Reserve Bank of India (RBI) has released draft regulations and directions under the Foreign Exchange Management Act (FEMA), 1999, aimed at simplifying export and import transactions to promote ease of doing business, especially for small exporters and importers. These proposed regulations empower Authorised Dealer (AD) banks to provide quicker and more efficient services to their foreign exchange customers. Public comments on the draft proposals are invited via email by September 1, 2024.
The draft regulations, titled the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024, supersede the previous 2015 regulations. They outline the procedures and requirements for declaring exports, receiving payments, and managing advance payments for export and import of goods and services. These regulations specify that the full export value must be realized and repatriated within nine months, with provisions for AD banks to extend this period or reduce the realizable value under certain conditions. The draft also includes guidelines for caution-listing exporters who fail to realize export proceeds within the stipulated time.
RESERVE BANK OF IINDIA
Date : Jul 02, 2024
Regulation of Foreign Trade under Foreign Exchange Management Act (FEMA), 1999 – DRAFT REGULATIONS AND DIRECTIONS
Over the years, the Reserve Bank has been progressively liberalising policies governing foreign exchange transactions, under FEMA, 1999. In continuation of these efforts, as announced in the Statement on Developmental and Regulatory Policies of June 2024, it has been decided to rationalise regulations that cover export and import transactions. The proposed regulations are intended to promote ease of doing business, especially for small exporters and importers. They are also intended to empower Authorised Dealer banks to provide quicker and more efficient service to their foreign exchange customers.
The draft regulations under FEMA and directions to Authorised Dealer banks are available for public response.
Comments/feedback on the draft proposals (regulations as well as directions) may be forwarded via email by September 01, 2024, with the subject line “Feedback on draft regulations and directions on export and import under FEMA”.
(Puneet Pancholy)
Chief General Manager
Press Release: 2024-2025/615
Notification No. FEMA XX/2024-RB
July XX, 2024
Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024
In exercise of the powers conferred by Section 7, Section 8, Section 10(6) and subsection (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in supersession of the Foreign Exchange Management (Export of Goods & Services) Regulations 2015 (Notification No. FEMA 23(R)/2015-RB dated January 12, 2016), except as respects things done or omitted to be done before such supersession, Reserve Bank of India makes the following Regulations, namely:
1. Short title and commencement:
(i) These Regulations may be called the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024.
(ii) They shall come into force from the date of their publication in the Official Gazette.
2. Definitions:
In these Regulations, unless the context requires otherwise, –
(i) ‘Act’ means the Foreign Exchange Management Act, 1999 (42 of 1999);
(ii) ‘Authorised Dealer’ means a person authorised as an authorised dealer under subsection (1) of Section 10 of the Act, and includes a person carrying on business as a factor and authorised as such under the said Section 10;
(iii) ‘Form’ means Export Declaration Form annexed to these Regulations, wherein the exporter, inter alia, declares the full export value;
(iv) ‘Specified authority’ means the person or the authority to whom the Form is to be submitted, as mentioned in the form;
(v) the words and expressions used but not defined in these Regulations shall have the same meaning respectively assigned to them in the Act.
3. Declaration of exports:
(i) Every exporter shall furnish to the specified authority, a declaration in the Form annexed to these Regulations, specifying the amount representing the full export value of the goods or services.
(ii) The exporter shall submit to the Authorised Dealer the documents pertaining to export, within twenty-one calendar days from the date of shipment in case of goods or from the date of invoice in case of services;
Provided that the Authorized Dealer may accept the documents after the expiry of the above period subject to directions issued by Reserve Bank.
4. Manner of Receipt of payment for export of goods and services:
Unless otherwise authorized by the Reserve Bank, the receipt of payments for export of goods and services shall be in the manner specified in the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, as amended from time to time.
5. Period within which full export value to be realized:
The amount representing the full export value of goods and services shall be realised and repatriated to India within nine months from the date of shipment for goods and date of invoice for services.
Provided further that Authorised Dealer may, for reasonable and sufficient cause shown by the exporter, and on being satisfied that such cause is justifiable, extend the specified period.
Provided that the Authorised Dealer may permit reduction in the full export value, as per the directions issued by Reserve Bank.
6. Advance payment:
(i) Advance payment for export of goods and services may be received as per the export contract.
(ii) Interest payable if any, on such advance payment shall not exceed all-in-cost ceiling of trade credit in terms of Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 as amended from time to time.
(iii) Where an exporter is unable to fulfill the export obligation within the contracted period, the advance received shall be refunded unless extension of time to fulfill the export obligation has been granted by the Authorised Dealer.
