Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: due date for vat payment :: VAT RATES :: empanelment :: TDS :: cpt :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: form 3cd :: ACCOUNTING STANDARD :: VAT Audit :: list of goods taxed at 4%
 
 
« Latest Circulars »
 Results of Underwriting Auctions Conducted on July 20, 2017
 Master Circular – Detection and Impounding of Counterfeit Notes
 Monitoring of Foreign Investment under PIS in Indian Companies – M/s The Byke Hospitality Limited - 1. Increase in FIIs/FPIs Investment limit under Portfolio Investment Scheme from 24% to 40% Removal from the FIIs/ FPIs Caution List
 RBI's Monthly Bulletin for July 2017
 Financial Action Task Force (FATF) Public Statement dated June 23, 2017
 All-India House Price Index (HPI) recorded marginal increase in Q4:2016-17
 Auction of Government of India Dated Securities July 17, 2017
 RBI-Interest rates for Small Savings Schemes
 Priority Sector Lending – Status, Issues and Future Agenda (Shri S S Mundra, Deputy Governor - June 27, 2017 - at the ”Conference on Credit flow to Priority Sector – Policy and Implementation” held at College of Agricultural Banking, Pune1)
 Audit Committee of the Board of Directors – Nomination of Non-Executive Chairman
 Investment in plant and machinery for the purpose of classification as Micro, Small and Medium Enterprises – documents to be relied upon

RBI-Export of Goods and Services Project Exports
July, 23rd 2014

RBI/2014-15/141
A.P. (DIR Series) Circular No.11

July 22, 2014

To

All Category – I Authorised Dealer Banks

Madam/ Sir,

Export of Goods and Services – Project Exports

Attention of Authorised Dealers is invited to Regulation 18 of Notification No. FEMA 23/2000-RB dated 3rd May 2000 viz. Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 in terms of which export of goods or services on deferred payment terms or in execution of a turnkey project or a civil construction contract requires prior approval of the approving authority, which shall consider the proposal in accordance with the guidelines issued by the Reserve Bank from time to time. Further, attention of Authorized Dealers (AD) is also invited to i) A. P. (DIR Series) Circular No. 32 dated October 28, 2003 in terms of which Memorandum of Instructions on Project and Service Exports (PEM) had been revised, ii)A. P. (DIR Series) Circular No. 118 dated June 26, 2013 in terms of which the time limit to submit form DPX 1 / PEX-1 / TCS-1 for obtaining post-award approval was increased to 30 days of entering into contract and iii) A. P. (DIR Series) Circular No. 51 dated September 20, 2013  in terms of which submission of forms DPX1, PEX-1, TCS-1 and DPX-3 to the Regional Office of the Reserve Bank of India (Foreign Exchange Department) within whose jurisdiction the Head Office of the exporter is situated by the Approving Authority (AA), such as, the AD Bank / Exim Bank/ Working Group has been dispensed with. However, submission of these forms to ECGC and Exim Bank where their participatory interests by way of funded / non-funded facilities, insurance /risk cover, etc are involved shall continue.

2. To further liberalise and simplify the procedure, it has been decided as under:

i) The structure of Working Group (consisting of representatives from Exim bank, ECGC & RBI), which has hitherto been permitted to consider project exports and deferred service exports proposals for contracts exceeding USD 100 Million in value will now be dispensed with. The AD banks / Exim Bank can now consider awarding post-award approvals without any monetary limit and permit subsequent changes in the terms of post award approval within the relevant FEMA guidelines / regulations. Project and service exporters may accordingly approach AD banks / Exim Bank based on their commercial judgement. The respective AD bank / Exim Bank should monitor the projects for which post-award approval has been granted by them; and

ii) The stipulation of time limit of 30 days for the exporter undertaking Project Exports and Service contracts abroad to submit form DPX1/ PEX-1 /TCS-1 to the Approving Authority (AA) for seeking post award approval will not apply henceforth.

3. The revised Memorandum of Instructions on Project and Service Exports (PEM) is enclosed.

4. Reserve Bank has since amended the Principal Regulations through the Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2000 notified vide Notification No. FEMA 310/2014-RB dated June 12, 2014c.f. G.S.R. No. 434 (E) dated July 8, 2014.

5. Authorised Dealers may bring the revised guidelines in the Memorandum to the notice of their constituents concerned.

6. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(C. D. Srinivasan)
Chief General Manager

Encl: Revised PEM

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions