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
- Update internal procedures to stop submitting DPX1, PEX-1, TCS-1, and DPX-3 forms to RBI's regional office.
- Ensure continued submission of these forms to ECGC and Exim Bank when their participatory interests are involved.
- Review your bank's role as Approving Authority and align with the revised PEM instructions.
- Communicate this change to relevant export finance and trade teams to avoid unnecessary filings.
Who it affects
Category-I Authorised Dealer Banks, Exim Bank, Working Group for project exports, Exporters dealing with project and service exports
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.