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ACTIVITIES - RBI
 POLICY OBJECTIVE:
To be in conformity with the policy of GoI as stipulated in FTP
(5 yearly) – to change with change in policy directions in FTP.
 PROCESS OBJECTIVES:
i) Dealing with references received from ADs/Trade Bodies/
/ companies/individuals seeking clearance from FEMA
angle for various trade payments;
ii) Working on Progressive delegation of powers to ROs/ADs
in regard to eligible trade payments;
iii) Effecting Further liberalization/ rationalization to
evolve revised/more exporter/importer – friendly
procedures.
FOREIGN EXCHANGE
TRANSACTIONS
As per FEMA, 1999 reg. 2 (e)
“Capital account transaction" means a transaction which
alters the assets or liabilities, including contingent
liabilities, outside India of persons resident in India or
assets or liabilities in India of persons resident outside
India, and includes transactions referred to in sub-
section (3) of section 6;
We are partially convertible on Capital A/c
Current account transactions are those which are
not covered under the above definition. Affect P & L
Account & is governed by Foreign Exchange
Management (Current Account Transactions), Rules -
FEMCAT. Fully convertible since 1994.
CURRENT ACCOUNT
TRANSACTIONS
As per GOI Notification GSI 381(E)
dated May 3, 2000
Schedules I / II / III
Complete prohibition on drawing forex
for some transactions
Specific restrictions on drawing forex for
specified transactions
CURRENT A/C TRANSACTIONS CONT..
Complete prohibition on Remittance on
Schedule I items
Prior approval of GOI for Schedule II items
Monetary limits fixed for Schedule III
items
Schedule III items- in case of excess
requirement, decision taken by RBI
Periodical review of Schedule III items by
RBI
SCHEDULE I
Remittance out of lottery /racing/riding
Remittance for lottery /proscribed
magazines/football polls/sweepstakes
Agency commission on exports to JV/WOS
Agency commission on exports under state
credit except 10% on tea / tobacco
Dividend for companies subject to dividend
balancing
Remittance related to call back telephone
services
Interest earned in NRSR Account
SCHEDULE II
 Cultural tours – HRD Ministry
 Freight Vessel Chartered by PSU – Surface
transport ministry
 Import payment by PSU / Dept – surface t m
 Advertisement in foreign print media – MOF
 Hiring charges of transporders by TV Channels –
I & B Ministry
 Hiring charges of transporders by ISP – IT
Ministry
 Royalty in excess of 5% (local sales), 8% (exports)
or in excess of USD 2 mn under technical
collaboration – MOC
 Membership of P & I Club – MOF (Insurance)
SCHEDULE III
 Gift exceeding USD 5000 per remitter /donor per
annum
 BTQ exceeding USD 10000 / 25000 in a cal. year
 Donations exceeding USD 5000 per remitter /
donor per annum
 In excess of USD 100 000 for emigration
 In excess of USD 100 000 for employment
 In excess of USD 100 000 / hospital estimate
which ever is higher for treatment abroad
 In excess of USD I mio for consultancy procured
 In excess of USD 100 000 by way of
reimbursement of pre-incorporation expenses
SHARED RESPONSIBILITIES
MOC-DGFT
DOR-CustomsReserve Bank
FOREIGN TRADE
Regulated by DGFT
Foreign Trade Policy
FTP is a 5 year policy with annual
review
Physical Verification –
Goods -Customs
Software Exports - STPI
Procedures - RBI
Payment Mechanism - RBI
TRADE REGULATIONS
Regulations Operative Directives
ACT
Notifications
EXPORT REGULATIONS
Policies & Procedures – DGFT
AD to conduct export transactions in
conformity with Foreign Trade Policy;
DGFT procedures, RBI directions
FEMA Notification 23 of May 3, 2000
Issue of AP(DIR ) Circular whenever it
is needed
Master Circular to ADs every year
1st
of July for ease of operations of all
with up-dation on real time basis
DECLARATION FORMS
Exemption up-to USD 25000.
Onus of realisation remains
No form prescribed for service exporters
– Onus of realisation remains
GR / PP/ Softex
Customs/STPI/RBI
Deep Sea fishing-Transfer of catch –
certification of GR is by Master of
vessels.
DOCUMENTS DISPATCH
 To the AD named in the declaration form
 Within 21 days
 Goods below INR 25000
 Direct Dispatch by SEZ units / Status
holders
 Direct Dispatch to Consignee in case of 100%
advance or LC etc
 AD can dispatch to overseas consignee if AD
is satisfied with track record and realisation
REALISATION & REPATRIATION
 Export bills to be realised and repatriated
within 180 days (regulation 9 of FEMA 23)
now 9 months till 30.9.2013
 RBI can prescribe time period
 SEZ Units- 12 months review after a year
 Status Holder/ 100% EOU/ EHTP and BTP
units– 12 months
 Warehouses with RBI permission – 15 month
 Software exporters to repatriate 100% of
“offsite” contracts.
 Software exporters to repatriate only net
profit in case of onsite overseas contracts
REALISATION & REPATRIATION…
CONTD
 Extension of time – AD/RBI
 Largely delegated to AD no monetary
limit – track record is determining factor
 AD can grant for 6 months at a time
 If Outstanding is in excess of 10% of
average export realisation of last 3 years-
RBI
 Cases under investigation – RBI
 Legal Cases / Externalisation Problem –
up-to 5 years
SOME ISSUES
 Export Claim – what is it?
 AD can allow – subject to surrender of export
incentives
 Exporter should not be on caution list of RBI
 Trade Discount – can be allowed by AD prior to
realisation only if the discount has been declared
on form at shipment time and certified by
Customs
 Refund of export proceeds – provided goods have
been re-imported
 Refund allowed only by the AD through whom
proceeds were realised; incentives to be first
surrendered
SELF WRITE-OFF OF EXPORT
PROCEEDS
 Why?
 Subject to surrender of proportionate export
incentives
 Self write off of only outstanding export bills subject
to
(a) bills written off do not exceed 5%(Non-status)
or10%(Status holder) of proceeds due during the
financial year
(b) Should not be under investigation
Exporters dealing with more than one AD can avail of
facility through each AD / if under consortium then
aggregate should not exceed 5% or 10% of proceeds.
 Statement furnishing Self Write off including
reduction in invoice value to be submitted to RBI –
provided value written off / extended does not exceed
5% or 10% of amount of export proceeds realized
during the previous calendar year.
WRITE OFF…CONTD
 Can be written off only by AD who had
handled relevant export bills
 AD can allow write-off if satisfied with track
record /bona-fides/efforts made etc
 Amount should be outstanding for more than
one year
 Amount written off should not be more than
10% of export proceeds realised through
concerned AD during previous calendar year
 Surrender of incentives may not be insisted
upon provided it is not a self write off and a
certificate is obtained from INDIAN mission
 No write-off in case of externalisation issue
WRITE OFF….CONTD
 Exporter has to submit documentary proof of
efforts made for realisation
 Overseas buyer declared insolvent / bankrupt –
proof of same to be furnished
 Overseas buyer not traceable over sufficiently
long period of time
 Goods exported have been destroyed by
Port/Customs/Health authorities
 Legal avenue is costlier than goods or is non
enforceable
 Case not under investigation / no criminal or
pending Civil suit
 Exporter not under investigation of any law
enforcement agency
NETTING OFF
 AD can allow SEZ units to net-off , all others to
come to RBI
 Only bilateral netting – same buyer / seller
 To be done as on the date of balance sheet of
Indian entity
 Transaction with ACU countries to be kept out of
this arrangement
 Both set of transaction to be reported separately
in R-returns
 Set-off on a one to one basis is allowed now by
ADs for goods i.e., import payables against export
receivables and for services on case to case basis
by RBI FED
AGENCY COMMISSION
 To be declared on shipment declaration forms
 No limit – test of reasonableness
 In case not declared but to be paid – AD to be
satisfied with written contract / undertaking
 Relative shipment should have taken place
 Prohibited in case of exports under Re-Credit
route except 10% for tea-tobacco
 Prohibited on exports made towards equity
participation on overseas Jt venture / WOS
 Commission payable in trade thru escrow
mechanism provided not to escrow account
holder and not by reduction from invoice
value
EXPORT ADVANCE
 Can be received freely ( maximum int- LIBOR + 100
b.p.) [London Interbank Offered Rate]
 Exports to be completed within one year from date of
receipt of advance normally. As special cases, now it
can be effected after one year provided the
manufacturing cycle requires more time – ship,
boiler, heavy machine
 If full / partial amount is being returned prior to one
year, AD can allow it
 If amount to be retained after one year for
completing exports – RBI/AD permission
 Export transaction to be undertaken thru AD where
advance has been received
 Regulation 16 of FEMA 23
 Advance to be monitored by A.D.
FOREIGN CURRENCY ACCOUNTS
 EEFC – now 100% for all conversion 2nd
m
 Diamond Dollar Account – 2yr & Rs.3cr
 Foreign Currency Collection Account
 SEZ unit can have a f.c.a. with an AD in
India subject to conditions of FEMA 63 of
June 21, 2002
 Indian entity with overseas branch /
office/rep can have f.c.a. abroad (FEMA 47)
 Temporary f.c.a. for exhibitions etc abroad
(FEMA 10)
OFFICE ABROAD
 Indian entity can set up branch/office/rep abroad
 Bank account can be opened abroad for such
offices
 AD may allow remittance up to 15 of the average
annual sales/income or turnover during the last
two financial years or up to twenty-five per cent
of the net worth, whichever is higher for initial
/recurring expenses
 AD can allow remittance of 10% of average
annual sales/turnover during last 2 yrs for
recurring expenses
 Amount can be used for acquiring property for
purpose of business /residential staff of such
overseas office
SPECIFIC EXPORT TRANSACTIONS
 Export of goods on lease / hire purchase basis requires
RBI prior permission
 Export on elongated credit terms requires RBI prior
permission
 Counter trade- Prior RBI approval
 Export of Books on Consignment basis – AD’s can allow
elongated credit terms up-to 360 days.
 Project & Service exports – to follow guidelines
stipulated in Project Export Manual
 SEZ Units can undertake job work abroad & export
goods from that country itself – conditions
 DTA units can buy goods/services from SEZ units in
forex
ECGC CLAIMS
 Export Credit & Guarantee Corporation
 Insures exporters against potential loss
 Documentary proof of settlement from
ECGC
 Once ECGC claim is settled, AD should
write off the bill and delete the same from
XOS
 Such write off not restricted to 10% limit
 Surrender of incentives will be as per FTP
 Settlement of ECGC not construed as
realisation in foreign exchange
IMPORTS OF GOODS & SERVICES
Regulated by DGFT
Foreign Trade Policy
Physical Verification –
Customs
Procedures - RBI
Payment Mechanism - RBI
IMPORT PROCEDURES
 AD to ensure adherence to normal banking
practices & UCPDC guidelines
 Compliance with Research & Development
Cess Act, 1986 to be ensured while importing
drawing & designs
 AD to ensure compliance with IT Act where
applicable
 AD to ensure compliance with KYC norms
 A-I form to be used for imports in excess of
USD 5000
OBLIGATION ON PURCHASER
 Forex can be used only for the purpose
furnished by buyer- Secn 10 (5) of FEMA
 Evidence of Import of goods to be furnished
to AD
 Payment for import of goods can be made by
credit to NR account of seller maintained in
India
 Remittances against Imports to be normally
completed within 180 days from date of
shipment
 Remittances against import of books to be
allowed without any time restriction
DELAYED IMPORT PAYMENT
 Can be allowed by AD’s
 Payment of interest on overdue import bills for
period up-to 3 years as per provisions of trade
credit
 In case of pre-payment of usance import bills,
remittances may be made only after reducing
the proportionate interest for the unexpired
portion of usance at the rate at which interest
has been claimed or LIBOR of the currency in
which the goods have been invoiced, whichever is
applicable.
