Master Circular on Export of Goods and Services
The Reserve Bank of India (RBI) has issued a master circular on the export of goods and services, which provides guidelines for exporters, banks, and other stakeholders.
General Guidelines for Exports:
The circular outlines various guidelines for exports, including:
- Exemption from declarations
- Manner of receipt and payment
- Realisation and repatriation of export proceeds
- Foreign currency accounts, including Diamond Dollar Accounts (DDA) and Exchange Earners’ Foreign Currency (EEFC) Accounts
- Setting up of offices abroad and acquisition of immovable property for overseas offices
- Advance payments against exports
- GR approval for trade fairs/exhibitions abroad and export of goods for re-imports
- Part drawings/undrawn balances
- Consignment exports
- Opening/hiring of warehouses abroad
- Direct dispatch of documents by the exporter
- Invoicing of software exports
- Short shipments and shut-out shipments
The circular aims to provide a comprehensive framework for exports, covering various aspects of the export process, from receipt of payment to realization and repatriation of export proceeds.
Chat with the Master Circular: