RBI gives more time for realisation of export proceeds in view of the covid crisis. It has been extended from 9 months to 15 months from the date of export upto 31st July, 2020.
Export of Goods and Services-
Realisation and Repatriation of Export Proceeds-Relaxation
The Government of India as well as the Reserve Bank has been receiving representations from Exporters Trade bodies to extend the period of realisation of export proceeds in view of the outbreak of pandemic COVID- 19. It has, therefore, been decided, in consultation with Government of India, to increase the present period of realization and repatriation to India of the amount representing the full export value of goods or software or services exported, from nine months to fifteen months from the date of export, for the exports made up to or on July 31, 2020.
2. The provisions in regard to period of realization and repatriation to India of the full export value of goods exported to warehouses established outside India remain unchanged.
3. AD Category – I banks may please bring the contents of this Circular to the notice of their constituents concerned.
4. The directions contained in circular have been issued under Section 10(4) and 11(1) of Foreign Exchange Management Act, 1999 (42 of 1999) and without prejudice to permissions / approvals, if any, required under any other law.