(iv) Advance payment for import of goods and services shall be repatriated by the importer and surrendered to the Authorised Dealer in case of non-import within the contract period or within the extended period granted by the Authorised Dealer.
(v) Advance payment made or received for import or export of goods and services which do not result in any import or export even within the extended time granted by the Authorised Dealer and when the advance is not refunded thereafter would be subject to the Regulations 3 of the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 as amended from time to time.
7. Project exports:
For export of goods or services on deferred payment terms or in execution of a turnkey project or a civil construction contract, the exporter shall, before entering into any such export arrangement, submit the proposal for prior approval of the Authorised Dealer, which shall consider the proposal in accordance with the rules/regulations/directions under FEMA.
8. Caution-listing of exporters:
(i) An exporter who has not realized the full value of export within the time specified (including extensions, if any) under Regulation 5 may be caution listed by the Authorised Dealer subject to the directions issued by the Reserve Bank;
Provided that the exporter has been given a reasonable opportunity of being heard by the Authorised Dealer, before such caution-listing.
(ii) The Authorised Dealer may remove the name of the exporter from the caution-list, as per the directions issued by Reserve Bank.
(iii) An exporter who has been caution listed shall undertake export only against receipt of advance payment in full or against an irrecoverable letter of credit, to the satisfaction of the Authorised Dealer.
(N Senthil Kumar)
General Manager
RBI/2024-25/XX
A.P. (DIR Series) Circular No. XX
July XX, 2024
All Authorised Dealers – Category I banks
Madam / Sir,
Export and Import of Goods and Services
Reserve Bank of India, in exercise of the powers conferred under Foreign Exchange Management Act 1999 (42 of 1999) and in supersession of Master Direction – Export of Goods and Services and Master Direction – Import of Goods and Services, hereby issues the directions on export and import of goods and services.
2. The detailed operational instructions in this regard are given in Annex-I. A list of circulars superseded (w.e.f. XXXX) is given in Annex-II.
3. AD banks may bring the contents of the circular to the notice of their customers/ constituents concerned.
4. The directions contained in this circular have been issued under Section 10(4) and 11(1) of the Foreign Exchange Management Act 1999 (42 of 1999) and are without prejudice to permission /approvals, if any, required under any other law.
Yours Sincerely,
(N Senthil Kumar)
General Manager
Annex-I
Directions to Authorised Dealers on Export and Import of Goods and Services
1. Introduction
Authorised Dealers Category-I banks (AD banks) may be guided by the following rules /regulations under Foreign Exchange Management Act, 1999 (FEMA) while handling transactions related to export and import of Goods and Services.
(i) Notification No. G.S.R. 381(E) dated May 3, 2000 – Foreign Exchange Management (Current Account Transactions) Rules, 2000 as amended from time to time.
(ii) Notification No. FEMA 8/2000-RB dated May 3, 2000 – Foreign Exchange Management (Guarantees) Regulations, 2000, as amended from time to time.
(iii) Notification No. FEMA 9 (R)/2015-RB dated December 29, 2015 – Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2015, as amended from time to time.
(iv) Notification No. FEMA 10 (R) /2015-RB dated January 21, 2016 – Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015, as amended from time to time.
(v) Notification No. FEMA 5(R)/2016-RB dated April 01, 2016 – Foreign Exchange Management (Deposit) Regulations, 2016, as amended from time to time.
(vi) Notification No. FEMA.3(R)/2018-RB dated December 17, 2018 – Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, as amended from time to time.
(vii) Notification No. FEMA 14(R)/2023-RB dated December 21, 2023 – Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, as amended from time to time.
(viii) Notification No. FEMA XX/2024-RB dated July XX, 2024 – Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024.
2. General Directions
(i) AD banks shall facilitate payments for export and import of goods and services
including Merchanting Trade Transactions in compliance with the provisions under FEMA and also ensure adherence to the extant Foreign Trade Policy.
(ii) AD banks shall carry out due diligence and ensure bona fides of transaction in compliance with the Know Your Customer (KYC) Directions issued by Reserve Bank.
(iii) AD banks shall report and monitor all transactions in the Export Data Processing and Monitoring System (EDPMS) and Import Data Processing and Monitoring System (IDPMS)1.
(iv) AD banks shall, inter alia, follow up with exporters and importers for:
a) Realization and repatriation of export proceeds.
b) Submission of the relevant documentary evidence pertaining to export and import transactions.
c) Closure and reconciliation of the outstanding entries in EDPMS and IDPMS.
3. Specific Directions
3.1 Declaration of Exports
(i) AD banks shall verify and ensure that exports are duly declared by exporters in terms of Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024, before crediting the payment to the exporter’s account.
