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Free
Exports
11.1 All goods may be exported without any restriction except to the
extent such exports are regulated by ITC(HS) or any other provision
of this Policy or any other law for the time being in force. The
Director General of Foreign Trade may, however, specify through a
Public Notice such terms and conditions according to which any goods,
not included in the ITC(HS), may be exported without a licence. Such
terms and conditions may include Minimum Export Price (MEP),
registration with specified authorities, quantitative ceilings and
compliance with other laws, rules, regulations. Denomination of
Export Contracts
11.2 All export contracts and invoices shall be denominated in freely
convertible currency and export proceeds shall be realised in freely
convertible currency. Contracts for which payments are received
through the Asian Clearing Union (ACU) shall be denominated in ACU
Dollar. The Central Government may relax the provisions of this
paragraph in appropriate cases. Export contracts and Invoices can be
denominated in Indian rupees against EXIM Bank/ Government of India
line of credit. Realisation of Export Proceeds
11.3 If an exporter fails to realise the export proceeds within the
time specified by the Reserve Bank of India, he shall, without
prejudice to any liability or penalty under any law for the time
being in force, be liable to action in accordance with the provisions
of the Act, the Rules and Orders made thereunder and the provisions
of this Policy. Export of Gifts
11.4 Goods, including edible items of value not exceeding
Rs.1,00,000/- in a licensing year, may be exported as a gift.
However, items mentioned as restricted for exports in ITC(HS) shall
not be exported as a gift, without a licence, except in the case of
edible items. Export of Spares
11.5 Warranty spares, whether indigenous or imported, of plant,
equipment, machinery, automobiles or any other goods may be exported
upto 7.5% of the FOB value of the exports of such goods alongwith the
main equipment or subsequently but within the contracted warranty
period of such goods. Export of Passenger Baggage
11.6 Bonafide personal baggage may be exported either along with the
passenger or, if unaccompanied, within one year before or after the
passenger's departure from India. However, items mentioned as
Restricted in ITC(HS) shall require a licence, except in the case of
edible items. Export of Imported Goods
11.7 Goods imported, in accordance with this Policy, may be exported
in the same or substantially the same form without a licence provided
that the item to be imported or exported is not mentioned as
restricted for import or export in the ITC(HS), except items imported
under Special Import Licence. Exports of such goods imported against
payment in freely convertible currency would
be permitted against payment in freely convertible currency.
11.8 Goods, including those mentioned as restricted item for import
or export (except prohibited items) in ITC(HS), may be imported under
Customs Bond for export in freely convertible currency without a
licence. Export of Replacement Goods
11.9 Goods or parts thereof on being exported and found
defective/damaged or otherwise unfit for use may be replaced free of
charge by the exporter and such goods shall be allowed clearance by
the customs authorities provided that the replacement goods are not
mentioned as restricted items for exports in ITC(HS).
11.10 Deleted Export of Repaired Goods
11.11 Goods or parts thereof on being exported and found defective,
damaged or otherwise unfit for use may be imported for repair and
subsequent re-export. Such goods shall be allowed clearance without a
licence and in accordance with customs notification issued in this
behalf.
11.12 Deleted
11.13 Deleted
Private Bonded Warehouses for Exports
11.14 Private bonded warehouse exclusively for exports may be setup
in DTA as per the terms and conditions of the notifications issued by
Department of Revenue. Such warehouse shall be entitled to procure
the goods from domestic manufacturers without payment of duty. The
supplies made by the domestic supplier to the notified warehouses
shall be treated as physical exports provided the payments for the
same are made in free foreign exchange.