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Declaration of export of goods and services:
Every exporter of goods / software in physical form or through any other form, either directly or indirectly, to any place outside India (other than Nepal and Bhutan), is required to furnish to the specified authority, a declaration in one of the Forms set out in the Reserve Bank regulations.
Such declaration must contain true and correct material particulars including the amount representing:
- the full export value of the goods or software;
- if full export value is not ascertainable at the time of export, the value which the exporter, having regard to the prevailing market conditions, expects to receive on the sale of the goods or software in overseas market;
In respect of export of services to which none of the Forms specified in the Reserve Bank regulations apply, there is no need to furnish any declaration, but the exporter will be liable to realize the amount of foreign exchange which becomes due or accrues on account of such export, and to repatriate the same to India.
Importer-exporter code number:
The importer-exporter code number allotted by the Director General of Foreign Trade under the Foreign Trade (Development and Regulation) Act, 1992 must be indicated on all copies of the declaration forms submitted by the exporter to the specified authority and in all correspondence of the exporter with the authorized dealer or the Reserve Bank.
Authority to whom declaration is to be furnished:
- Declaration in Form GR / SDF: Commissioner of Customs.
- Declaration in Form PP: Authorised Dealer named in the form.
- Declaration in Form SOFTEX: Designated Official of Ministry of Information &Technology
- Duplicate Declaration Forms: Authorised Dealers.
Exports requiring Prior Approval:
- Export of goods on lease, hire: Prior permission of the Reserve Bank is required for export of any goods from India to any place outside India on lease, hire or any arrangement or in any other manner other than sale or disposal of such goods.
- Exports under trade agreement / rupee credit:
- Export of goods under special arrangement between the Central Government and Government of a foreign state, or under rupee credits extended by the Central Government to Government of a foreign state must be governed by the public notices issued by the Trade Control Authority in India and instructions of the Reserve Bank.
- An export under the line of credit extended to a bank / financial institution operating in a foreign state by the Exim bank for financing exports from India, is to be governed by the Reserve Bank's terms and conditions laid down for the authorized dealers.
- Counter Trade: Reserve Bank's prior approval is required for any arrangement involving adjustment of value of goods imported into India against value of goods exported from India.
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