(ii) AD banks shall enter details of service exports in EDPMS, as declared and submitted by their customer only, on the same day of receipt of documentary evidence.
(iii) AD banks may exercise discretion in accepting export documents as per proviso under Regulation 3 of Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024, in terms of their internal policy after satisfying themselves with the reasons and cause shown by the exporter.
3.2 Timelines for export receivables and import payments
(i) AD banks shall follow up to ensure that an exporter realizes proceeds within the period specified under Regulation 5 of Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024.
(ii) AD banks shall follow up with an importer to ensure that payment for imports is completed within the period specified in the contract between the importer and overseas seller.
(iii) In case of delayed import payments, AD banks may be guided by extant instructions as contained in Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, as amended from time to time.
3.3 Extension of time
(i) AD banks, in terms of their policy, may grant extension of time to exporter beyond the period as specified in Regulation 5 and 6 of Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024 in the following cases:
(a) If the exporter has not been able to realize and repatriate export proceeds for reasons beyond its control.
(b) If the exporter has not been able to fulfill the export obligations in case of export advance.
(ii) AD banks, in terms of their policy, may grant extension of time to importer beyond period as specified in the contract in the following cases:
(a) Delayed settlement of import payments.
(b) If the overseas supplier delays in fulfilling its obligation in case of import advance.
3.4 Set-off of export receivables against import payables
(i) AD banks may allow set-off of export receivables against import payables in respect of the same counterparties, if they are satisfied that the grounds for such requests are legitimate and justifiable.
(ii) AD banks shall not allow set-off of export receivables for goods against import payables for services and vice versa.
3.5 Reduction in realisable value of export
(i) AD banks, on request of the exporter, may permit reduction in the full export value after satisfying themselves of the bona fides of such requests.
(ii) AD banks shall put up all cases of reductions of more than 25% in the full export value of exports to its Board for post facto ratification.
3.6 Advance receipt for export of goods and services
AD banks shall ensure the following in respect of receipt of advance against export: (i) Advance payment and documents pertaining to export are routed through the same AD bank.
(i) Rate of interest charged, if any, on the advance for export shall not exceed the all-in-cost ceiling of Trade Credit as per Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, as amended from time to time.
(ii) In case the exporter is unable to meet the export obligation as per the terms of contract, the advance received shall be refunded immediately or extension of time shall be sought for the completion of the export obligation as per para 3.3 above.
(iii) AD bank shall follow up with the exporter so that the export takes place as per the above directions (including para 3.3. above).
(iv) Advances not in compliance to para 3.6(iii) above shall be subject to Regulations 3 of Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, as amended from time to time.
3.7 Advance payment for Import of goods and services
(i) AD banks may, as per their internal assessment and subject to their satisfaction with the track record of the importer, permit advance remittance for an import transaction, subject to conditions, if any, they may specify.
(ii) AD banks shall follow up with importers so that import takes place as per terms of contract or the advance made shall be returned immediately or extension of time shall be sought for the completion of the import as per para 3.3 above.
(iii) Advances not in compliance to para 3.7(ii) above shall be subject to Regulations 3 of Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, as amended from time to time.
3.8 Export Data Processing and Monitoring System (EDPMS) / Import Data Processing and Monitoring System (IDPMS)
(i) AD banks shall enter details of Shipping Bills (SB)/ Bills of Entry (BoE) as received from Non-EDI (Electronic Data Interchange) port in EDPMS/IDPMS on the same day of receipt of documents, in respect of their customers only.
(ii) AD banks shall enter details of service exports in EDPMS, as declared and submitted by their customer only, on the same day of receipt of documents.
(iii) AD banks shall enter details of service imports in IDPMS for their customers only, on the same day of receipt of documents.
(iv) AD banks shall ensure that, in case of export advance, outstanding entries for inward remittance shall be closed and reconciled on submission of export documents to the satisfaction of the AD banks.
3.9 Caution listing of exporters in EDPMS for non-realisation of export proceeds in terms of the Act
(i) Where an export amount is outstanding in EDPMS for a period of more than two years from the due date of realization (including extension of the period granted by AD bank, if any), AD banks shall ensure that exporter is flagged as ‘caution listed’ in the EDPMS.
(ii) AD banks shall ensure the following while the exporter is being flagged as ‘Caution listed’:
(a) The exporter is duly informed before caution listing in EDPMS.
(b) Exporter should be given an opportunity of being heard.
(iii) When caution listed exporters submit export documents for negotiation / purchase / discount / collection, etc., AD banks may accept export documents only if the exporter concerned produces evidence of having received advance payment or receiving the payment under an irrevocable letter of credit.
