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May 2011

A.P. (DIR Series) Circular No. 47, dated 31-2-2011 — Export of goods and software — Realisation and repatriation of export proceeds — Liberalisation.

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Generally, export proceeds in respect of export of goods and software (except in cases of exports from units in SEZ or exports to exporters’ own warehouses outside India) are required to be realised and repatriated within six months from the date of export. However, this period of six months was enhanced to twelve months in case of exports up to 31st March, 2011.

This Circular has relaxed the six months’ rule for a further period up to 30th September, 2011, subject to review. Hence, export proceeds in respect of export of goods and software (except in cases of exports from units in SEZ or exports to exporters’ own warehouses outside India) up to 30th September, 2011 can be realised and repatriated within twelve months from the date of export.

However, there is no change in the provisions in regard to period of realisation 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 exporters’ own warehouses outside India.

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