Amit Gupta (Loosening Myself) (1508 Points)
09 February 2011HI
wHAT IS THE TIME LIMIT FOR RECEIVING THE PAYMENT ON ACCOUNT OF EXPORT SALES UNDER FEMA.
IS THE TIME LIMIT ALSO APPLIES TO PAYMENT IN RESPECT OF IMPORTS
REPLY ON URGENT BASIS
rachit jain
(chartered accountant )
(635 Points)
Replied 09 February 2011
the limit is for 6 month from the date of export and it can be extended by rbi on sufficient and reasonable reason
RAMESH KUMAR VERMA
( CS PURSUING )
(43853 Points)
Replied 09 February 2011
The liberalized uniform time limit of 180 days is applicable only to resident individuals and that too in areas other than export of goods and services.
In all other cases, the regulations / directions on surrender requirement shall remain unchanged. (cf. Notification No. FEMA 9/2000-RB dated May 3, 2000, as amended from time to time).
rvsekar2000
(212 Points)
Replied 16 August 2011
Hello ,
For receipt of export payments , the following shall be taken into account:
Realisation and Repatriation of export proceedsIt is obligatory on the part of the exporter to realise and repatriate the full value of goods or software to India within a stipulated period from the date of export, as under
(i) By Units in Special Economic Zones (SEZs): No specific time period has
been stipulated;
(ii) By Status Holder Exporters as defined in the Foreign Trade Policy : Within
a period of twelve months from the date of export;
(iii) By 100 % Export Oriented Units (EOUs) and units set up under Electronic
Hardware Technology Parks (EHTPs), Software Technology Parks (STPs)
and Biotechnology Parks (BTPs) schemes : Within a period of twelve
months from the date of export on or after September 1, 2004;
(iv) Goods exported to a warehouse established outside India : As soon as it is
realised and in any case within fifteen months from the date of shipment o
goods; and
(v) In all other cases: With effect from June 3, 2008, this period of realization
and repatriation to India has been enhanced to twelve months from the
date of export till September 30, 2011.
CAclubindia