(iv) Once all outstanding export proceeds are realized (including by way of setoff or reduction in realizable value), AD banks shall remove the exporter from the caution list and update the status/remove the flag from EDPMS.
3.10 Export of goods and services against repayment of state credits
For the implementation of the provisions of the Inter banking arrangement, AD banks may adhere to instructions of A.D. (G.P.) Circular No. 4 dated May 19, 1999 and A.P. (DIR Series) Circular No.13 dated September 06, 2002 on Export of goods and services against repayment of state credits granted by erstwhile Soviet Union.
3.11 Import of gold and silver
(i) No advance remittance for the import of gold and silver shall be permitted unless specifically approved by the Reserve Bank of India.
(ii) For import of gold and silver through India International Bullion Exchange IFSC Ltd., AD banks may be guided by P. (DIR Series) Circular No.04 dated May 25, 2022 and A.P. (DIR Series) Circular No. 07 dated November 10, 2023.
3.12 Trade credit in case of import in specified sectors
AD banks shall ensure that Trade Credit (suppliers’ and buyers’ credit) in respect of import of gold in any form and platinum/palladium/ rhodium/silver/diamonds, shall be subject to Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, as amended from time to time.
3.13 Project Export
(i) AD banks shall monitor the progress of work in such projects till their completion by seeking regular progress reports from the exporters in order to facilitate the corresponding payments.
(ii) AD banks shall verify consistency of export contracts with rules/regulations/directions under FEMA.
3.14 Merchanting Trade
(i) AD banks shall allow merchanting trade payments only for goods permitted under the extant Foreign Trade Policy.
(ii) AD banks shall ensure the genuineness of a merchanting trade transaction before effecting any payment.
(iii) AD banks shall allow payments for a merchanting trade only if all payments are routed through the same AD bank.
(iv) AD banks shall not allow payments if the period between the outward remittance and inward remittance of a merchanting trade exceeds six months.
(v) AD banks shall ensure that outward remittances sent are to the overseas seller and inward remittances received are from the overseas buyer and no payments are made to/received from any other counterparty.
(vi) In case inward remittance is received before making outward remittance for a merchanting trade, AD banks shall ensure that the receipts are deposited and held in EEFC (Exchange Earners Foreign Currency) account of the merchanting trader.
3.15 International Trade Settlement in Indian Rupees (INR)
AD banks may be guided by the extant guidelines on the broad framework for cross border trade transactions in INR under Foreign Exchange Management Act, 1999 (FEMA) issued vide A.P. (DIR Series) Circular No.10 dated July 11, 2022, on International Trade Settlement in Indian Rupees (INR).
3.16 Payment transactions for Export and import of goods and services in online mode
AD banks may be guided by the directions on Regulation of Payment Aggregator – Cross Border (PA – Cross Border) dated October 31, 2023, issued by Reserve Bank.
3.17 Reporting
(i) AD banks shall report all foreign trade transactions in the Foreign Exchange Transaction Electronic Reporting System (FETERS) in terms of extant guidelines on FETERS.
(ii) AD banks shall report all payment transactions related to export and import of goods and services, including Merchanting trade transactions, in EDPMS/IDPMS.
4. Board approved Policy
4.1 AD banks shall put in place a comprehensive, well-documented policy as approved by their Board of Directors within six months of issuance of this circular for handling payment transactions related to export/import of goods and services and merchanting trade.
4.2 The policy shall ensure that the procedures applied are in a manner conducive to international trade and are not discriminatory. The policy should be comprehensive enough to include all aspects relevant to foreign trade at that time.
4.3 While laying down their internal policy and processes, AD banks shall ensure that the responsibility for approving transactions is clearly demarcated and the different internal levels at which different types of transactions can be approved are delineated.
