Export Realisation Period of 12 Months Set for SEZ Units
[RBI Circular No. 108 dated 11th
June 2013]
Sub: Export of Goods and Services - Realization and Repatriation period
for units in Special Economic Zones (SEZ)
Attention of Authorized Dealer banks is
invited to A. P. (DIR Series) Circular
No. 91 dated April 1, 2003. In terms of provisions of Para A of the said
circular, time limit for realization and repatriation of export proceeds, for
the exports made by units in Special
Economic Zones (SEZs), was
done away with.
2. It has now been decided that the units located
in SEZs shall realize and repatriate, full value of goods/software/services, to
India within a period of twelve
months from the date of
export. Any extension of time beyond the above stipulated period may be granted
by Reserve Bank of India, on case to case basis.
3. The above changes will be applicable with
immediate effect and shall be valid for one year, subject to review.
4. Necessary amendments to Notification No.FEMA.23/RB-2000 dated May
3, 2000 [Foreign Exchange Management
(Export of Goods and Services) Regulations, 2000] have been issued vide Notification No.FEMA.273/2013-RB dated
April 25, 2013 and notified vide G.S.R.No.342(E) dated May 29, 2013.
5. AD Category - I banks may please bring the
contents of this Circular to the notice of their constituents and customers
concerned.
6. The directions contained in this circular,
have been issued under Section 10(4) and 11(1) of Foreign Exchange Management
Act, 1999 (42 of 1999) and without prejudice to permissions / approvals, if
any, required under any other law.
Notification No.273/2013-RB dated 25th
April 2013
Sub: Foreign Exchange Management (Export of Goods
& Services) (Amendment) Regulations, 2013
In exercise of powers conferred by clause (a) of
sub-section (1), sub-section (3) of Section 7 and sub-section (2) of Section 47
of the Foreign Exchange Management Act, 1999 (42 of 1999) and in partial
modification of its Notification No.FEMA.23/2000-RB dated May 3, 2000 and
Notification No.FEMA.99/2003-RB dated August 27, 2003, Reserve Bank makes the
following amendment in the Foreign Exchange Management (Export of Goods and
Services) Regulations, 2000, as amended from time to time, namely:
1. Short Title and commencement
(i) These Regulations may be called the Foreign
Exchange Management (Export of Goods and Services) (Amendment) Regulations,
2013.
(ii) They shall come into force from the date of
publication in Official Gazette.
2. Amendment to the Regulations
In the Foreign Exchange Management (Export of Goods
and Services) Regulations, 2000, in Regulation 9, the first proviso viz.
"Provided that where the goods or software are exported by the units in
Special Economic Zones, the stipulation of period of realization and
repatriation to India of full export value of goods or software shall not
apply;" stands deleted.