Attention of the Authorised Dealer Banks is invited to Regulation 6 of the Notification No. FEMA 23/2000-RB dated May 3, 2000 viz.
Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, as
amended by the Notification No.FEMA.36/2001-RB dated February 27, 2001, in
terms of which designated officials of the Ministry of Information Technology/
Ministry of Commerce and Industry(as the case may be), Government of India at
the Software Technology Parks of India (STPIs) or at Free Trade Zones (FTZs) or
Export Processing Zones (EPZs) or Special Economic Zones (SEZs), had been
authorized to certify exports declared through SOFTEX Forms.
2. A revised Softex procedure was first introduced at the 5 designated
centres of STPIs from April 1, 2012 vide A.P. (DIR Series) Circular No.80 dated February 15, 2012 and
subsequently extended to all STPIs in India vide A.P. (DIR Series) Circular No.47 dated October 23, 2012.
3. It has now been decided to implement the revised Softex procedure at all
SEZs/EPZs/100%EOU/DTA also with immediate effect.
4. As per the revised procedure, a software exporter either under STPIs or
SEZs/EPZs/100%EOU/DTA, whose annual turnover is at least Rs.1000 crore or who
files at least 600 SOFTEX forms annually on all India basis, will be eligible to
submit statements in revised excel format sheets as per enclosed Annexures A &
B. All other terms and conditions mentioned in the A.P. (DIR Series)
Circular No.80 dated February 15, 2012 applicable to exporters of software
situated in STPIs would remain unchanged.
Ref- A.P. (DIR Series) Circular No. 66 dated 1st January 2013
FEMA requires observation of its provisions in letter and spirit and if any contravention may land in penalties on the erring company and individuals. There are various conditions and stipulations in case of FDI , ODI , investment by individuals in foreign shares , purchase of assets in foreign countries , extending guarantees , availing ECBs , supplier's credit . In this column , I will discuss all intricacies and complications involving the interpretation of FEMA Act provisions in detail.
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