Realisation and Repatriation of proceeds of export of goods / software / services
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Initial Setup or Ongoing Maintenance
Ongoing compliance requirement
Filing and Maintenance Requirements
It is obligatory on the part of the exporter to realise and repatriate the full value of goods / software / services to India within a stipulated period from the date of export, as under:
(i) The period of realization and repatriation of export proceeds shall be nine months from the date of export for all exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs & BTPs until further notice.
(ii) Goods exported to a warehouse established outside India: As soon as it is realised and in any case within fifteen months from the date of shipment of goods.
If any person contravenes any provision of this Act, or contravenes any rule,
regulation, notification, direction or order issued in exercise of the powers under this Act, or
contravenes any condition subject to which an authorization s issued by the Reserve Bank, he shall,
upon adjudication, be liable to a penalty up to thrice the sum involved in such contravention where
such amount is quantifiable, or up to two lakh rupees where the amount is not quantifiable, and
where such contravention is a continuing one, further penalty which may extend to five thousand
rupees for every day after the first day during which the contravention continues.
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