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FEMA
Introduction
Export trade is regulated by the Directorate General of
Foreign Trade (DGFT) and its regional offices
AD Category – I banks may conduct export transactions
in conformity with the Foreign Trade Policy in vogue
and the Rules framed by the Government of India and
the Directions issued by Reserve Bank from time to time
no restriction on invoicing of export contracts in Indian
Rupees in terms of the Rules, Regulations, Notifications
and Directions framed under the Foreign Exchange
Management Act 1999
Any reference to the Reserve Bank should first be
made to the Regional Office of the Foreign Exchange
Department situated in the jurisdiction where the
applicant person resides, or the firm / company
functions, unless otherwise indicated
In case of delay in obtaining certified short-shipment notice from the Customs, the
exporter should give an undertaking to the AD banks to the effect that he has filed the
short shipment notice with the Customs and that he will furnish it as soon as it is
obtained.
Where a shipment has been entirely shut out and there is delay in making
arrangements to re-ship, the exporter will give notice in duplicate to the Customs in
the form and manner prescribed, attaching thereto the unused duplicate copy of GR
form and the shipping bill
Customs will verify that the shipment was actually shut out, certify the copy of the
notice as correct and forward it to the Reserve Bank together with unused duplicate
copy of the GR form
In this case, the original GR form received earlier from Customs will be cancelled
Export of Goods on Lease, Hire, etc.
Prior approval of the Reserve Bank is required for
export of machinery, equipment, etc.,
Exporters should apply for necessary permission,
through an AD Category – I banks, to the Regional
Office concerned of the Reserve Bank, giving full
particulars of the goods to be exported