Regulations for Export of Goods and Services from India
RESERVE Bank of India has issued new regulations called Foreign Exchange Management (Export of Goods and Services) Regulations, - 2015
Declaration of exports: - In case of exports taking place through Customs manual ports, every exporter of goods or software in physical form or through any other form, either directly or indirectly, to any place outside India, other than Nepal and Bhutan, shall furnish to the specified authority, a declaration in one of the forms set out in the Schedule and supported by such evidence as may be specified, containing true and correct material particulars.
Exemptions:- Certain exports like export of trade samples, personal effects of travellers, ship's stores, aircrafts or aircraft engines and spare parts.. are exempted from filing the declaration.
Indication of importer-exporter code number:- The importer-exporter code number allotted by the Director General of Foreign Trade under Section 7 of the Foreign- Trade (Development & Regulation) Act, 1992 (22 of 1992) shall be indicated on all copies of the declaration forms submitted by the exporter to the specified authority and in all correspondence of the exporter with the authorised dealer or the Reserve Bank, as the case may be.
Authority to whom declaration is to be furnished and the manner of dealing with the declaration:-
A. Declaration in Form EDF
(1) (i) The declaration in form EDF shall be submitted in duplicate to the Commissioner of Customs.
(ii) After duly verifying and authenticating the declaration form, the Commissioner of Customs shall forward the- original declaration form/data to the nearest office of the Reserve Bank and hand over the duplicate form to the- exporter for being submitted to the authorised dealer.
B. Declaration in Form SOFTEX
(i) The declaration in Form SOFTEX in respect of export of computer software and audio/video/ television software- shall be submitted in triplicate to the designated official of Ministry of Information Technology, Government of India- at the Software Technology Parks of India (STPIs) or at the Free Trade Zones (FTZs) or Special Economic Zones- (SEZs) in India.
(ii) After certifying all three copies of the SOFTEX form, the said designated official shall forward the original directly- to the nearest office of the Reserve Bank and return the duplicate to the exporter. The triplicate shall be retained by the- designated official for record.
Manner of payment of export value of goods: - Unless otherwise authorised by the Reserve Bank, the amount representing the full export value of the goods exported shall be paid through an authorised dealer in the manner specified in the Foreign Exchange Management (Manner of- Receipt and Payment) Regulations, 2000 as amended from time to time.
Period within which export value of goods/software/ services to be realised:- The amount representing the full export value of goods / software/ services exported shall be realised and- repatriated to India within nine months from the date of export.
Advance payment against exports: - Where an exporter receives advance payment (with or without interest), from a buyer / third party named in the- export declaration made by the exporter, outside India, the exporter shall be under an obligation to ensure that the shipment of goods is made within one year from the date of receipt of advance payment;
Project exports: - Where an export of goods or services is proposed to be made on deferred payment terms or in execution of a turnkey project or a civil construction contract, the exporter shall, before entering into any such export arrangement, submit the proposal for prior approval of the approving authority, which shall consider the proposal in accordance with- the guidelines issued by the Reserve Bank of India from time to time.
Form EDF: To be completed in duplicate for export from non EDI ports.
Form SOFTEX: To be completed in triplicate for declaration of export of software otherwise than in physical form, i.e.- magnetic tapes/discs, and paper media.
The regulations do not mention about online submission of Softex.
RBI Notification 23(R)/2015-RB, Dated: January 12, 2016