Exporters to repatriate proceeds in 9 months
Updated: May 21, 2013 04:52:54pm
New Delhi, May 21 (KNN) The Reserve Bank of India (RBI) has reduced the repatriation time of proceeds to nine months for full value of goods or software exported.
“The issue has been reviewed and it has been decided, in consultation with the government to bring down the realization period from twelve months to nine months from the date of export, with immediate effect, valid till September 30, 2013,” RBI said in a notification.
Earlier the repatriation time for goods or software exported was extended from six months to twelve months from the date of export. This relaxation was available up to March 31, 2013.
The provisions in regard to period of realization and repatriation to India of the full export value of goods or software exported by a unit situated in a Special Economic Zone (SEZ) as well as exports made to warehouses established outside India remain unchanged.
The total merchandise export was USD 305 billion in 2012-13. The total software export is estimated at USD 75 billion for 2012-13. (KNN)
“The issue has been reviewed and it has been decided, in consultation with the government to bring down the realization period from twelve months to nine months from the date of export, with immediate effect, valid till September 30, 2013,” RBI said in a notification.
Earlier the repatriation time for goods or software exported was extended from six months to twelve months from the date of export. This relaxation was available up to March 31, 2013.
The provisions in regard to period of realization and repatriation to India of the full export value of goods or software exported by a unit situated in a Special Economic Zone (SEZ) as well as exports made to warehouses established outside India remain unchanged.
The total merchandise export was USD 305 billion in 2012-13. The total software export is estimated at USD 75 billion for 2012-13. (KNN)
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