 Where interest is not separately claimed or
expressly indicated, remittances may be allowed
after deducting the proportionate interest for the
unexpired portion of usance at the prevailing
LIBOR of the currency of invoice.
ADVANCE REMITTANCE FOR
IMPORT
 Advance for import can be sent freely up-
to USD 200,000.
 If advance remittance exceeds USD
200,000 an unconditional, irrevocable
standby LC or bank guarantee from an
international bank of repute situated
outside India or a guarantee of an AD
bank in India, if such a guarantee is
issued against the counter-guarantee of
an international bank of repute situated
outside India.
ADVANCE..CONTD..
 In cases where the AD is satisfied about
the track record of the importer, the
requirement of BG/ LC may not be
insisted upon for advance remittances up-
to USD 5,000,000 (five mio)
 AD banks to frame their own internal
guidelines to deal with such cases as per
policy framed by the bank's Board of
Directors.
 A PSU or a Department/Undertaking of
the Central/State Govt needs to obtain a
specific waiver for BG from the MoF
before making advance remittance
exceeding USD 100, 000.
ADVANCE REMITTANCE…CONTD
 Remittance is made directly to the supplier or
manufacturer of the goods and not to any third
party or to a numbered account.
 Physical import of goods into India is made
within six months (three years in case of capital
goods) from the date of remittance and the
importer gives an undertaking to furnish
documentary evidence of import within fifteen
days from the close of the relevant period.
 In the event of non-import of goods, AD to ensure
that the amount is repatriated to India or is
utilised for any other purposes for which release
of exchange is permissible.
EVIDENCE OF IMPORT
 In case of all imports, where value of import
exceeds USD 100,000 it is obligatory on the AD
through whom the relative remittance was made,
to ensure that the importer submits -
 The Exchange Control copy of the Bill of Entry
for home consumption, or
 The Exchange Control copy of the Bill of Entry
for warehousing, in case of 100% Export Oriented
Units or
 Customs Assessment Certificate or Postal
Appraisal Form where import has been made by
post, as evidence that the goods have actually
been imported into India.
 Where imports are made in non-physical form,
i.e., software or data through internet/datacom
channels and drawings and designs through
e-mail/fax, a certificate from a CA.
IMPORT EVIDENCE
 E C copy of BoE for h c or a certificate from the
CEO or auditor of the company that the goods have
been imported into India if :-
 the amount remitted is less than USD 1,000,000(mio)
 importer is a company listed on a stock exchange in
India and whose net worth is not less than Rs.100
crores as on the date of its last audited balance sheet,
or
 the importer is a public sector company or an
undertaking of the Government of India or its
departments.
 The above facility is also available to autonomous
bodies, including scientific bodies/academic
institutions, such as Indian Institute of Science /
Indian Institute of Technology, etc. whose accounts
are audited by the Comptroller and Auditor General
of India (CAG).
 AD banks may insist on a declaration from the
auditor/CEO of such institutions that their accounts
are audited by CAG.
IMPORT EVIDENCE..CONTD…
 AD need not follow up submission of
evidence of import involving amount of
USD 100,000 or less provided they are
satisfied about the genuineness of the
transaction and the bona-fides of the
remitter.
 A suitable policy to be framed by the
bank's Board of Directors
 AD to set their own internal guidelines to
deal with such cases.
RECEIPT OF IMPORT DOCUMENTS
 Import bills and documents should be received
from the banker of the supplier by the AD of the
importer in India.
 AD should not make remittances where import
bills have been received directly by the importers
from overseas supplier, except in the following
cases:
1. Where the value of import bill does not exceed
USD 300,000.
2. Import bills received by wholly-owned Indian
subsidiaries of foreign companies from their
principals.
3. Import bills received by Status Holder Exporters,
100% EOU / Units in Free Trade Zones, PSU.
4. Import bills received by all limited companies viz.
public limited, deemed public limited and private
limited companies.
DIRECT RECEIPT OF DOCUMENTS
 AD may receive bills direct from the
overseas supplier provided the AD bank is
fully satisfied about the financial
standing/status and track record of the
importer customer.
 AD bank should obtain report on each
individual overseas supplier from the
overseas banker or reputed credit agency
before extending this facility.
 Requirement of obtaining credit report in
case of direct receipt of import documents
by AD banks has been done away with for
imports up-to USD 100 000.
IMPORT OF GOLD/PLATINUM/SILVER BY
NOMINATED BANKS/AGENCIES
 Why RBI deals with it?
 Who decides about nominated agencies
 DBOD decided about banks – specific set of
prudential guidelines in such cases
 Gold may be imported by nominated
agencies/banks on consignment basis only to be
utilized by exporters of jewellery where the
ownership remains with supplier and the
importer (consignee) acts as agent of the supplier
(consignor). For others LCs - 100% cash margin
and the documents on DP basis.
 Remittances towards the cost of import shall be
made as and when sales take place in terms of
the agreement entered into between them.
IMPORT OF GOLD/PLATINUM/SILVER
BY NOMINATED BANKS/AGENCIES …
CONTD
 Import of gold on unfixed price basis
-nominated agency/bank may import gold
on outright purchase basis subject to the
condition that although ownership of the
gold shall be passed on to the importer at
the time of import itself, the price of gold
shall be fixed later, as and when the
importer sells the gold to the users.
 Instructions also apply to import of
platinum and silver.
DIRECT IMPORT OF GOLD
 AD banks can open Letters of Credit and allow
remittances on behalf of EOUs, units in SEZs in the
Gem & Jewellery sector and nominated agencies, for
direct import of gold, subject to:
 Import of gold should be in accordance with the
Foreign Trade Policy.
 Suppliers’/Buyers’ Credit or Credit in any other
form are not allowed for import of gold in any
form for domestic consumption.
 Usance period of LCs opened for direct import of gold,
should not exceed 90 days and backed by 100% cash.
 Adherence to Know-Your-Customer (KYC) norms and
the Anti-Money-Laundering
 AD to closely monitor such transactions. Any large or
abnormal increase in the volume of business of the
importer should be closely examined to ensure that
the transactions are bonafide trade transactions.
