The Reserve Bank of India (RBI) on Friday simplified the procedure for declaration of shipments of goods and software and that exporters have to declare all transactions, including those less than $25,000.
RBI said in a notification "a common form called Export Declaration Form' (EDF) has been devised to declare all types of export of goods from Non-EDI ports and a common 'SOFTEX Form' to declare single as well as bulk software exports".
The EDF will replace the existing GR/PP form used for declaration of export of goods, the apex bank said. It further said the procedure relating to exports of goods through EDI ports will remain the same and SDF form will be applicable as hitherto.
"Also, as per the revised norms, the exporters will have to declare all the export transactions, including those less than $25,000, in the form," the apex bank said in the notification.
Every exporter of goods or software has to give declaration in a form and submit it to the specified authority for certification.
The Foreign Exchange Management Act (FEMA) requires exporters to complete the EDF/Software Export Declaration (Softex) form for declaration of exports.
These instructions will come into effect from October 1, 2013, the notification added.
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