Exports
This query is : Resolved
04 February 2012
In case of exports,Documents nmust be sent to bank within 21 days from date of shipping bill or bill of lading????
04 February 2012
Refer to RBI Notification No.FEMA 23 /2000-RB dated 3rd May 2000
The documents pertaining to export shall, within 21 days from the date of export as, as the case may be, from the date of certification of SOFTEX form, be submitted to the authorised dealer mentioned in the relevant declaration form:
Provided that, subject to the directions issued by the Reserve Bank from time to time, the authorised dealer may accept the documents pertaining to export submitted after the expiry of the specified period of 21 days, for reasons beyond the control of the exporter.
any query,
The documents pertaining to export shall, within 21 days from the date of export as, as the case may be, from the date of certification of SOFTEX form, be submitted to the authorised dealer mentioned in the relevant declaration form:
Provided that, subject to the directions issued by the Reserve Bank from time to time, the authorised dealer may accept the documents pertaining to export submitted after the expiry of the specified period of 21 days, for reasons beyond the control of the exporter.
any query,
04 February 2012
Declaration of Software Exports
Export of software is undertaken in physical form i.e. software prepared on magnetic tapes and paper media as well as in non-physical form i.e. direct transmission abroad through dedicated earth stations/satellite links. As far as export of software in physical form is concerned the procedure relating to declaration of shipments on GR / PP forms, handling of export documents by authorised dealers and other allied matters is the same as applicable to export of other goods. Export of software, in non-physical form including Video/TV software and all other types of software products/packages, should be declared on SOFTEX form. Each set of SOFTEX forms comprises three copies marked Original, Duplicate and Triplicate which carry an identical pre-printed serial number. All the three forms in each set should be completed and the entire set submitted for the purpose of valuation together with relevant documents to the officials of Department of Electronics (DOE), Government of India.
Valuation of Software Exports/Certification of SOFTEX form
The valuation of exports declared on SOFTEX form will be done by the designated official/s of the Department of Electronics (DOE) at the Software Technology Parks of India (STPI). The SOFTEX Form of exporters located outside STPI as also forms in respect of export of video/TV software will also be certified by designated official/s at the nearest STPI. DOE have made necessary arrangement for certification/valuation of the Video/TV software declared on SOFTEX form with the Ministry of Information and Broadcasting, Government of India, once in a week at the STPI. The valuation of exports declared on SOFTEX Form by Units located in Export Processing Zones will be done by the designated authority of the Export Processing Zone.
Disposal of SOFTEX forms
(i) After certifying all the three copies of the SOFTEX form, the designated officials of Government of India at STPI and designated authorities of Export Processing Zones will forward the original directly to the nearest office of the Exchange Control Department of Reserve Bank the day it is received or the next day and return the duplicate to the exporter. The triplicate will be retained by the Department of Electronics for their record.
(ii) Within 21 days form the date of certification of the SOFTEX form, the exporter should submit the duplicate copy together with a copy of each of the supporting documents to the authorised dealer for negotiation/collection. The duplicate copy of the form together with documents will be retained by the authorised dealer till full export value declared on the form or as certified by the designated officials at STPI, whichever is higher has been realised and repatriated to India and thereafter will be submitted to the Reserve Bank duly certified under cover of an appropriate R Return along with a copy/ies of invoice/s.
(iii) After the documents have been negotiated/sent for collection, authorised dealers should report the transaction to Reserve Bank in a fortnightly statement in form ENC under the cover of appropriate R Return. Entries in the ENC statement should be made in chronological order of the transactions as recorded in the internal register (Export Bills Register) of the authorised dealer.
Terms of payment - Invoicing
(i) In respect of long duration contracts involving series of transmissions, the exporter should bill their overseas clients periodically, i.e. at least once a month, or on reaching the 'milestone' as provided in the contract entered into with the overseas client and the last invoice/bill should be raised not later than 15 days form the date of completion of the contract. It would be in order for the exporters to submit a combined SOFTEX form for all the invoices raised on a particular overseas client, including advance remittances received in a month.
(ii) In respect of contracts involving only 'one shot operation', the invoice/bill should be raised within 15 days from the date of transmission.
(iii) The exporter should submit SOFTEX form to the concerned official of Government of India at STPI for valuation/certification not later than 30 days from the date of invoice/the date of last invoice raised in a month, as indicated above.
(iv) The invoices raised on overseas clients as at (i) to (iii) above will be subject to valuation of export value declared on SOFTEX form by the designated official of Government of India (cf. paragraph 6D.2 above) and consequent amendment made in the invoice value, if necessary.