DIRECT IMPORT OF GOLD …CONTD
 In addition to carrying out the normal due
diligence exercise, the credentials of the supplier
should also be ascertained before opening the
LCs.
 The financial standing, line of business and the
net worth of the importer customer should be
commensurate with the volume of business
turnover.
 All documents pertaining to such transactions
must be preserved for at least five years.
 AD banks should follow up submission of the Bill
of Entry by the importers
 Head Offices/International Banking Divisions, of
AD banks undertaking gold import transactions
are required to submit as per prescribed format
to Trade Division
MERCHANT TRADE
 What is Merchant Trade?
 Indian entity should take necessary
precautions in handling merchant trade
transactions or intermediary trade
transactions to ensure that
(a) Goods involved in the transactions are
permitted to be imported into India,
(b) Such transactions do not involve foreign
exchange outlay for a period exceeding three
months
(c) All rules, regulations and directions
applicable to export (except Export
Declaration Form) and import (except Bill of
Entry) are complied with for the export leg
and import leg, respectively, of the merchant
trade transactions.
(d) Payment is received in time for the export
leg.
MERCHANT TRADE…CONTD
 Short-term credit either by way of suppliers'
credit or buyers‘ credit is not available for
merchanting trade or intermediary trade
transactions.
 PCFC export finance not available for merchant
trade transactions
 The terms of payment for the import leg and the
export leg of the transactions are such that the
liability for the import leg of the transaction is
extinguished by the payment received for the export
leg of the transaction, without any delay and trade
transaction is completed within a period of 6
months.
 Why???
 Can payment for import leg be made first?
RECEIPT OF PAYMENT
 Regulated by FEMA 14 of 3rd
May 2000
 Can be received in any permitted currency
 Permitted currency is a foreign currency
which is freely convertible
 Payment shall be received in a currency
appropriate to the final destination of
goods-irrespective of country of residence
of buyer
 Through Banking Channel
 ACU countries– through ACU mechanism
CONTD…
 By debit to FCNR / NRE account of buyer
maintained in Inida
 In INR from Credit Card servicing bank in India
against charge slip
 From Re account of an Exchange house with an
AD provided it does not exceed INR 2 lakhs per
export transaction
 In the form of bank draft/pay order/ cheque
/foreign currency notes / travelers cheques from
buyer during his visit to India provided it is
surrendered to AD of exporter within specified
period
 Nepal & Bhutan in INR – Export proceeds(!)
WORKING GROUP ON EXPORT REPORTING &
FOLLOW-UP
PROPOSED SYSTEM
 Due to the huge volume of the data coupled with errors of data entry at multiple
places, it has been observed that the large number of transactions remain
unmatched one to one.
 With a view to removing the bottlenecks in this exercise, as per the
recommendations of a Working Group, a revised / revamped procedure of data
capturing, transfer and follow up has been decided to be implemented. The
objectives of the proposed system are:
 To harmonize the data fields received in GR/SDF/PP/Softex form and
substitute the various formats with a new format to be called Export
Declaration Form (EDF) to be used by all exporters irrespective of the fact
that the items for export are goods or software or if the export is done
through non-EDI enabled port
 To automate the data receiving /processing/ maintaining of export data
received from custom/STPI/SEZs in a secure manner.
 To organize export data received by RBI from all channels AD bank-wise and
to push the data on selected items/fields, relevant for export follow-up
purposes, to the Nodal Offices of the AD banks from the Dedicated RBI
Server.
 To authorise AD banks uploading/updating receipt of document and receipt of
export proceeds for transactions pertaining to them, in the RBI system.
 To provide for reporting of serious cases of default including forwarding to the
Customs & DoE for necessary action, if any.
PROPOSED SYSTEM CONT..
TECHNICAL COMMITTEE ON
SERVICES/FACILITIES TO
EXPORTERS
 Given the current global and Indian scenario and
the importance of export sector in the overall
context, the Reserve Bank of India has constituted a
technical committee to examine issues relating to
difficulties being faced by exporters with regard to
availability of credit, transaction costs, insurance
and factoring and other procedural hassles in their
dealings with banks and financial institutions.
 The decision to set up such a committee was
announced by the Governor, Dr. D. Subbarao in his
meeting with bankers post Third Quarter Review of
the Monetary Policy 2012-13 on January 29, 2013.
TECHNICAL COMMITTEE
 The Committee is chaired by Executive Director,
Shri. G. Padmanabhan with representation from
EXIM Bank, ECGC, select banks, trade bodies,
such as, Federation of Indian Export
Organisation (FlEO), Indian Banks’ Association
(IBA) and Foreign Exchange Dealers Association
of India (FEDAI). Senior officers from DBOD,
FED and DEPR from the Reserve Bank will also
be represented on the Committee.
 The Committee has submitted its
recommendations on April 29, 2013.
 The recommendations are at various stages of
implementation by various agencies.
OTHER MAJOR DEVELOPMENTS
 Realization period for Export proceeds – 9m
till September 30, 2013
 Term of realization of export proceeds by SEZ
units – 12 months
 “Set-off” of export receivables against import
payables may now be allowed by any AD
 Export of Goods – acceptance of Forwarder’s
Cargo Receipt
 Simplification and revision of Softex
Procedure
 Exchange Earner's Foreign Currency (EEFC)
Account – 100% credit
OTHER MAJOR DEVELOPMENTS
 Supply of Goods and Services by SEZs to DTA
Unit – paid in forex
 Write off made simpler basing on realization
 Import of gold coins & medallion by
banks/Nominated Agencies/Entities prohibited
 Import of Gold in any form under 20:80
discipline, linked to export per consignment.
 Imported Gold for domestic use only on DP
basis, credit not allowed.
 Import of gold in any form including jewellery
made of gold/precious metals or / and studded
with diamonds / semi precious / precious stones
– LC for 90 days.
