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ARTICLE · 27 DECEMBER 2012

Corporate Law Alert December 6, 2012

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Export of Goods and Software - Realization and Repatriation of Export Proceeds.

IndiaCorporate/Commercial Law
Amit Kapur
Amit Kapur
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Export of Goods and Software - Realization and Repatriation of Export Proceeds

The Reserve Bank of India ("RBI") vide A.P. (DIR) Series Circular No. 40 dated November 1, 2011 had enhanced the period from six months to twelve months for the realization and repatriation to India of the full value of the export proceeds in respect of the goods or software exported. The aforementioned relaxation was valid till September 30, 2012.

The RBI vide A.P. (DIR) Circular No. 52 dated November 20, 2012 has now extended the aforementioned relaxation period till March 31, 2013. The said relaxation comes into effect from October 1, 2012.

Provisions relating to period of realization and repatriation to India of the full value of goods or software exported by a unit situated in Special Economic Zone, as well as the exports made to warehouses established outside India, remain unchanged.

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