These Regulations are amended from time to time to incorporate. Instructions issued on export of goods and services from India have been compiled in this Master Direction.
It may be noted that, whenever necessary, Reserve Bank shall issue directions to Authorised Persons through A. The Master Direction issued herewith shall be amended suitably simultaneously. For goods exported to a warehouse established outside India, the proceeds shall be realized within fifteen months from the date of shipment of goods. This facility shall only be available for export of goods and services of value not exceeding USD 10, US Dollar ten thousand. Where the exporters availing of this facility are required to open notional accounts with the OPGSP, it shall be ensured that no funds are allowed to be retained in such accounts and all receipts should be automatically swept and pooled into the NOSTRO collection account opened by the AD Category-I bank.
The balances held in the NOSTRO collection account shall be repatriated and credited to the respective exporter's account with a bank in India immediately on receipt of the confirmation from the importer and, in no case, later than seven days from the date of credit to the NOSTRO collection account.
AD Category -I banks shall satisfy themselves as to the bona-fides of the transactions and ensure that the purpose codes reported to the Reserve Bank in the online payment gateways are appropriate. AD Category -I banks shall submit all the relevant information relating to any transaction under this arrangement to the Reserve Bank, as and when advised to do so.
Resolution of all payment related complaints of exporters in India shall remain the responsibility of the OPGSP concerned. All eligible payments are required to be settled by the concerned banks through these accounts. Third party payment should be routed through the banking channel only; The exporter should declare the third party remittance in the Export Declaration Form and it would be responsibility of the Exporter to realize and repatriate the export proceeds from such third party named in the EDF; It would be responsibility of the Exporter to realize and repatriate the export proceeds from such third party named in the EDF; Reporting of outstanding, if any, in the XOS would continue to be shown against the name of the exporter.