OTHER MAJOR DEVELOPMENTS
 Release of Foreign Exchange for Imports
– Liberalisation - Form A 1 –USD5000
 Online Payment Gateway System
Provider – limit enhanced to USD10,000
 Border Haats at Indo-Bangla border at
two places in Meghalaya – hassle free
trade for local entrepreneurs/small
producers
 Export Monitoring – Web based solution
 Technical Committee – sea change in
trade facilitation
 Use of National Currency in intnl. trade
. RBI is an easily accessible organization
 Objective is to further economic growth
 Open to suggestions
 Welcome changes with time
 www.rbi.org.in
 pkkar@rbi.org.in
Thank You for

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  • 1. ACTIVITIES - RBI  POLICY OBJECTIVE: To be in conformity with the policy of GoI as stipulated in FTP (5 yearly) – to change with change in policy directions in FTP.  PROCESS OBJECTIVES: i) Dealing with references received from ADs/Trade Bodies/ / companies/individuals seeking clearance from FEMA angle for various trade payments; ii) Working on Progressive delegation of powers to ROs/ADs in regard to eligible trade payments; iii) Effecting Further liberalization/ rationalization to evolve revised/more exporter/importer – friendly procedures.
  • 2. FOREIGN EXCHANGE TRANSACTIONS As per FEMA, 1999 reg. 2 (e) “Capital account transaction" means a transaction which alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India or assets or liabilities in India of persons resident outside India, and includes transactions referred to in sub- section (3) of section 6; We are partially convertible on Capital A/c Current account transactions are those which are not covered under the above definition. Affect P & L Account & is governed by Foreign Exchange Management (Current Account Transactions), Rules - FEMCAT. Fully convertible since 1994.
  • 3. CURRENT ACCOUNT TRANSACTIONS As per GOI Notification GSI 381(E) dated May 3, 2000 Schedules I / II / III Complete prohibition on drawing forex for some transactions Specific restrictions on drawing forex for specified transactions
  • 4. CURRENT A/C TRANSACTIONS CONT.. Complete prohibition on Remittance on Schedule I items Prior approval of GOI for Schedule II items Monetary limits fixed for Schedule III items Schedule III items- in case of excess requirement, decision taken by RBI Periodical review of Schedule III items by RBI
  • 5. SCHEDULE I Remittance out of lottery /racing/riding Remittance for lottery /proscribed magazines/football polls/sweepstakes Agency commission on exports to JV/WOS Agency commission on exports under state credit except 10% on tea / tobacco Dividend for companies subject to dividend balancing Remittance related to call back telephone services Interest earned in NRSR Account
  • 6. SCHEDULE II  Cultural tours – HRD Ministry  Freight Vessel Chartered by PSU – Surface transport ministry  Import payment by PSU / Dept – surface t m  Advertisement in foreign print media – MOF  Hiring charges of transporders by TV Channels – I & B Ministry  Hiring charges of transporders by ISP – IT Ministry  Royalty in excess of 5% (local sales), 8% (exports) or in excess of USD 2 mn under technical collaboration – MOC  Membership of P & I Club – MOF (Insurance)
  • 7. SCHEDULE III  Gift exceeding USD 5000 per remitter /donor per annum  BTQ exceeding USD 10000 / 25000 in a cal. year  Donations exceeding USD 5000 per remitter / donor per annum  In excess of USD 100 000 for emigration  In excess of USD 100 000 for employment  In excess of USD 100 000 / hospital estimate which ever is higher for treatment abroad  In excess of USD I mio for consultancy procured  In excess of USD 100 000 by way of reimbursement of pre-incorporation expenses
  • 9. FOREIGN TRADE Regulated by DGFT Foreign Trade Policy FTP is a 5 year policy with annual review Physical Verification – Goods -Customs Software Exports - STPI Procedures - RBI Payment Mechanism - RBI
  • 10. TRADE REGULATIONS Regulations Operative Directives ACT Notifications
  • 11. EXPORT REGULATIONS Policies & Procedures – DGFT AD to conduct export transactions in conformity with Foreign Trade Policy; DGFT procedures, RBI directions FEMA Notification 23 of May 3, 2000 Issue of AP(DIR ) Circular whenever it is needed Master Circular to ADs every year 1st of July for ease of operations of all with up-dation on real time basis
  • 12. DECLARATION FORMS Exemption up-to USD 25000. Onus of realisation remains No form prescribed for service exporters – Onus of realisation remains GR / PP/ Softex Customs/STPI/RBI Deep Sea fishing-Transfer of catch – certification of GR is by Master of vessels.
  • 13. DOCUMENTS DISPATCH  To the AD named in the declaration form  Within 21 days  Goods below INR 25000  Direct Dispatch by SEZ units / Status holders  Direct Dispatch to Consignee in case of 100% advance or LC etc  AD can dispatch to overseas consignee if AD is satisfied with track record and realisation
  • 14. REALISATION & REPATRIATION  Export bills to be realised and repatriated within 180 days (regulation 9 of FEMA 23) now 9 months till 30.9.2013  RBI can prescribe time period  SEZ Units- 12 months review after a year  Status Holder/ 100% EOU/ EHTP and BTP units– 12 months  Warehouses with RBI permission – 15 month  Software exporters to repatriate 100% of “offsite” contracts.  Software exporters to repatriate only net profit in case of onsite overseas contracts
  • 15. REALISATION & REPATRIATION… CONTD  Extension of time – AD/RBI  Largely delegated to AD no monetary limit – track record is determining factor  AD can grant for 6 months at a time  If Outstanding is in excess of 10% of average export realisation of last 3 years- RBI  Cases under investigation – RBI  Legal Cases / Externalisation Problem – up-to 5 years
  • 16. SOME ISSUES  Export Claim – what is it?  AD can allow – subject to surrender of export incentives  Exporter should not be on caution list of RBI  Trade Discount – can be allowed by AD prior to realisation only if the discount has been declared on form at shipment time and certified by Customs  Refund of export proceeds – provided goods have been re-imported  Refund allowed only by the AD through whom proceeds were realised; incentives to be first surrendered
  • 17. SELF WRITE-OFF OF EXPORT PROCEEDS  Why?  Subject to surrender of proportionate export incentives  Self write off of only outstanding export bills subject to (a) bills written off do not exceed 5%(Non-status) or10%(Status holder) of proceeds due during the financial year (b) Should not be under investigation Exporters dealing with more than one AD can avail of facility through each AD / if under consortium then aggregate should not exceed 5% or 10% of proceeds.  Statement furnishing Self Write off including reduction in invoice value to be submitted to RBI – provided value written off / extended does not exceed 5% or 10% of amount of export proceeds realized during the previous calendar year.
