Export of Goods and Services – RBI extends period of realization
Authorised Dealer (AD) banks have been permitted to grant extension of time for realization of export proceeds beyond the prescribed period from the date of export, where invoice value does not exceed US$ 100,000 subject to the conditions prescribed. Now as a measure of further liberalization, RBI has decided to increase the invoice value limit to US$ 1 million from existing US$ 100,000 with immediate effect.
RBI CIRCULAR NO . 31/RBI/ Dated: April 21, 2006