RESERVE BANK OF INDIA
EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI 400 001

Date : Apr 01, 2002

Facilities for 'Status Holder' Exporters

With a view to simplifying the procedures and reducing the transaction cost of exports, the Reserve Bank of India has decided to extend the following special facilities to exporters with a proven track record and certified as "Status Holder" as per the EXIM policy announced by the Government :

1. The Status Holder exporters will enjoy freedom to credit upto 100 per cent, as against the existing limit of 50 per cent, of their foreign exchange receipts to their Exchange Earners’ Foreign Currency (EEFC) Accounts.
2. Such exporters will also have extended period of one year from the date of shipment to realise export proceeds. Under the existing regulations, a period of only six months was available for realisation of export proceeds.These exporters will also have freedom to directly dispatch the shipping documents to their importer clients outside India without any prior permission from the Reserve Bank.

These facilities will be available with effect from April 01, 2002, till further notice.

It is expected that these special facilities to "Status Holder" exporters will considerably facilitate their foreign exchange operations and provide them with flexibility to meet all their export-connected requirements without delay.

Alpana Killawala
General Manager

Press Release No.2001-2002/1093

FEMA 57/2002-RB Dated April 1, 2002

FEMA 58/2002-RB Dated April 1, 2002