Realisation and Repatriation of Foreign Exchange (Section 8)

has been or will within the specified period, be paid in the specified manner.
Declaration shall be executed in sets of such number as may be specified.
(ii) Though the Act gives powers to the Reserve Bank to specify a Form for
declaration for export of services, no such Form has been prescribed.
(iii) Regulation No.4 specifies the categories of exports for which declaration of
Regulation No.3, need not be made. The exemptions, among others,
include
(a) export of goods/software not exceeding Rs. 25,000 in value.
(b) export.by way of gift not exceeding Rs. one lakh in value.
(c) export of goods not exceeding US $1,000 or its equivalent per transaction
to Myanmar under Barter Trade Agreement.
(iv) In terms of Regulation No.9, the export proceeds are required to be realised within a period of 6 months from the date of shipment. In the case of exports to a warehouse established abroad with the approval of the Reserve Bank, the proceeds have to be realised within 15 months from the date of shipment. The requirement of repatriation of proceeds on due date has been dispensed with. An enabling provision has been made in this regulation to delegate powers to authorised dealers to allow extension of time.
(v) Export of goods on credit terms beyond six months requires prior approval
of Reserve Bank, in terms of Regulation No. 10.
(vi) No person shall, except with the prior permission of the Reserve Bank, take or send out by land, sea or air any goods from India to any place outside India on lease or hire or under any arrangement or in any manner other than by way of sale or disposal of such goods (Regulation 14).
(vii) Any arrangement involving adjustment of value of goods imported into India, against value of goods exported from India, shall require prior approval of the Reserve Bank (Regulation 14).
(viii) Bank or authorised dealer would be required for export of goods or services on deferred payment terms or for execution of a turnkey project or civil construction contracts to comply with terms of Regulation No. 18. These proposals would be considered by the authority concerned in accordance with the guidelines issued by Reserve Bank.
~ 23. State the duties of an exporter with respect to realisation and repatriation of foreign exchange regarding goods and services exported out of India. Give exemptions, if any.

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Realisation and Repatriation of Foreign Exchange (Section 8)
Section 8 provides that where any amount of foreign exchange is due or has been accrued to any person resident in India, such person should take all reasonable steps to realise and repatriate to India such foreign exchange, within such time and in such a manner as may be specified by the Reserve Bank.
Regulation No. 13 of Exports of Goods and Services Regulations, 2000 provides that no person shall do anything which has the effect of securing