Dated 29th July 2013
Reserve Bank of India vide its Notification No. RBI/2012-13/503 dated May 20, 2013 issued to All Category – I Authorized Dealer Banks notified that with reference to A.P. (DIR Series) Circular No. 52 dated November 20, 2012 extending the enhanced period for realization and repatriation to India, of the amount representing the full value of goods or software exported, from six months to twelve months from the date of export. This relaxation was available up to March 31, 2013.
The bank reviewed the issue has been decided, in consultation with the Government of India, to bring down the above stated realization period from twelve months to nine months from the date of export, with immediate effect, valid till September 30, 2013.
The provisions in regard to period of realization and repatriation to India of the full export value of goods or software exported by a unit situated in a Special Economic Zone (SEZ) as well as exports made to warehouses established outside India remain unchanged.
SOURCE: RESERVE BANK OF INDIA