Notifications

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Export of Goods and Services
A.P.(DIR Series) Circular No.5 (August 27, 2001)

RESERVE BANK OF INDIA
EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI 400 001

A.P. (DIR Series) Circular No.5

August 27, 2001

To

All Authorised Dealers in Foreign Exchange

Dear Sirs,

Export of Goods and Services

Attention of all authorised dealers is invited to the second proviso to Regulation 9 of the Reserve Bank Notification No. FEMA 23/2000-RB dated May 3, 2000, empowering Reserve Bank to extend the period of six months within which the amount representing full export value of goods or software export shall be realized and repatriated to India.

  1. It has been decided, as a temporary measure, to allow a period of 360 days ( in place of existing six months), from the date of shipment, for realisation and repatriation of full value of goods/software exported to the countries included in the list annexed.
  2. The relaxation in the period of realisation will be available for one year with effect from September 1, 2001, that is, to the exports to be made on or after September 1, 2001. Accordingly, from September 1, 2002, the exporters will be under obligation to realise full export proceeds within the prescribed period of six months from the date of export.
  3. Authorised dealers may bring the contents of this circular to the notice of their constituents concerned.
  4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Any contravention or non-observance of these directions is subject to the penalties prescribed under the Act.

Yours faithfully,
K. RAMASUBRAMANIAN
Officer-in-Charge

Annexure

  1. Antigua
  2. Argentina
  3. Bahama
  4. Barbados
  5. Belige
  6. Bermuda
  7. Bolivia
  8. Brazil
  9. Chile
  10. Colombo
  11. Costa Rica
  12. Cuba
  13. Cyprus
  14. Dominica
  15. Dominican rep
  16. El Salvador
  17. Faeroe Is
  18. Folkland Is
  19. French Guiana
  20. Gibraltar
  21. Greenland
  22. Grenada
  23. Guadeloupe (French West Indies)
  24. Guatemala
  25. Guyana
  26. Haiti
  27. Honduras
  28. Jamaica
  29. Malta
  30. Martinique
  31. Mexico
  32. Monstserrat
  33. Netherlands Antilles
  34. Nicaragua
  35. Panama excluding Canal Zone rep
  36. Paraguay
  37. Peru
  38. St.Lucia
  39. St.Pierre & Miqueion
  40. St.Vincent
  41. Surinam
  42. Trinidad & Tobago
  43. Uruguay

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