RBI simplifies declaring goods, software exports

MUMBAI: The RBI today simplified procedures for declaration of shipments of goods and softwares and also said exporters have to declare all transactions, including those less than USD 25,000.

"... 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," RBI said in a notification.

The EDF will replace the existing GR/PP form used for declaration of export of goods, it said, adding, 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 USD 25,000, in the form," RBI said.

Every exporter of goods or softwares 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.