In
exercise of powers conferred by Section 5 of the Foreign
Trade (Development and Regulation) Act, 1992 (No. 22
of 1992) read with paragraph 1.1 of the Export and Import
Policy, 2002-07, the Central Government hereby notifies
the Export and Import Policy, 2002-07 as contained in
Annexure to this notification. The Policy shall come
into force from 1st April, 2002.
This issues in public interest
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Foreign
Trade Notifications
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Table
of Contents
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AP(Dir
Series) Circular No. 30/2002 dt26.3.2002
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To
All Authorised Dealers in Foreign Exchange
| Export
of Goods for Exhibition / Trade Fairs outside India |
Attention of authorised dealers is invited to Paragraph
A. 9 (ii) of the Annexure enclosed to AP (DIR Series)
Circular No. 12 dated September 9, 2000, advising that
exporters participating in trade fairs / exhibitions
abroad should obtain approval on GR form for export
of exhibits and other items for display-cum-sale in
the trade fair/exhibitions, from the concerned Regional
Office of the Reserve Bank.
2. With a view to liberalising the facilities available
to exporters and simplifying the export procedures further,
it has now been decided to permit residents to take
/ export goods for exhibition and sale outside India
without the prior approval of the Reserve Bank of India.
3. Further, unsold exhibit items may be sold outside
tile exhibition / trade fair in the same country or
in another third country. Such sales at discounted value
are also permissible.
4. It would also be permissible to "gift"
unsold goods up to the value of US $ 5,000 per exporter,
per exhibition/trade fair.
5. Accordingly, authorized dealers may approve OR form
for export items for display or display-cum-sale in
trade fairs / exhibitions outside India subject to the
following conditions:
a. the exporter shall produce relative Bill of Entry
within one month of reimport into India of the unsold
items.
b. the sale proceeds of the items sold are repatriated
to India in accordance with Foreign Exchange Management
(Realisation, Repatriation and Surrender of Foreign
Exchange) Regulations, 2000.
c. the exporter shall report to the authorised dealer
the method of disposal of all items exported, as well
as the repatriation of proceeds to India.
6. Such transactions approved by the authorised dealers
will be subject to 100% audit by the internal inspectors
/ auditors of the authorized dealer concerned.
7. Authorised dealers may bring the contents of this
circular to the notice of their constituents concerned.
8.The directions contained in this circular have been
issued under Section 10(4) and Section II (l)of the
Foreign Exchange Management Act, 1999 (42 of 1999).
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