When to receive amount of export sales to Exporter in India?
RBI directions on export sales
This post is about the guidelines of RBI on realization of export proceeds in India, updated after Covid 19 pandemic. The information includes increasing the period of realization and repatriation to India of the amount representing the full export value of goods or software or services exported. The regulations also include the period of export realization allowed by RBI for warehousing of exported goods.
The RBI guidelines on realization and repatriation of export of goods explains as follows:
A.2 Realization and repatriation of proceeds of export of goods / software / services
It is obligatory on the part of the exporter to realize and repatriate the full value of goods / software / services to India within a stipulated period from the date of export, as under:
(i) It has been decided in consultation with the Government of India that the period of realization and repatriation of export proceeds shall be nine months from the date of export for all exporters including Units in Special Economic Zones (SEZs), Status Holder Exporters, Export Oriented Units (EOUs), Units in Electronic Hardware Technology Parks (EHTPs), Software Technology Parks (STPs) & Bio-Technology Parks (BTPs) until further notice.
(ii) In view of the outbreak of pandemic COVID-19, it has been decided, in consultation with the Government of India, to increase the period of realization and repatriation to India of the amount representing the full export value of goods or software or services exported, from nine months to fifteen months from the date of export, for the exports made up to or on July 31, 2020.
(iii) For goods exported to a warehouse established outside India, the proceeds shall be realized within fifteen months from the date of shipment of goods.
The above post clarifies against below questions:
Any restrictions from RBI to receive payment of exported goods or services from overseas importer?
What is the relaxation period given by RBI to receive payment from Overseas Buyer?
Within how many months of period, the invoice value of exported goods warehoused need to be realized?
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