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Export of Goods and Services
Attention
of all Authorised Dealers is invited to the second proviso to Regulation 9 to
the Notification No. FEMA 23/2000-RB dated May 3, 2000 empowering Reserve Bank
of India to extend the period of six months within which the amount representing
full export value of the goods shall be realised and repatriated to India.
2.
It has been decided, as a temporary measure, to allow manufacturer
exporters of the products listed in the Annexure
and having export contracts of Rs.100 crores and above in value term in one
year, a period upto 365 days from the date of shipment, for the realisation and
repatriation of full value of the exports of products specified.
3.
The relaxation in the period of realisation will be available for exports
to be made on or after 1st October 2001 for a period of one year
subject to review.
4.
Authorised Dealers may bring the contents of this circular to the notice
of their constituents concerned.
5.
The directions contained in the circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999). Any contravention or non-observance of these directions is subject to the
penalties prescribed under the Act
Annexure
Products
eligible for exports with extended period of realisation by manufacturer
exporters
1.
Pharmaceuticals (including drugs, fine chemicals).
2.
Agro-chemicals (including inorganic and organic chemicals).
3.
Transport equipment (including commercial vehicles, two and wheelers,
tractors, railway wagons, locomotives).
4.
Cement (including glass, glassware, ceramics and refractories).
5.
Iron & Steel (including iron & steel bars/rods and primary and
semi-finished iron & steel) and
6. Electrical
machinery (including transmission line towers, gear, transformers).
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