RBI eases export goods norms for fairs

Mumbai: The Reserve Bank of India (RBI) has now permitted exporters to export goods for exhibitions or sales outside India without taking prior permission from the central bank.

Previously, exporters participating in trade fairs or exhibitions abroad had to obtain approval from the RBI for exports of exhibits and other items for display-cum-sale in the trade fair or exhibitions.

In a notification issued here, the RBI also said unsold items may be sold outside the exhibition or trade fair in the same country or in another third country. "Such sales at discounted values are also permissible." Exporters are also allowed to gift unsold items up to the value of $5,000 per exporter, per exhibition or trade fair.

Thus, authorised dealers may approve the GR (guarantees receipt) form for export items of display or non-display-cum-sale in trade fairs or exhibitions outside India, subject to the exporter producing the relative bill of entry within one month of re-import into India of the unsold items and sale proceeds of the items sold repatriated to India, in accordance with the Foreign Exchange Management Regulations, 2000.