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Time limit for export sales receipt under FEMA

Loosening Myself


HI

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

 
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chartered accountant


the limit is for 6 month from the date of export and it can be extended by rbi on sufficient and reasonable reason

 
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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).

 
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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.

As per RBI recent master circular July 2011,

Time limit for normal imports
(i) In terms of the extant regulations, remittances against imports should be completed not later than six months from the date of shipment, except in cases where amounts are withheld towards guarantee of performance, etc.
(ii) AD Category – I banks may permit settlement of import dues delayed due to disputes, financial difficulties, etc. Interest in respect of delayed payments, usance bills or overdue interest for a period of less than three years from the date of shipment may be permitted in terms of the directions in para C.2 of Part III below.

Since the importer has not fulfilled his obligation , you can file a complaint agaist the Importer under the above FEMA provisions to your regional RBI and they will take appropriate steps under FEMA also.

 

Regards

R.V.Seckar

Pl do visit my blogs :

http://www.rvseckarcompanylaw.blogspot.com/

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