  • 18. WRITE OFF…CONTD  Can be written off only by AD who had handled relevant export bills  AD can allow write-off if satisfied with track record /bona-fides/efforts made etc  Amount should be outstanding for more than one year  Amount written off should not be more than 10% of export proceeds realised through concerned AD during previous calendar year  Surrender of incentives may not be insisted upon provided it is not a self write off and a certificate is obtained from INDIAN mission  No write-off in case of externalisation issue
  • 19. WRITE OFF….CONTD  Exporter has to submit documentary proof of efforts made for realisation  Overseas buyer declared insolvent / bankrupt – proof of same to be furnished  Overseas buyer not traceable over sufficiently long period of time  Goods exported have been destroyed by Port/Customs/Health authorities  Legal avenue is costlier than goods or is non enforceable  Case not under investigation / no criminal or pending Civil suit  Exporter not under investigation of any law enforcement agency
  • 20. NETTING OFF  AD can allow SEZ units to net-off , all others to come to RBI  Only bilateral netting – same buyer / seller  To be done as on the date of balance sheet of Indian entity  Transaction with ACU countries to be kept out of this arrangement  Both set of transaction to be reported separately in R-returns  Set-off on a one to one basis is allowed now by ADs for goods i.e., import payables against export receivables and for services on case to case basis by RBI FED
  • 21. AGENCY COMMISSION  To be declared on shipment declaration forms  No limit – test of reasonableness  In case not declared but to be paid – AD to be satisfied with written contract / undertaking  Relative shipment should have taken place  Prohibited in case of exports under Re-Credit route except 10% for tea-tobacco  Prohibited on exports made towards equity participation on overseas Jt venture / WOS  Commission payable in trade thru escrow mechanism provided not to escrow account holder and not by reduction from invoice value
  • 22. EXPORT ADVANCE  Can be received freely ( maximum int- LIBOR + 100 b.p.) [London Interbank Offered Rate]  Exports to be completed within one year from date of receipt of advance normally. As special cases, now it can be effected after one year provided the manufacturing cycle requires more time – ship, boiler, heavy machine  If full / partial amount is being returned prior to one year, AD can allow it  If amount to be retained after one year for completing exports – RBI/AD permission  Export transaction to be undertaken thru AD where advance has been received  Regulation 16 of FEMA 23  Advance to be monitored by A.D.
  • 23. FOREIGN CURRENCY ACCOUNTS  EEFC – now 100% for all conversion 2nd m  Diamond Dollar Account – 2yr & Rs.3cr  Foreign Currency Collection Account  SEZ unit can have a f.c.a. with an AD in India subject to conditions of FEMA 63 of June 21, 2002  Indian entity with overseas branch / office/rep can have f.c.a. abroad (FEMA 47)  Temporary f.c.a. for exhibitions etc abroad (FEMA 10)
  • 24. OFFICE ABROAD  Indian entity can set up branch/office/rep abroad  Bank account can be opened abroad for such offices  AD may allow remittance up to 15 of the average annual sales/income or turnover during the last two financial years or up to twenty-five per cent of the net worth, whichever is higher for initial /recurring expenses  AD can allow remittance of 10% of average annual sales/turnover during last 2 yrs for recurring expenses  Amount can be used for acquiring property for purpose of business /residential staff of such overseas office
  • 25. SPECIFIC EXPORT TRANSACTIONS  Export of goods on lease / hire purchase basis requires RBI prior permission  Export on elongated credit terms requires RBI prior permission  Counter trade- Prior RBI approval  Export of Books on Consignment basis – AD’s can allow elongated credit terms up-to 360 days.  Project & Service exports – to follow guidelines stipulated in Project Export Manual  SEZ Units can undertake job work abroad & export goods from that country itself – conditions  DTA units can buy goods/services from SEZ units in forex
  • 26. ECGC CLAIMS  Export Credit & Guarantee Corporation  Insures exporters against potential loss  Documentary proof of settlement from ECGC  Once ECGC claim is settled, AD should write off the bill and delete the same from XOS  Such write off not restricted to 10% limit  Surrender of incentives will be as per FTP  Settlement of ECGC not construed as realisation in foreign exchange
  • 27. IMPORTS OF GOODS & SERVICES Regulated by DGFT Foreign Trade Policy Physical Verification – Customs Procedures - RBI Payment Mechanism - RBI
  • 28. IMPORT PROCEDURES  AD to ensure adherence to normal banking practices & UCPDC guidelines  Compliance with Research & Development Cess Act, 1986 to be ensured while importing drawing & designs  AD to ensure compliance with IT Act where applicable  AD to ensure compliance with KYC norms  A-I form to be used for imports in excess of USD 5000
  • 29. OBLIGATION ON PURCHASER  Forex can be used only for the purpose furnished by buyer- Secn 10 (5) of FEMA  Evidence of Import of goods to be furnished to AD  Payment for import of goods can be made by credit to NR account of seller maintained in India  Remittances against Imports to be normally completed within 180 days from date of shipment  Remittances against import of books to be allowed without any time restriction
  • 30. DELAYED IMPORT PAYMENT  Can be allowed by AD’s  Payment of interest on overdue import bills for period up-to 3 years as per provisions of trade credit  In case of pre-payment of usance import bills, remittances may be made only after reducing the proportionate interest for the unexpired portion of usance at the rate at which interest has been claimed or LIBOR of the currency in which the goods have been invoiced, whichever is applicable.  Where interest is not separately claimed or expressly indicated, remittances may be allowed after deducting the proportionate interest for the unexpired portion of usance at the prevailing LIBOR of the currency of invoice.
