RBI/2012-13/548
A.P. (DIR Series) Circular No.118

June 26, 2013

To

All Authorised Dealer Category - I Banks

Madam / Sir,

Export of Goods and Services – Project Exports

Attention of Authorized Dealers is invited to Para B.7 (i) and C.5 (i) of Memorandum of Instructions on Project and Service Exports (PEM), enclosed to A.P.(DIR Series) Circular No.32 dated October 28, 2003, in terms of which an exporter undertaking Project Exports and Service contracts abroad should submit form DPX1, PEX-1 and TCS-1 to the Approving Authority (AA)  i.e. AD Bank/ Exim Bank/ Working Group, within 15 days of entering into contract for grant of post-award approval.

2. On a review, it has been decided to increase the time limit and henceforth the exporter undertaking Project Exports and Service contracts abroad should submit form DPX1, PEX-1 and TCS-1 to the Approving Authority (AA) i. e. AD Bank / Exim Bank / Working Group, within 30 days of entering into contract for grant of post-award approval.

3. All other instructions issued in terms of PEM, notified vide A. P. (DIR Series) Circular No. 32 dated October 28, 2003, shall remain unchanged.

4. Authorized Dealers may bring the contents of this circular to the notice of their exporter constituents and customers concerned.

5. 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