice covering such export. 10. Submission of export documents:- The documents pertaining to export shall be submitted to the authorised dealer mentioned in the relevant export declaration form, within 21 days from the date of export, or from the date of certification of the SOFTEX form: Provided tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or 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. 13. Certain Exports requiring prior approval :-Exports under trade agreement/rupee credit etc. (i) Export of goods under special arrangement between the Central Government and Government of a foreign state, or under rupee credits extended by the Central Government to Govt. of a foreign state shall be governed by the terms and conditions set out in the relative public notices issued by the Trade Control Authority in India and the instructions issued from time to time by the Reserve Bank. (ii) An export under the line of credit extended to a bank or a financial institution operating in a foreign state by the Exim Bank for financing exports from India, shall be governed by the terms and conditions advised by the Reserve Bank to the authorised dealers from time to time. 14. Delay in Receipt of Payment:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 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 ; 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 ..... 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