General Guidelines for Exports
The Reserve Bank of India (RBI) has outlined guidelines for exports of goods and services, including:
Exemptions: Exemption from declarations is available for certain exports, and EDF waivers can be granted under specific circumstances.
Manner of Receipt and Payment: Exporters must receive payment in accordance with the Foreign Exchange Management Act (FEMA) regulations.
Realisation and Repatriation of Proceeds
Exporters must realize and repatriate the proceeds of exports within a specified timeframe.
Foreign Currency Accounts
Exporters can maintain foreign currency accounts, including Diamond Dollar Accounts (DDA) and Exchange Earners’ Foreign Currency (EEFC) Accounts.
Setting up of Offices Abroad
Exporters can set up offices abroad and acquire immovable property for overseas offices with prior approval from the RBI.
Advance Payments and Other Provisions
The circular also covers advance payments against exports, EDF approval for trade fairs/exhibitions abroad, export of goods for re-imports, part drawings/undrawn balances, and other related provisions.
Specific Provisions for Software Exports
Invoicing of software exports must comply with specific guidelines.
Other Provisions
The circular also covers short shipments and shut-out shipments, counter-trade arrangements, and direct dispatch of documents by the exporter.
Chat with the Master Circular: