A.P. (DIR Series) Circular No.21

September 16, 2002

To

All Authorised Dealers in Foreign Exchange

Madam / Sirs,

Attention of authorised dealers is drawn to sub-regulation D of Regulation 6 of Notification No.FEMA.23/2000-RB dated May 3, 2000 in terms of which on realisation of export proceeds authorised dealers are required to submit the duplicate of the GR/SDF/PP/SOFTEX forms, after due certification, to the nearest office of the Reserve Bank.

2. It has now been decided that duplicate copies of export declaration forms viz. GR, PP and SOFTEX and Exchange Control copies of the shipping bills together with related Statutory Declaration Forms (SDF) should not hereafter be submitted to Reserve Bank along with the R-Returns. Instead, the duplicate copies of the declaration forms duly certified after realisation of export proceeds, with Exchange Control Copies of shipping bills and related SDF, should be retained by the authorised dealers.

3. The Authorised Dealers should, however, ensure by random check of the duplicate forms by their internal/concurrent auditors to confirm that non-realisation or short realisation allowed, if any, is within the powers delegated to them or has been duly approved by Reserve Bank, wherever necessary. Accordingly, paragraphs B1 and B3.B of Part B of Annexure to A.P. (DIR Series) Circular No.12 dated September 9, 2000 may be modified.

4. It is clarified that, authorised dealers would continue to submit along with respective R-Returns as hitherto Schedules 3, 4, 5 and 6 furnishing therein details of the duplicate forms in respect of which export proceeds have been realised.

5. Amendment to the Bank’s Notification issued under FEMA, 1999 is being issued separately.

6. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned.

7. The directions contained in the circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).

Yours faithfully,