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Export of Goods for Exhibition/ Trade Fairs outside India
A.P. (DIR Series) Circular No. 30 dated
26th March 2002
Attention of authorized dealers is
invited to Paragraph A. 9 (ii) of the Annexure enclosed to AP (DIR Series)
Circular No. 12 dated September 9, 2000, advising that exporters participating
in trade fairs/ exhibitions abroad should obtain approval on GR form for export
of exhibits and other items for display-cum-sale in the trade fair/ exhibitions,
from the concerned Regional Office of the Reserve Bank.
2. With a view to
liberalizing the facilities available to exporters and simplifying the export
procedures further, it has now been decided to permit residents to take/ export
goods for exhibition and sale outside India without the prior approval of the
Reserve Bank of India.
3. Further, unsold exhibit
items may be sold outside the exhibition/ trade fair in the same country or in
another third country. Such sales at discounted value are also permissible.
4.
It would also be permissible to "gift" unsold goods upto the
value of US$ 5,000 per exporter, per exhibition/ trade fair.
5. Accordingly, authorized
dealers may approve GR form for export items for display or display-cum-sale in
trade fairs/ exhibitions outside India subject to the following conditions:
a. the exporter
shall produce relative Bill of Entry within one month of re-import into India of
the unsold items.
b. the
sale proceeds of the items sold are repatriated to India in accordance with
Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign
Exchange) Regulations, 2000.
c. the
exporter shall report to the authorised dealer the method of disposal of all
items exported, as well as the repatriation of proceeds to India.
6. Such transactions
approved by the authorised dealers will be subject to 100% audit by the internal
inspectors/ auditors of the authorized dealer concerned.
7.
Authorised dealers may bring the contents of this circular to the notice
of their constituents concerned.
8. 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).
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