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Difference between GR and SOFTEX forms
GR forms and SOFTEX forms are used by Reserve bank to monitor inward and outward remittance of a country on foreign exchange earnings. However, how differs SOFTEX form with GR forms.
What is GR form and how does it work?
GR.forms are issued by Reserved Bank of India to regulate and monitor foreign exchange transactions against export of goods under physical forms. Exporter has to collect blank GR.forms from RBI. The forms are in duplicate. Exporter had to sign both copies and arranged to deliver to Customs House Agents for filing with customs. While filing shipping documents by customs house agents, a Xerox true copy of shipping bill to be impressed on the GR.form. Once customs formalities completed, original GR form is submitted with customs and duplicate copy of GR. sends back to the exporter. Exporter submits duplicate GR form with their bank along with other shipping documents. Exporter’s bank sends back the said duplicate GR form to RBI for foreign exchange regulations. Customs department also sends back the original GR copy to RBI. PP form is used, if shipment by Post office. After introduction of online filing of shipping bill for export where in electronic filing system is available (EDI) , these procedures have been waived off by Reserve Bank of India as such GR details are electronically transferred from customs department to Reserve bank directly. However, GR forms are mandatory at export customs locations where EDI facility is not available.
How SOFTEX form works?
SOFTEX forms are to be filed with STPI to regulate inward outward remittance by Reserve Bank under export of goods in non-physical form, either domestic or offshore. The products includes computer software, export of Video and TV software and all other types of software products and packages which are falling under goods of non physical form.
SOFTEX form is issued by Reserve Bank foreign exchange department. All software forms under STP units are eligible to obtain SOFTEX forms from Foreign exchange department of Reserve bank once after submitting self-certified copy of overseas buyer’s contract/purchase order or work order with STPI office as per 7(a) of SOFTEX form for declaration. SOFTEX forms are issued in triplicate. These SOFTEX forms are to be submitted by STP units within 30 days of issue of export invoice or within 30 days of last invoiced released in a month. Once exports effected, after necessary certification by STPI director’s office, the said SOFTEX forms are sent to Reserve bank. SOFTEX blank forms are obtained from foreign exchange department of Reserve bank by the STP units in triplicate. Once after effecting sales, the said SOFTEX forms in triplicate are submitted with STPI for necessary approval / endorsement by director of STPI under the jurisdiction of STP units. After certification of three copies of SOFTEX forms, original and duplicate are returned to STP units and triplicate copy is retained by STPI units. Once after exports effected, the duplicate copy of SOFTEX form is submitted with authorized dealer bank along with the necessary supporting documents. Original SOFTEX form is submitted with Reserve Bank’s exchange control department within the jurisdiction of STP unit. Once after receipt of foreign exchange under the said SOFTEX form, authorized bank returns the said duplicate copy of SOFTEX form to Reserve Bank. Also read Difference between BRC and FIRC Difference between EP copy and EC copy of shipping bill
I hope, I could explain SOFTEX and GR in simple language to make you easy understand.
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The above information is a part of Online Export Import course
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