RBI MASTER CIRCULAR

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RBI MASTER CIRCULAR 

RBI/2014-15/5Master Circular No.14/2014-15
July 01, 2014
(Updated upto May 14, 2015)


To,
All Category – I Authorised Dealer Banks
Madam / Sir,

Master Circular on Exports of Goods and Services

Export of Goods and Services from India is allowed in terms of clause (a) of sub-section (1) and sub-section (3) of Section 7 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. G.S.R. 381(E) dated May 3, 2000 viz. Foreign Exchange Management (Current Account) Rules, 2000, as amended from time to time.

2. This Master Circular consolidates the existing instructions on the subject of "Export of Goods and Services from India" at one place. The list of underlying circulars/notifications consolidated in this Master Circular is furnished in Appendix.

3. This Master Circular is being updated from time to time as and when the fresh instructions are issued. The date up to which the Master Circular has been updated is suitably indicated.

4. This Master Circular may be referred to for general guidance. The Authorised Persons and the Authorised Dealer Category – I banks may refer to respective circulars/ notifications for detailed information, if so needed.


Yours faithfully,
(C. D. Srinivasan)
Chief General Manager

INDEX
PART-1
A.	Introduction
PART 2
B.	General guidelines for Exports
B.1	Exemption from Declarations
B.2	Manner of Receipt and Payment
B.3	Realisation and Repatriation of proceeds of export of goods / software / services
B.4	Foreign Currency Account
B.5	Diamond Dollar Account (DDA)
B.6	Exchange Earners’ Foreign Currency (EEFC) Account
B.7	Setting up of Offices Abroad and Acquisition of Immovable Property for Overseas Office
B.8	Advance Payments against Exports
B.9	EDF Approval for Trade Fair/Exhibitions abroad
B.10	EDF approval for Export of Goods for re-imports
B.11	Part Drawings /Undrawn Balances
B.12	Consignment Exports
B.13	Opening / Hiring of Ware houses abroad
B.14	Direct dispatch of documents by the exporter
B.15	Invoicing of Software Exports
B.16	Short Shipments and Shut out Shipments
B.17	Counter-Trade Arrangement
B.18	Export of Goods on Lease, Hire, etc.
B.19	Export on Elongated Credit Terms
B.20	Export of goods by Special Economic Zones (SEZs)
B.21	Project Exports and Service Exports
B.22	Export of Currency
B.23	Forfaiting
B.24	Exports to neighbouring countries by Road, Rail or River
B.25	Border Trade with Myanmar
B.26	Repayment of State Credits
B.27	Counter –Trade Arrangements with Romania
PART – 3
C.	Operational Guidelines for AD Category – I banks
C.1	Citing of Specific Identification Numbers
C.2	EDF/SOFTEX procedure
C.3.1.	EDF Form (Erstwhile GR and PP Form)
C.3.2.	Mid-Sea Trans-Shipment of catch by Deep Sea Fishing Vessels
C.4	In case of export of goods / software taking place through EDI ports
C.5	SOFTEX Forms
C.6	Random verification
C.7	Certification for EEFC Credits
C.8	Consolidation of Air Cargo/ Sea Cargo
C.9	Delay in submission of shipping documents by exporters
C.10	Check-list for Scrutiny of Forms
C.11	Return of Documents to Exporters
C.12	Handing Over Negotiable Copy of Bill of Lading to Master of Vessel / Trade Representative
C.13	Export Bills Register
C.14	Follow-up of Overdue Bills
C.15	Reduction in Invoice Value on Account of Prepayment of Usance Bills
C.16	Reduction in Invoice Value in other cases
C.17	Export Claims
C.18	Change of buyer/consignee
C.19	Extension of Time
C.20	Write-off of export bills
C.21	Write off in cases of Payment of Claims by ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority (IRDA)
C.22	Write-off - Relaxation
C.23	Shipment Lost in Transit
C.24	‘Netting off’ of export receivables against import payments – Units in Special Economic Zones (SEZs)
C.25	Set-off of export receivables against import payables
C.26	Agency Commission on Exports
C.27	Refund of Export Proceeds
C.28	Exporters' Caution List
PART – 4
Annex-1 - Current Account Transaction Rules
Annex-2 – Form EFC
Annex- 3 – Common SOFTEX Form
Annex- 4 – Revised SOFTEX Procedure
Annex -5 - Delay in Utilization of Advance Received for Exports
Appendix

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