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In a bid to attract dollars into the country in the face of rising current account deficit (CAD), the Reserve Bank of India has brought down the realisation period of sale proceeds for exporters from 12 months to nine months from the date of export, with immediate effect.
For exporters, the enhanced period of one year for realisation and repatriation to India, of the amount representing the full value of goods or software exported, from the date of export was available till March 31, 2013.
However, on a review, the RBI, in consultation with the Government of India, decided to bring down the above stated realisation period from 12 months to nine months from the date of export, with immediate effect, valid till September 30, 2013.
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 situated in a Special Economic Zone as well as exports made to warehouses established outside India remain unchanged.
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