Date : Mar 25, 2002

RBI simplifies Procedure for Exhibition and Sale of Goods outside India

The Reserve Bank of India has decided to simplify the procedure for taking goods for exhibition and sale outside India.

Under the simplified procedure, authorised dealers can approve the export of goods for exhibition outside India and any prior permission from the Reserve Bank will not be required. Further, exporters will have the freedom to sell the unsold exhibits at a price to be determined by them, including discounts, in the same country or a third country. Alternatively, unsold goods can be brought back to India. Exporters will also have freedom to gift unsold small value items upto US dollar 5000 per exhibition.

Proceeds of goods sold at the exhibition as well as outside would, however, require to be repatriated to India through banking channels.

A.P. (DIR Series) Circular No.30