Reserve Bank Of India
A. P. (DIR Series) Circular No. 47
October 23, 2012
To
All Authorised Dealers in Foreign Exchange
Madam / Sir,
Export of Goods and Services –
Simplification and Revision of Softex Procedure
Attention of the Authorised Dealers is invited to Regulation 6 of the
Notification No. FEMA 23/2000-RB dated May 3, 2000 viz. Foreign Exchange
Management (Export of Goods and Services) Regulations, 2000, as amended by the
Notification No.FEMA.36/2001-RB dated February 27, 2001, in terms of which
designated officials of the Ministry of Information Technology, Government of
India at the Software Technology Parks of India (STPIs) or at Free Trade Zones
(FTZs) or Export Processing Zones (EPZs) or Special Economic Zones (SEZs), had
been authorized to certify exports declared through SOFTEX Forms.
- Considering the spurt in the volume of software exports from India in recent
times, the complexity of work contracts involved, the voluminous nature of
contract agreements and the duration involved in execution of each contract as
well as the time-consuming process involved in the certification of SOFTEX
forms, simplified and revised Softex procedure was introduced vide
A.P. (DIR
Series) Circular No.80 dated February 15, 2012. Initially the revised procedure
was applicable in STPI at Bangalore, Hyderabad, Chennai, Pune and Mumbai with
effect from April 01, 2012.
- Since the revised procedure is running successfully at the 5 designated centres, it has been decided to implement the revised procedure in all the STPIs
in India with immediate effect.
- As per the revised procedure, a software exporter, whose annual turnover is
at least Rs.1000 crore or who files at least 600 SOFTEX forms annually on all
India basis, will be eligible to submit a statement in excel format as detailed
in our A.P. (DIR Series) Circular No.80 dated February 15, 2012.
- Authorised Dealers may bring the contents of this circular to the notice of
their constituents concerned.
- 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) and are without prejudice to permissions / approvals, if any, required
under any other law.
Yours faithfully,
(Rashmi Fauzdar)
Chief General Manager
RBI/2012-13/260