Dated 29th July 2013
Reserve Bank of India vide its notification no. RBI/2012-13/527 dated June 11, 2013 issued to All Category – I Authorised Dealer Banks notified that:
Reference to A. P. (DIR Series) Circular No. 91 dated April 1, 2003. In terms of provisions of Para A of the said circular, time limit for realization and repatriation of export proceeds, for the exports made by units in Special Economic Zones (SEZs), was done away with.
It has now been decided that the units located in SEZs shall realize and repatriate, full value of goods/software/services, to India within a period of twelve months from the date of export. Any extension of time beyond the above stipulated period may be granted by Reserve Bank of India, on case to case basis. The above changes will be applicable with immediate effect and shall be valid for one year, subject to review.
Necessary amendments to Notification No.FEMA.23/RB-2000 dated May 3, 2000 [Foreign Exchange Management (Export of Goods and Services) Regulations, 2000] have been issued vide Notification No.FEMA.273/2013-RB dated April 25, 2013 and notified vide G.S.R.No.342(E) dated May 29, 2013.
SOURCE: RESERVE BANK OF INDIA