Annex-II
A. List of Circulars superseded – Export of Goods and Services
| Sl. No. | Circular No. | Subject | Date |
| 1. | A.P. (DIR Series) Circular No.12 | Foreign Exchange Management Act 1999 – Export of Goods and Services | September 9, 2000 |
| 2. | A.P. (DIR Series) Circular No.27
|
Foreign Exchange Management Act, 1999 – Export of goods and services -Forwarder’s Cargo Receipt | March 2, 2001 |
| 3. | A.P. (DIR Series) Circular No. 30 | “Write off” of unrealised export bills – Simplification of procedure | April 4, 2001 |
| 4. | A.P. (DIR Series) Circular No.4 | Counter-Trade Arrangements with Romania | August 27, 2001 |
| 5. | A.P. (DIR Series) Circular No.20 | Export of goods & services – Extension of period of realisation | January 28, 2002 |
| 6. | A.P. (DIR Series) Circular No.30 | Export of Goods for Exhibition / Trade Fairs outside India | March 26, 2002 |
| 7. | A.P. (DIR Series) Circular No.35 | Export of Goods and Services – Facilities to Status Holder Exporters | April 1, 2002 |
| 8. | A.P. (DIR Series) Circular No.38 | Foreign Exchange Management Act, 1999 – Export of goods and services – Reduction in value | April 12, 2002 |
| 9. | A.P. (DIR Series) Circular No.10 | Export of Goods and Services – Facilities to units in Special Economic Zones (SEZs) | August 14, 2002 |
| 10. | A.P. (DIR Series) Circular No.21 | Disposal of duplicate copies of Export Declaration Forms | September 16,
2002 |
| 11. | A.P. (DIR Series) Circular No.61 | “Write-off” of unrealised export bills- Surrender of export incentives | December 14,
2002 |
| 12. | A.P. (DIR Series) Circular No.91 | Export of Goods and Services – Facilities to Units in Special Economic Zones (SEZs) | April 1, 2003 |
| 13. | A.P. (DIR Series)
Circular No. 94 |
Export of Goods and Services – Export of goods on promotional grounds | April 26, 2003 |
| 14. | A.P. (DIR Series) Circular No.100 | Export of Goods and Services – Exports to Warehouses Abroad | May 2, 2003 |
| 15. | A.P. (DIR Series) Circular No.105 | Supply of goods by Special Economic Zones (SEZs) to Units in Domestic Tariff Area (DTA) against payment in foreign exchange | June 16, 2003 |
| 16. | A.P. (DIR Series) Circular No.22 | Export of Goods and Services – Payment of Claims by ECGC | September 24,
2003 |
| 17. | A.P. (DIR Series) Circular No.26 | Export of Goods and Services – Export of Books on Consignment Basis | October 3, 2003 |
| 18. | A.P. (DIR Series) Circular No.32 | Export of Goods and Services – Project Exports | October 28, 2003 |
| 19. | A.P. (DIR Series) Circular No.40 | Export of Goods and Services – Liberalisation | December 5, 2003 |
| 20. | A.P. (DIR Series) Circular No. 21 | Export of Goods and Services – Liberalisation – GR Approval for export | January 10, 2006 |
| 21. | A.P. (DIR Series) Circular No. 31 | Export of Goods and Services – Extension of period of realization | April 21, 2006 |
| 22. | A.P. (DIR Series) Circular No. 26 | Liberalisations in Project and Service Exports | January 08, 2007 |
| 23. | A.P. (Dir Series) Circular No. 33 | Liberalisation of Export and Import procedures | February 28, 2007 |
| 24. | A.P. (DIR Series) Circular No.37 | Export of Goods and Services Refund of Export Proceeds – Liberalisation | April 05, 2007 |
| 25. | A.P. (DIR Series) Circular No.71 | Data on Project Export Finance | June 8, 2007 |
| 26. | A.P. (DIR Series) Circular No. 49
|
Export of Goods and Services – Payments of Claims by Insurance Companies-Write off |
June 03, 2008 |
| 27. | A.P. (DIR Series) Circular No.06
|
Export of Goods and Services- Direct Dispatch of Shipping Documents Realisation and Repatriation of Export Proceeds – Liberalisation |
August 13, 2008 |
| 28. | A.P. (DIR Series) Circular No.03 | Export of Goods and Services – Unrealised export bills – Write-off – Surrender of export incentives | July 22, 2010 |
| 29. | A.P. (DIR Series) Circular No. 47 | “Set-off” of export receivables against import payables- Liberalization of Procedure | November 17,
2011 |
| 30. | A.P. (DIR Series) Circular No.48 | Mid – Sea Trans-shipment of catch by Deep Sea Fishing Vessel | November 21, 2011 |
