A.P.(DIR Series) Circular No.6-RB, dated 24/09/2001

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 .

(Pl. refer A.P. (DIR Series) Cir. No. 33/2002-03-RB, Dt. 23/10/2002 for - Extend this facility for realisation of export proceeds upto 365 days from the date of shipment, for a further period of one year i.e. for shipment of the products listed in the Annexure made upto September 30, 2003)

(Pl. refer A.P. (DIR Series) Cir. No. 02/2002-03-RB, Dt. 04/07/2002 for Export of Goods and Services)

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

Yours faithfully,

(B.K. Bhoi)
Officer-in-Incharge


Annexure

Products eligible for exports with extended period
of realisation by manufacturer exporters..1. Pharmaceuticals (including drugs, fine chemicals).

3. 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). (Extention of facility for realisation of export proceeds upto 365 days from the date of shipment, for a further period of one year i.e. for shipment made upto September 30, 2004 of the products listed in the Annexure vide Cir. No. 30/2003-04-RB, Dt. 21/10/2003)

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