What changed
The simplified Softex procedure, previously limited to five STPI centres (Bangalore, Hyderabad, Chennai, Pune, Mumbai), is now extended to all STPIs across India with immediate effect. Eligible exporters can now submit a consolidated excel statement instead of getting each SOFTEX form certified individually.
What it means for you
Banks handling software export documentation will see reduced paperwork for large exporters, as they can now accept bulk excel statements instead of processing hundreds of individual SOFTEX forms. This streamlines compliance for high-volume exporters and reduces certification bottlenecks at STPI offices. ADs must update their internal procedures to accept the new format and verify eligibility criteria.
What you must do
- Update internal guidelines to accept excel-based SOFTEX statements from eligible exporters (turnover >= Rs.1000 crore or >= 600 forms annually on all-India basis).
- Inform your exporter clients about the revised procedure and the eligibility thresholds.
- Coordinate with local STPI offices to ensure smooth transition to the new format.
- Retain copies of the excel statements as per FEMA record-keeping requirements.
Who it affects
Authorised Dealers handling software export remittances, Large software exporters with high SOFTEX volumes, STPI officials now required to certify bulk statements
Which exporters are eligible for the simplified Softex procedure?
Exporters with an annual turnover of at least Rs.1000 crore or those who file at least 600 SOFTEX forms annually on an all-India basis can submit a statement in excel format instead of individual forms.
When does this revised procedure take effect?
The circular states it is effective immediately from the date of issue, October 23, 2012, for all STPIs in India.
What should ADs do if an exporter claims eligibility but doesn't meet the criteria?
ADs must verify the exporter's annual turnover and SOFTEX filing volume. If the exporter does not meet the thresholds, they must continue with the standard individual SOFTEX certification process.