| 31. | A. P. (DIR Series) Circular No.65 | Foreign Exchange Management Act, 1999 – Export of Goods and Services – Forwarder’s Cargo Receipt | January 12, 2012 |
| 32. | A.P. (DIR Series) Circular No. 80
|
Export of Goods and Services- Simplification and Revision of Softex Procedure | February 15, 2012 |
| 33. | A.P. (DIR Series) Circular No.81
|
Export of Goods and Services – Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year | February 21, 2012 |
| 34. | A. P. (DIR Series) Circular No. 46
|
Supply of Goods and Services by Special Economic Zones (SEZs) to Units in Domestic Tariff Areas (DTAs) against payment in foreign exchange | October 23, 2012 |
| 35. | A. P. (DIR Series) Circular No. 47
|
Export of Goods and Services – Simplification and Revision of Softex Procedure | October 23, 2012 |
| 36. | A.P. (DIR Series) Circular No. 66 | Export of Goods and Services – Simplification and Revision of Softex Procedure at SEZs | January 1, 2013 |
| 37. | A.P. (DIR Series) Circular No. 88 | “Write-off” of unrealized export bills – Export of Goods and Services – Simplification of procedure | March 12, 2013 |
| 38. | A.P. (DIR Series) Circular No.118 | Export of Goods and Services – Project Exports | June 26, 2013 |
| 39. | A.P. (DIR Series) Circular No.43 | Export of Goods and Services- Simplification and Revision of Declaration Form for Exports of Goods/Softwares | September 13,
2013 |
| 40. | A.P. (DIR Series) Circular No. 51 | Export of Goods and Services – Project Exports | September 20,
2013 |
| 41. | A.P. (DIR Series) Circular No.60 | Export Outstanding Statement (XOS) Online Bank wide Submission | October 01, 2013 |
| 42. | A.P. (DIR Series) Circular No.62 | Closing of Old Outstanding Bills : Export – Follow-up – XOS Statements | October 14, 2013 |
| 43. | A. P. (DIR Series) Circular No.70 | Third party payments for export / import transactions | November 8, 2013 |
| 44. | A.P. (DIR Series) Circular No.100 | Third party payments for export / import transactions | February 4, 2014 |
| 45. | A.P. (DIR Series) Circular No.101 | Export of Goods and Services: Export Data Processing and Monitoring System (EDPMS) | February 4, 2014 |
| 46. | A.P. (DIR Series) Circular No. 109 | Export of Goods and Services: Export Data Processing and Monitoring System (EDPMS) | February 28, 2014 |
| 47. | A.P. (DIR Series) Circular No.132 | Export of Goods – Long Term Export Advances | May 21, 2014 |
| 48. | A.P. (DIR Series) Circular No.11 | Export of Goods and Services – Project Exports | July 22, 2014 |
| 49. | A. P. (DIR Series) Circular No.74 | Delay in Utilization of Advance Received for Exports | February 09, 2015 |
| 50. | A.P. (DIR Series) Circular No.93 | Export of Goods and Services – Project Exports | April 1, 2015 |
| 51. | A.P. (DIR Series) Circular No.1
|
Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality | July 02, 2015 |
| 52. | A.P. (DIR Series) Circular No.5 | Export factoring on non-recourse basis | July 16, 2015 |
| 53. | A.P. (DIR Series) Circular No.27 | Software Export – Filing of bulk SOFTEX- further liberalisation | November 05, 2015 |
| 54. | A.P. (DIR Series) Circular No. 39 | Export of Goods and Services – Project Exports | January 14, 2016 |
| 55. | A.P. (DIR Series) Circular No.53 | Grant of EDF Waiver for Export of Goods Free of Cost | March 3, 2016 |
| 56. | A.P. (DIR Series) Circular No. 68 [(1)/23(R)] | Foreign Exchange Management (Exports of Goods and Services) Regulations, 2015 | May 12, 2016 |
| 57. | A.P. (DIR Series) Circular No. 74
|
Export Data Processing and Monitoring System (EDPMS) – Additional Modules for caution listing of exporters, reporting of advance remittance for exports and migration of old XOS data | May 26, 2016 |
| 58. | A.P. (DIR Series) Circular No. 04
|
Export Data Processing and Monitoring System (EDPMS) Issuance of Electronic Bank Realisation Certificate (eBRC) | September 15,
2017 |
| 59. | A.P. (DIR Series) Circular No. 10
|
Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality | November 22, 2019 |
| 60. | A.P. (DIR Series) Circular No. 03 | Export Data Processing and Monitoring System (EDPMS) Module for ‘Caution/De-caution Listing of Exporters’ – Review | October 09, 2020 |
