What changed
This Master Circular consolidates all existing instructions on export of goods and services into a single document, replacing multiple earlier circulars. It includes a sunset clause, meaning it will stand withdrawn on July 1, 2012, and be replaced by an updated version. The circular covers general guidelines, operational procedures for AD banks, and annexures with relevant notifications.
What it means for you
Banks now have a single reference for export-related compliance, reducing the need to track multiple circulars. The sunset clause ensures regular updates, keeping rules aligned with evolving trade practices. AD banks must ensure their export processing systems and staff are aligned with these consolidated instructions before the circular expires.
What you must do
- Review and update internal export processing manuals to align with this Master Circular's consolidated instructions.
- Train staff handling export transactions on the key sections: declarations, receipt/payment, realisation, and operational guidelines.
- Monitor the sunset clause and prepare for the updated circular expected by July 1, 2012.
- Ensure all export-related forms (GR, SDF, PP, SOFTEX) and procedures comply with the circular's requirements.
Who it affects
All Category-I Authorised Dealer Banks, Exporters dealing with foreign exchange transactions, RBI compliance and trade finance departments
What is the sunset clause in this Master Circular?
The circular includes a sunset clause stating it will stand withdrawn on July 1, 2012, and be replaced by an updated Master Circular on the same subject.
Does this circular change any existing export rules?
No, it consolidates existing instructions into one document without introducing new rules. Banks should continue following the same procedures as before.
Which banks are covered under this circular?
All Category-I Authorised Dealer Banks, as specified in the circular's address line.