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RBI Dispenses with Form Submission to Its Office for Project Exports

Current · Source: Reserve Bank of India · RBI/2013-14/286 · issued 20 Sep 2013 · ~2 min read
Quick answerRBI has removed the requirement for Approving Authorities to submit project export forms (DPX1, PEX-1, TCS-1, DPX-3) to its regional office. However, submissions to ECGC and Exim Bank must continue if their interests are involved.
The rule, in the simplest words
How it plays out — a real example

Rohan, a project finance officer at XYZ Bank in Mumbai, receives a contract for a solar power plant. Because the new RBI rule says he doesn’t need to forward DPX1, PEX-1, TCS-1, and DPX-3 to the RBI office, he skips that step, saving time. However, since Exim Bank is providing a loan, he still submits the forms to Exim Bank, feeling relieved that the extra trip to RBI’s office is gone.

What changed

Earlier, Approving Authorities (AD banks, Exim Bank, Working Group) had to submit forms DPX1, PEX-1, TCS-1, and DPX-3 to the RBI office where the exporter's head office is located. This circular dispenses with that submission requirement entirely. The change applies to specific paragraphs (B.7, B.9, C.5, C.6) of the PEM.

What it means for you

Banks acting as Approving Authorities for project exports no longer need to forward these forms to RBI, reducing paperwork and processing time. However, if ECGC or Exim Bank have funded/non-funded facilities or insurance/risk cover involved, those submissions must still happen. This streamlines the post-award approval process for exporters.

What you must do

Who it affects

Category-I Authorised Dealer Banks, Exim Bank, Working Group for project exports, Exporters dealing with project and service exports

❓ Common questions

Do we still need to send any forms to RBI for project exports?

No, the requirement to submit DPX1, PEX-1, TCS-1, and DPX-3 to RBI's regional office has been removed. However, if ECGC or Exim Bank have funded/non-funded facilities or insurance cover, those forms must still be sent to them.

Does this circular affect the time limit for submitting post-award approval forms?

No, the earlier time limit of 30 days for submitting DPX1, PEX-1, and TCS-1 (as per June 2013 circular) remains unchanged. Only the submission to RBI is dispensed with.

📜 Read the original circular — full text as issued by RBI
RBI/2013-14/286 A.P. (DIR Series) Circular No. 51 September 20, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Export of Goods and Services – Project Exports Attention of Authorized Dealers (AD) is invited to A. P. (DIR Series) Circular No. 32 dated October 28, 2003 in terms of which Memorandum of Instructions on Project and Service Exports (PEM) had been revised and A. P. (DIR Series) Circular No. 118 dated June 26, 2013 in terms of which the time limit to submit form DPX 1, PEX-1 and TCS-1 was increased to 30 days of entering contract for grant of post-award approval. 2. With specific reference to Para B.7, Para B.9, Para C.5 and Para C.6 of Memorandum of Instructions on Project and Service Exports (PEM), enclosed to A. P. (DIR Series) Circular No. 32 dated October 28, 2003, it has been decided that submission of forms DPX1, PEX-1, TCS-1 and DPX-3, to the Office of the Reserve Bank of India (Foreign Exchange Department) within whose jurisdiction the Head Office of the exporter is situated, by the Approving Authority (AA) such as AD Bank / Exim Bank/ Working Group may be dispensed with. However, submission of these forms to ECGC and Exim Bank where their participatory interests by way of funded / non-funded facilities, insurance /risk cover, etc are involved may continue. 3. All other instructions issued in terms of PEM, notified vide A. P. (DIR Series) Circular No. 32 dated October 28, 2003 and A.P. (DIR Series) Circular No. 118 dated June 26, 2013, shall remain unchanged. 4. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (C. D. Srinivasan) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/286 · issued 20 Sep 2013. The plain-English explanation above is BankPulse’s own independent summary.
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Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (Category-I Authorised Dealer Banks, Exim Bank, Working Group for project exports, Exporters dealing with project and service exports), your first concrete step on “RBI Dispenses with Form Submission to Its Office for Project Exports” is: “Update internal procedures to stop submitting DPX1, PEX-1, TCS-1, and DPX-3 forms to RBI's regional office.” (RBI issued this 20 Sep 2013).

  1. Circular: RBI/2013-14/286 -- RBI Dispenses with Form Submission to Its Office for Project Exports
  2. Issued: 20 Sep 2013
  3. Action required: Update internal procedures to stop submitting DPX1, PEX-1, TCS-1, and DPX-3 forms to RBI's regional office.
  4. Action required: Ensure continued submission of these forms to ECGC and Exim Bank when their participatory interests are involved.
  5. Action required: Review your bank's role as Approving Authority and align with the revised PEM instructions.
  6. Action required: Communicate this change to relevant export finance and trade teams to avoid unnecessary filings.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8449&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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