| 61. | A.P. (DIR Series) Circular No. 08 | External Trade – Facilitation – Export of Goods and Services | December 04, 2020 |
B. List of the circulars superseded – Import of Goods and Services
| Sr. No. |
AP (DIR Series) Circular No. |
Subject | Date of Circular |
| 1. | A.P. (DIR Series) Circular No. 9 | Foreign Exchange Management Act, 1999 | August 24, 2000 |
| 2. | A.P. (DIR Series) Circular No.15 | Evidence of Import | September 9, 2002 |
| 3. | A.P. (DIR Series) Circular No.49 | Foreign Exchange Management Act, 1999 – Advance Remittances for Imports | November 16, 2002 |
| 4. | A.P. (DIR Series) Circular No.57 | Evidence of Import | November 27, 2002 |
| 5. | A.P. (DIR Series) Circular No.65 | Foreign Exchange Management Act, 1999 – Advance Remittances for Services to be Rendered | January 6, 2003 |
| 6. | A.P. (DIR Series) Circular No.106 |
Import of goods and services into India. | June 19, 2003 |
| 7. | A.P. (DIR Series) Circular No.4 | Merchanting Trade Transactions – Clarifications – Short term credit |
July 19, 2003 |
| 8. | A.P. (DIR Series) Circular No.9 | Evidence of Import – Liberalisation | August 18, 2003 |
| 9. | A.P. (DIR Series) Circular No.15 | Advance Remittance for Imports | September 17, 2003 |
| 10. | A.P. (DIR Series) Circular No. 25 |
Import of gold against letter of authority issued by Nominated Agency | October 1, 2003 |
| 11. | A.P. (DIR Series) Circular No.31 | Import of Silver/Platinum against Letter of Authority issued by Nominated Agency | October 24, 2003 |
| 12. | A.P. (DIR Series) Circular No.49 | Advance Remittance for Imports | December 15, 2003 |
| 13. | A.P. (DIR Series) Circular No.66 | Imports into India – Direct Receipt of Import Bills/Documents | February 6, 2004 |
| 14. | A.P. (DIR Series) Circular No.72 | Foreign Exchange Management Act, 1999 – Import of Goods into India – Evidence of Import | February 20, 2004 |
| 15. | A.P. (DIR Series) Circular No.2 | Import of Gold by (i) Export Oriented Units (EOUs), (ii) Units in SEZ/EPZ, and (iii) Nominated Agencies | July 9, 2004 |
| 16. | A.P. (DIR Series) Circular No.34 | Import of Gold on Loan Basis – Tenor of Loan and Opening of Stand-By Letter of Credit | February 18, 2005 |
| 17. | A.P. (DIR Series) Circular No.1 | Import of Goods of Value USD 100,000 and Less -Clarification on Follow up for Evidence of Import | July 12, 2005 |
| 18. | A.P. (DIR Series) Circular
No.34 |
Advance Remittance for Import of Rough Diamonds | March 2, 2007 |
| 19. | A.P. (DIR Series) Circular No.63 | Import of Equipments by BPO Companies in India for International Call Centre | May 25, 2007 |
| 20. | A.P. (DIR Series) Circular No.77 | Advance Remittance for Import of aircrafts / helicopters / other aviation related purchases | June 29, 2007 |
| 21. | A.P. (DIR Series) Circular No.18 | Direct Receipt of Import Bills / Documents – Liberalisation | November 7, 2007 |
| 22. | A.P. (DIR Series) Circular No.37 | Direct Receipt of Import Bills / Documents for Import of Rough Precious & Semi-Precious Stones | April 16, 2008 |
| 23. | A.P. (DIR Series) Circular No.03 | Advance Remittance for Import of Rough Diamonds | August 4, 2008 |
| 24. | A.P. (DIR Series) Circular No.08 | Advance Remittance for Import of Rough Diamonds | August 21, 2008 |
| 25. | A.P. (DIR Series) Circular No.09 | Foreign Exchange Management Act, 1999- Advance Remittance for Import of Goods – Liberalisation | August 21, 2008 |
| 26. | A.P. (DIR Series) Circular No.12 | Foreign Exchange Management Act, 1999 – Import of Platinum / Palladium / Rhodium / Silver | August 28, 2008 |
| 27. | A.P. (DIR Series) Circular
No.13 |
Direct Receipt of Import Bills / Documents – Liberalisation | September 1, 2008 |
| 28. | A.P. (DIR Series) Circular No.15 | Foreign Exchange Management Act, 1999 – Advance Remittances for Import of Services | September 8, 2008 |
| 29. | A.P. (DIR Series) Circular No.10 | Foreign Exchange Management Act, 1999 – Advance Remittance for import of Services | October 5, 2009 |
| 30. | A.P. (DIR Series) Circular No.21 | Advance Remittance for Import of Rough Diamonds | December 29, 2009 |
