All export contracts and invoices shall be denominated either in freely convertible currency or Indian rupees but export proceeds shall be realised in freely convertible currency.
However export proceeds against specific exports may also be realized in rupees provided it is through a freely convertible Vostro account of a non resident bank situated in any country other than a member country of ACU or Nepal or Bhutan. Additionally, rupee payment through Vostro account must be against payment in free foreign currency by buyer in his non-resident bank account. Free foreign exchange remitted by buyer to his non-resident bank (after deducting the bank service charges) on account of this transaction would be taken as export realization under export promotion schemes of FTP.
Contracts for which payments are received through Asian Clearing Union (ACU)] shall be denominated in ACU Dollar. Central Government may relax provisions of this paragraph in appropriate cases. Export contracts and Invoices can be denominated in Indian rupees against EXIM Bank / Government of India line of credit
We are exporting to Nissan, South Africa in INR but payment is receiving from France to JP Morgan, Mumbai Bank and then JP transfers payment to our SBI a/c in INR.
Can we take INR BRC from SBI and will it be eligible for export incentives?
Thanks for your valuable information. Now, we are starting to avail export incentives to S. Africa (DBK & MLFPS).
I have one question sir. We have been exporting to Africa from 2009 to till date. We exported the material in past as a free shipping. Can we get/avail past DEPB & DBK from customs?
21 November 2012
Policy Circular No.32(RE-/2009-14 Dated: 03rd June, 2011
You admissible for CHAPTER-3 incentive above said policy circular of A change made in the FTP issued on 5.6.12 related to declaration of intent on free shipping bills under para 3.11.8 of HBP, Vol. I. The position with respect to this para was earlier governed by DGFT Public Notice No. 53(RE-2010)/ 2009-14 dated 3.6.2011. In the FTP issued on 5.6.12, the requirement of declaration of intent was deleted. During post FTP discussions, the necessity of retention of this provision was informed to the Department of Commerce and it was agreed that the pre 5.6.12 position would be restored.
21 November 2012
on duty free shipping bill exporter will mentioned declaration that we are taking the CHAPTER-3 incentive inn the light of above said policy circular.