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Recent Developments Related to Fema

Recent Developments Related to Fema

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Published by arora08sumit
recent developments on issue of fema
recent developments on issue of fema

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Categories:Types, Brochures
Published by: arora08sumit on Nov 13, 2009
Copyright:Attribution Non-commercial

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12/21/2012

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RECENTDEVELOPMENTSRELATED TO FEMA
SUBMITTED BY:SUMIT ARORAROLL NO:37GBO:2
 ND
YEAR DOCUMENTATION
 
 
RECENT CHANGES:
(
SOURCE:www.proactivesolutech.com/newsletter/newsapr .htm)
 
Extension of Time for realisation of Export Proceeds
As per the FEMA Regulations, every exporter of goods / services isrequired to realize and repatriate back to India, the export proceeds withina period of 6 months from the date of export. In case the exporter is unableto realize the export proceeds within such time period, then, he is requiredto apply to the RBI seeking extension of time.
However, the RBI has now liberalized the said provision vide APDIR Circular No: 20, dated January 28th 2002. The concerned AuthorizedDealer through whom the export has been made, is now permitted to grantextension of time, subject to certain conditions
.
 
 
Value of ExportCategoryExtension GrantedbyConditions to be satisfiedPeriod of Extension
Not exceeding US$ 1 LakhGeneralAuthorized Deale
AD is to be satisfied thatrealization was not possible dueto reasons beyond the control of the Exporter 
Exporter submits a declarationthat he will realize exportproceeds during the extendedperiod
Up to 3 months at a time
In
case the extension is beyond 1 year from the date of export, then, thetotal export outstanding of theExporter should not be more than10% of the average of exportrealizations during the preceding 3financial years.
 
Where the Invoicesare under investigationby ED/CBI/Other AgenciesRegional Office of RBI
 
Exceeding US $ 1LakhWhere Exporter hasfiled a caseagainst theImporter abroadAuthorized Dealer 
 
Up to 6 months at a time
In case the extension is beyond 1year from the date of export, then,the total export out standings of theExporter should not be more than10% of the average of exportrealizations during the preceding 3financial years.
 
GeneralRegional Office oRBI
 

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