| 31. | A.P. (DIR Series) Circular No.56 | Advance Remittance for Import of Goods – Liberalisation | April 29, 2011 |
| 32. | A.P. (DIR Series) Circular No.59 | Import of rough, cut and polished diamonds | May 06, 2011 |
| 33. | A.P. (DIR Series) Circular No.82 | Release of Foreign Exchange for Imports – Further Liberalisation | February 21, 2012 |
| 34. | A.P. (DIR Series) Circular No.83 | Import of Gold on Loan Basis – Tenor of Loan and Opening of Stand – By Letter of Credit | February 27, 2012 |
| 35. | A.P. (DIR Series) Circular No.103 |
Data on import of Gold – Statements – Modification | April 03, 2012 |
| 36. | A.P. (DIR Series) Circular No. 34 |
Foreign Exchange Management Act, 1999- Import of gold in any form including jewellery made of gold/precious metals or / and studded with diamonds / semi precious / precious stones – clarification | September 24,
2012 |
| 37. | A.P. (DIR Series) Circular No.83 | Import of precious and semi precious stones- Clarification | February 20, 2013 |
| 38. | A.P. (DIR Series) Circular No.103 |
Import of Gold by Nominated Banks/Agencies | May 13, 2013 |
| 39. | A.P. (DIR Series) Circular No.107 |
Import of Gold by Nominated Banks/Agencies | June 4, 2013 |
| 40. | A.P. (DIR Series) Circular No.122 |
Import of Gold by Nominated Banks/Agencies | June 27, 2013 |
| 41. | A.P. (DIR Series) Circular No.15 | Import of Gold by Nominated Banks /Agencies/Entities | July 22, 2013 |
| 42. | A.P. (DIR Series) Circular No. 25 |
Import of Gold by Nominated Banks /Agencies/Entities | August 14, 2013 |
| 43. | A.P. (DIR Series) Circular No.71 | Advance Remittance for Import of Rough Diamonds | November 8, 2013 |
| 44. | A.P. (DIR Series) Circular No.73 | Import of Gold by Nominated Banks /Agencies/Entities | November 11, 2013 |
| 45. | A.P. (DIR Series) Circular No.82 | Import of Gold by Nominated Banks/Agencies/Entities | December 31, 2013 |
| 46. | A.P. (DIR Series) Circular No.95 | Merchanting Trade Transactions | January 17, 2014 |
| 47. | A.P. (DIR Series) Circular No.103 |
Import of Gold / Gold Dore by Nominated Banks /Agencies /Entities – Clarifications | February 14, 2014 |
| 48. | A.P. (DIR Series) Circular No.115 |
Merchanting Trade Transactions – Revised guidelines | March 28, 2014 |
| 49. | A.P. (DIR Series) Circular No.116 |
Advance Remittance for Import of Rough Diamonds | April 01, 2014 |
| 50. | A.P. (DIR Series) Circular No.133 |
Import of Gold by Nominated Banks / Agencies / Entities | May 21, 2014 |
| 51. | A.P. (DIR Series) Circular
No.2 |
Import of Rough, Cut and Polished Diamonds – credit relaxation | July 07, 2014 |
| 52. | A.P. (DIR Series) Circular No.30 | Data on Import of Gold Statement- Submission under XBRL |
September 15, 2014 |
| 53. | A.P. (DIR Series) Circular No.42 | Import of Gold (under 20: 80 Scheme) by Nominated Banks / Agencies / Entities | November 28, 2014 |
| 54. | A.P. (DIR Series) Circular No.79 | Guidelines on Import of Gold by Nominated Banks / Agencies | February 18, 2015 |
| 55. | A.P. (DIR Series) Circular No.97 | Merchanting Trade to Nepal and Bhutan | April 30, 2015 |
| 56. | A.P. (DIR Series) Circular No.29 | Import of Goods into India – Evidence of Import | November 26, 2015 |
| 57. | A.P. (DIR Series) Circular No.30 | Advance Remittance for Import of aircrafts / helicopters /other aviation related purchases | November 26, 2015 |
| 58. | A.P. (DIR Series) Circular No.57 | Import of Rough, Cut and Polished Diamonds | March 31, 2016 |
| 59. | A.P. (DIR Series) Circular No.65 | Import of goods- Import Data Processing and Monitoring System (IDPMS) | April 28, 2016 |
| 60. | A.P. (DIR Series) Circular No.05 | Import Data Processing and Monitoring System (IDPMS) | October 06, 2016 |
| 61. | A.P. (DIR Series) Circular No.27 | Evidence of Import under Import Data Processing and Monitoring System (IDPMS) | January 12, 2017 |
| 62. | A.P. (DIR Series) Circular No.20 | Merchanting Trade Transactions (MTT) – Revised Guidelines | January 23, 2020 |
Notes
1 EDPMS/IDPMS shall also refer to any other system specified by RBI, for the purpose.
