Software exporters get 6 months more to repatriate proceeds
02 Apr 2011
The Reserve Bank of India (RBI) has announced an extension of the period of realisation and repatriation of the full value of software exported from India by another six months to 30 September 2011.
The decision has been taken in consultation with the Government of India, RBI said in a release on Friday.
RBI had, in a circular issued on 29 June 2010, relaxed the period of repatriation of software export proceeds to India from six months to twelve months from the date of export. This relaxation was up to 31 March 2011.
RBI said this has since been reviewed and it has been decided, in consultation with the Government of India, to extend the above relaxation up to 30 September 2011, subject to review.
For exporters operating from special economic zones (SEZs), RBI said, the provisions in regard to period of realisation and repatriation to India of the full export value of goods or software exported by a unit as well as exports made to warehouses established outside India remained unchanged.