  • 31. ADVANCE REMITTANCE FOR IMPORT  Advance for import can be sent freely up- to USD 200,000.  If advance remittance exceeds USD 200,000 an unconditional, irrevocable standby LC or bank guarantee from an international bank of repute situated outside India or a guarantee of an AD bank in India, if such a guarantee is issued against the counter-guarantee of an international bank of repute situated outside India.
  • 32. ADVANCE..CONTD..  In cases where the AD is satisfied about the track record of the importer, the requirement of BG/ LC may not be insisted upon for advance remittances up- to USD 5,000,000 (five mio)  AD banks to frame their own internal guidelines to deal with such cases as per policy framed by the bank's Board of Directors.  A PSU or a Department/Undertaking of the Central/State Govt needs to obtain a specific waiver for BG from the MoF before making advance remittance exceeding USD 100, 000.
  • 33. ADVANCE REMITTANCE…CONTD  Remittance is made directly to the supplier or manufacturer of the goods and not to any third party or to a numbered account.  Physical import of goods into India is made within six months (three years in case of capital goods) from the date of remittance and the importer gives an undertaking to furnish documentary evidence of import within fifteen days from the close of the relevant period.  In the event of non-import of goods, AD to ensure that the amount is repatriated to India or is utilised for any other purposes for which release of exchange is permissible.
  • 34. EVIDENCE OF IMPORT  In case of all imports, where value of import exceeds USD 100,000 it is obligatory on the AD through whom the relative remittance was made, to ensure that the importer submits -  The Exchange Control copy of the Bill of Entry for home consumption, or  The Exchange Control copy of the Bill of Entry for warehousing, in case of 100% Export Oriented Units or  Customs Assessment Certificate or Postal Appraisal Form where import has been made by post, as evidence that the goods have actually been imported into India.  Where imports are made in non-physical form, i.e., software or data through internet/datacom channels and drawings and designs through e-mail/fax, a certificate from a CA.
  • 35. IMPORT EVIDENCE  E C copy of BoE for h c or a certificate from the CEO or auditor of the company that the goods have been imported into India if :-  the amount remitted is less than USD 1,000,000(mio)  importer is a company listed on a stock exchange in India and whose net worth is not less than Rs.100 crores as on the date of its last audited balance sheet, or  the importer is a public sector company or an undertaking of the Government of India or its departments.  The above facility is also available to autonomous bodies, including scientific bodies/academic institutions, such as Indian Institute of Science / Indian Institute of Technology, etc. whose accounts are audited by the Comptroller and Auditor General of India (CAG).  AD banks may insist on a declaration from the auditor/CEO of such institutions that their accounts are audited by CAG.
  • 36. IMPORT EVIDENCE..CONTD…  AD need not follow up submission of evidence of import involving amount of USD 100,000 or less provided they are satisfied about the genuineness of the transaction and the bona-fides of the remitter.  A suitable policy to be framed by the bank's Board of Directors  AD to set their own internal guidelines to deal with such cases.
  • 37. RECEIPT OF IMPORT DOCUMENTS  Import bills and documents should be received from the banker of the supplier by the AD of the importer in India.  AD should not make remittances where import bills have been received directly by the importers from overseas supplier, except in the following cases: 1. Where the value of import bill does not exceed USD 300,000. 2. Import bills received by wholly-owned Indian subsidiaries of foreign companies from their principals. 3. Import bills received by Status Holder Exporters, 100% EOU / Units in Free Trade Zones, PSU. 4. Import bills received by all limited companies viz. public limited, deemed public limited and private limited companies.
  • 38. DIRECT RECEIPT OF DOCUMENTS  AD may receive bills direct from the overseas supplier provided the AD bank is fully satisfied about the financial standing/status and track record of the importer customer.  AD bank should obtain report on each individual overseas supplier from the overseas banker or reputed credit agency before extending this facility.  Requirement of obtaining credit report in case of direct receipt of import documents by AD banks has been done away with for imports up-to USD 100 000.
  • 39. IMPORT OF GOLD/PLATINUM/SILVER BY NOMINATED BANKS/AGENCIES  Why RBI deals with it?  Who decides about nominated agencies  DBOD decided about banks – specific set of prudential guidelines in such cases  Gold may be imported by nominated agencies/banks on consignment basis only to be utilized by exporters of jewellery where the ownership remains with supplier and the importer (consignee) acts as agent of the supplier (consignor). For others LCs - 100% cash margin and the documents on DP basis.  Remittances towards the cost of import shall be made as and when sales take place in terms of the agreement entered into between them.
  • 40. IMPORT OF GOLD/PLATINUM/SILVER BY NOMINATED BANKS/AGENCIES … CONTD  Import of gold on unfixed price basis -nominated agency/bank may import gold on outright purchase basis subject to the condition that although ownership of the gold shall be passed on to the importer at the time of import itself, the price of gold shall be fixed later, as and when the importer sells the gold to the users.  Instructions also apply to import of platinum and silver.
  • 41. DIRECT IMPORT OF GOLD  AD banks can open Letters of Credit and allow remittances on behalf of EOUs, units in SEZs in the Gem & Jewellery sector and nominated agencies, for direct import of gold, subject to:  Import of gold should be in accordance with the Foreign Trade Policy.  Suppliers’/Buyers’ Credit or Credit in any other form are not allowed for import of gold in any form for domestic consumption.  Usance period of LCs opened for direct import of gold, should not exceed 90 days and backed by 100% cash.  Adherence to Know-Your-Customer (KYC) norms and the Anti-Money-Laundering  AD to closely monitor such transactions. Any large or abnormal increase in the volume of business of the importer should be closely examined to ensure that the transactions are bonafide trade transactions.
