Exchange Control Formalities
An exporter of goods has an obligation to receive payment and bring the sale proceeds into the country. The government does not allow exports for any other consideration. The Exchange Control Regulations require the exporter to:
a. Make a declaration to the customs authorities representing the full value of goods,
b. Negotiate all the shipping documents, including those relating to sales on consignment basis, through the authorized dealer;
c. Receive payment through the authorized dealer and
d. Surrender the foreign exchange through the exchange control authorities to authorized dealers.
Exporters are required to realise the sale proceeds within the prescribed period. If the exporter has any genuine difficulty in realizing the sale proceeds within the prescribed period, he can seek extension of time from RBI. Exporter has to prove that the delay is beyond his control and not due to his fault or negligence.
Compliance of the above exchange control formalities is made through customs. Exchange control authorities require the exporter to fill certain forms and submit them to the customs authorities to ensure compliance of exchange control formalities.
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