Financial Daily from THE HINDU group of publications
Thursday, Mar 28, 2002
Financial Daily from THE HINDU group of publications Thursday, Mar 28, 2002 |
|
|
|
|
|
Money & Banking
-
RBI & Other Central Banks Industry & Economy - Exports & Imports Norms eased for exporting goods to fairs abroad Our Bureau
MUMBAI, March 27 THE Reserve Bank of India (RBI) has further liberalised facilities for exporters by permitting them to export goods for exhibitions or sales outside India without taking prior permission from the central bank. Previously, exporters participating in trade fairs or exhibitions abroad had to obtain approval from RBI for exports of exhibits and other items for display-cum-sale in the trade fair or exhibitions. In a notification issued on Wednesday, RBI has also said that unsold items may be sold outside the exhibition or trade fair in the same country or in another third country. Such sales at discounted values are also permissible, the central bank added. Exporters are also allowed to "gift'' unsold items up to the value of $5,000 per exporter, per exhibition or trade fair. Thus, authorised dealers may approve GR (Guarantees Receipt) form for export items of display or non-display-cum-sale in trade fairs or exhibitions outside India subject to the exporter producing relative Bill of Entry within one month of re-import into India of the unsold items and sale proceeds of the items sold repatriated to India in accordance with the Foreign Exchange Management Regulations, 2000.
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|