Customs - Ease of Doing Business
AN exporter is required to submit the SDF form along with Shipping Bills for export of goods. RBI has recently dispensed with the SDF in case of exports taking place through the EDI ports vide Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2015' and A.P. (DIR Series) Circular No 101, dated 14.05.2015. Consequently, RBI has desired that the declaration of foreign exchange remittance under the Foreign Exchange Management Act, 1999 may be made a part of the Shipping Bill.
"I/We undertake to abide by provisions of Foreign Exchange Management Act, 1999, as amended from time to time, including realization / repatriation of foreign exchange to / from India."
DGFT has endorsed this proposal.
Accordingly, CBEC has issued Notification No 46/2015 -Customs (N.T.), dated 18.05.2015 to incorporate the declaration in lieu of SDF form in the Shipping Bill.
CBEC Circular No. 15/2015-Cus., Dated: May 18, 2015