Time limit for realisation of export value
The full value of the software exported as declared on the SOFTEX form or as certified by the official of Government of India at STPI, whichever is higher should be repatriated to India on due date of payment or within 180 days from the date of invoice, whichever is earlier in the manner prescribed in Rule 9 of the Foreign Exchange Regulation Rules, 1974.
link :
http://www.blr.stpi.in/hindi/images/pdf/ProcedureforExportcertification.pdf
http://www.iiem.com/em/software/chapter6.html
Export of software is undertaken in physical form i.e. software prepared on magnetic tapes and paper media as well as in non-physical form i.e. direct transmission abroad through dedicated earth stations/satellite links. As far as export of software in physical form is concerned the procedure relating to declaration of shipments on GR / PP forms, handling of export documents by authorised dealers and other allied matters is the same as applicable to export of other goods. Export of software, in non-physical form including Video/TV software and all other types of software products/packages, should be declared on SOFTEX form. Each set of SOFTEX forms comprises three copies marked Original, Duplicate and Triplicate which carry an identical pre-printed serial number. All the three forms in each set should be completed and the entire set submitted for the purpose of valuation together with relevant documents to the officials of Department of Electronics (DOE), Government of India.
Valuation of Software Exports/Certification of SOFTEX form
The valuation of exports declared on SOFTEX form will be done by the designated official/s of the Department of Electronics (DOE) at the Software Technology Parks of India (STPI). The SOFTEX Form of exporters located outside STPI as also forms in respect of export of video/TV software will also be certified by designated official/s at the nearest STPI. DOE have made necessary arrangement for certification/valuation of the Video/TV software declared on SOFTEX form with the Ministry of Information and Broadcasting, Government of India, once in a week at the STPI. The valuation of exports declared on SOFTEX Form by Units located in Export Processing Zones will be done by the designated authority of the Export Processing Zone.
Disposal of SOFTEX forms
(i) After certifying all the three copies of the SOFTEX form, the designated officials of Government of India at STPI and designated authorities of Export Processing Zones will forward the original directly to the nearest office of the Exchange Control Department of Reserve Bank the day it is received or the next day and return the duplicate to the exporter. The triplicate will be retained by the Department of Electronics for their record.
(ii) Within 21 days form the date of certification of the SOFTEX form, the exporter should submit the duplicate copy together with a copy of each of the supporting documents to the authorised dealer for negotiation/collection. The duplicate copy of the form together with documents will be retained by the authorised dealer till full export value declared on the form or as certified by the designated officials at STPI, whichever is higher has been realised and repatriated to India and thereafter will be submitted to the Reserve Bank duly certified under cover of an appropriate R Return along with a copy/ies of invoice/s.
(iii) After the documents have been negotiated/sent for collection, authorised dealers should report the transaction to Reserve Bank in a fortnightly statement in form ENC under the cover of appropriate R Return. Entries in the ENC statement should be made in chronological order of the transactions as recorded in the internal register (Export Bills Register) of the authorised dealer.
Terms of payment - Invoicing
(i) In respect of long duration contracts involving series of transmissions, the exporter should bill their overseas clients periodically, i.e. at least once a month, or on reaching the 'milestone' as provided in the contract entered into with the overseas client and the last invoice/bill should be raised not later than 15 days form the date of completion of the contract. It would be in order for the exporters to submit a combined SOFTEX form for all the invoices raised on a particular overseas client, including advance remittances received in a month.
(ii) In respect of contracts involving only 'one shot operation', the invoice/bill should be raised within 15 days from the date of transmission.
(iii) The exporter should submit SOFTEX form to the concerned official of Government of India at STPI for valuation/certification not later than 30 days from the date of invoice/the date of last invoice raised in a month, as indicated above.
(iv) The invoices raised on overseas clients as at (i) to (iii) above will be subject to valuation of export value declared on SOFTEX form by the designated official of Government of India (cf. paragraph 6D.2 above) and consequent amendment made in the invoice value, if necessary.
Time limit for realisation of export value
The full value of the software exported as declared on the SOFTEX form or as certified by the official of Government of India at STPI, whichever is higher should be repatriated to India on due date of payment or within 180 days from the date of invoice, whichever is earlier in the manner prescribed in Rule 9 of the Foreign Exchange Regulation Rules, 1974.
link :
http://www.blr.stpi.in/hindi/images/pdf/ProcedureforExportcertification.pdf
http://www.iiem.com/em/software/chapter6.html
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