RBI Circular A.P. (DIR Series) No.34 dated April 1, 2002
Attention of authorized dealers is invited to the provisions contained in the Schedule to the Reserve Bank Notification No.FEMA10/2000-RB dated May 3, 2000, permitting the residents to maintain Exchange Earners’ Foreign Currency (EEFC) account with authorized dealers in India.
2. It has now been decided that the exporters with proven track record who have been certified as “Status Holder Exporters” in terms of the EXIM Policy, may be permitted to credit amount upto 100% of their eligible receipts of foreign exchange to their Exchange Earners’ Foreign Currency (EEFC) account.
3. It is clarified that the facility will be available in respect of the foreign exchange received by the exporters on or after April 1, 2002, till further notice.
4. Necessary amendment to the Foreign Exchange Management Regulations is being notified separately.
5. Authorized Dealers may bring the contents of this circular to the notice of their constituents concerned.
6. 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)
Sd/-
(Grace Koshie)
Chief General Manager
Issued by:
Reserve Bank of India
Exchange Control Department
Mumbai
RBI Circular A.P.(DIR Series) No.35 dated April 1, 2002
Attention of authorized dealers is invited to A.P. (DIR Series) Circular No. 12 dated Sept 9, 2000, containing directions regarding Export of Goods and Services.
2. With a view to simplifying the procedures regarding exports, it has been decided to extend the following facilities to the exporters with proven track record who have been certified as “Status Holder Exporters” in terms of the Exim Policy :-
I. Despatch of Shipping Documents: In terms of paragraph C.7 of A.P.(DIR Series) Circular No.12 dated Sept 9, 2000, authorized dealers have been advised to accede, in certain cases, to the requests of the exporters for dispatch of documents direct to the consignee. It has now been decided that authorized dealers may permit the exporters with proven track record who have been certified as “Status Holder Exporters” in terms of the EXIM Policy, to dispatch the export documents direct to the consignees outside India subject to the conditions that (a) the export proceeds are repatriated through the authorized dealer named in the GR form and (b) the duplicate copy of the GIR Form is submitted to the authorized dealer for monitoring purposes, by the exporters within 21 days from the date of shipment of export.
II. Enhancement in normal period for realization of export proceeds –
In terms of the second proviso made to Regulation 9 of Notification No.FEMA 23/2000-RB dated May 3, 2000, the Reserve Bank has been empowered to extend the period of six months for realization and repatriation of export proceeds to India. It has now been decided that the exporters with proven track record who have been certified as “Status Holder” in terms of the EXIM Policy, realize and repatriate the full value of export proceeds within a period of twelve months from the date of shipment.
These facilities will be available in respect of the shipment made on or after April 1, 2002.
3. Necessary amendments to the Foreign Exchange Management Regulations are being notified separately.
4. Authorized Dealers may bring the contents of this circular to the notice of their constituents concerned.
5. 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).
Sd/-
(Grace Koshie)
Chief General Manager
Issued by:
Reserve Bank of India
Exchange Control Department
Mumbai
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