  • 42. DIRECT IMPORT OF GOLD …CONTD  In addition to carrying out the normal due diligence exercise, the credentials of the supplier should also be ascertained before opening the LCs.  The financial standing, line of business and the net worth of the importer customer should be commensurate with the volume of business turnover.  All documents pertaining to such transactions must be preserved for at least five years.  AD banks should follow up submission of the Bill of Entry by the importers  Head Offices/International Banking Divisions, of AD banks undertaking gold import transactions are required to submit as per prescribed format to Trade Division
  • 43. MERCHANT TRADE  What is Merchant Trade?  Indian entity should take necessary precautions in handling merchant trade transactions or intermediary trade transactions to ensure that (a) Goods involved in the transactions are permitted to be imported into India, (b) Such transactions do not involve foreign exchange outlay for a period exceeding three months (c) All rules, regulations and directions applicable to export (except Export Declaration Form) and import (except Bill of Entry) are complied with for the export leg and import leg, respectively, of the merchant trade transactions. (d) Payment is received in time for the export leg.
  • 44. MERCHANT TRADE…CONTD  Short-term credit either by way of suppliers' credit or buyers‘ credit is not available for merchanting trade or intermediary trade transactions.  PCFC export finance not available for merchant trade transactions  The terms of payment for the import leg and the export leg of the transactions are such that the liability for the import leg of the transaction is extinguished by the payment received for the export leg of the transaction, without any delay and trade transaction is completed within a period of 6 months.  Why???  Can payment for import leg be made first?
  • 45. RECEIPT OF PAYMENT  Regulated by FEMA 14 of 3rd May 2000  Can be received in any permitted currency  Permitted currency is a foreign currency which is freely convertible  Payment shall be received in a currency appropriate to the final destination of goods-irrespective of country of residence of buyer  Through Banking Channel  ACU countries– through ACU mechanism
  • 46. CONTD…  By debit to FCNR / NRE account of buyer maintained in Inida  In INR from Credit Card servicing bank in India against charge slip  From Re account of an Exchange house with an AD provided it does not exceed INR 2 lakhs per export transaction  In the form of bank draft/pay order/ cheque /foreign currency notes / travelers cheques from buyer during his visit to India provided it is surrendered to AD of exporter within specified period  Nepal & Bhutan in INR – Export proceeds(!)
  • 47. WORKING GROUP ON EXPORT REPORTING & FOLLOW-UP
  • 48. PROPOSED SYSTEM  Due to the huge volume of the data coupled with errors of data entry at multiple places, it has been observed that the large number of transactions remain unmatched one to one.  With a view to removing the bottlenecks in this exercise, as per the recommendations of a Working Group, a revised / revamped procedure of data capturing, transfer and follow up has been decided to be implemented. The objectives of the proposed system are:  To harmonize the data fields received in GR/SDF/PP/Softex form and substitute the various formats with a new format to be called Export Declaration Form (EDF) to be used by all exporters irrespective of the fact that the items for export are goods or software or if the export is done through non-EDI enabled port  To automate the data receiving /processing/ maintaining of export data received from custom/STPI/SEZs in a secure manner.  To organize export data received by RBI from all channels AD bank-wise and to push the data on selected items/fields, relevant for export follow-up purposes, to the Nodal Offices of the AD banks from the Dedicated RBI Server.  To authorise AD banks uploading/updating receipt of document and receipt of export proceeds for transactions pertaining to them, in the RBI system.  To provide for reporting of serious cases of default including forwarding to the Customs & DoE for necessary action, if any.
  • 50. TECHNICAL COMMITTEE ON SERVICES/FACILITIES TO EXPORTERS  Given the current global and Indian scenario and the importance of export sector in the overall context, the Reserve Bank of India has constituted a technical committee to examine issues relating to difficulties being faced by exporters with regard to availability of credit, transaction costs, insurance and factoring and other procedural hassles in their dealings with banks and financial institutions.  The decision to set up such a committee was announced by the Governor, Dr. D. Subbarao in his meeting with bankers post Third Quarter Review of the Monetary Policy 2012-13 on January 29, 2013.
  • 51. TECHNICAL COMMITTEE  The Committee is chaired by Executive Director, Shri. G. Padmanabhan with representation from EXIM Bank, ECGC, select banks, trade bodies, such as, Federation of Indian Export Organisation (FlEO), Indian Banks’ Association (IBA) and Foreign Exchange Dealers Association of India (FEDAI). Senior officers from DBOD, FED and DEPR from the Reserve Bank will also be represented on the Committee.  The Committee has submitted its recommendations on April 29, 2013.  The recommendations are at various stages of implementation by various agencies.
  • 52. OTHER MAJOR DEVELOPMENTS  Realization period for Export proceeds – 9m till September 30, 2013  Term of realization of export proceeds by SEZ units – 12 months  “Set-off” of export receivables against import payables may now be allowed by any AD  Export of Goods – acceptance of Forwarder’s Cargo Receipt  Simplification and revision of Softex Procedure  Exchange Earner's Foreign Currency (EEFC) Account – 100% credit
  • 53. OTHER MAJOR DEVELOPMENTS  Supply of Goods and Services by SEZs to DTA Unit – paid in forex  Write off made simpler basing on realization  Import of gold coins & medallion by banks/Nominated Agencies/Entities prohibited  Import of Gold in any form under 20:80 discipline, linked to export per consignment.  Imported Gold for domestic use only on DP basis, credit not allowed.  Import of gold in any form including jewellery made of gold/precious metals or / and studded with diamonds / semi precious / precious stones – LC for 90 days.
  • 54. OTHER MAJOR DEVELOPMENTS  Release of Foreign Exchange for Imports – Liberalisation - Form A 1 –USD5000  Online Payment Gateway System Provider – limit enhanced to USD10,000  Border Haats at Indo-Bangla border at two places in Meghalaya – hassle free trade for local entrepreneurs/small producers  Export Monitoring – Web based solution  Technical Committee – sea change in trade facilitation  Use of National Currency in intnl. trade
  • 55. . RBI is an easily accessible organization  Objective is to further economic growth  Open to suggestions  Welcome changes with time  www.rbi.org.in  pkkar@rbi.org.in Thank You for