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Welcome to Revised Softex procedure

Welcome to Revised Softex procedure. EXIM Services Group, Hyderabad. Contents. Circular ---------------------------------------------------- Slide No.3 Highlights of new revised procedure ----------- Slide No.6 Revised Softex form ---------------------------------- Slide No.7

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Welcome to Revised Softex procedure

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  1. Welcome to Revised Softex procedure EXIM Services Group, Hyderabad

  2. Contents Circular ---------------------------------------------------- Slide No.3 Highlights of new revised procedure ----------- Slide No.6 Revised Softex form ---------------------------------- Slide No.7 Guide Lines to Fill the Revised Softex Form-- Slide No.10 Country & Currency Codes ------------------------- Slide No.15 Sample Check & Verification ---------------------- Slide No.17 Softex filling formats URL link details----------- Slide No.18

  3. Circular • RBI has issued vide circular no: RBI/2013-14/254 A.P. (DIR series) Cir. No.43 dated 13th September 2013 regarding the simplification of existing softex form used for declaration of Export of Software. RBI has announced the date of implementation of new softex form and its rules from 1st October 2013. RBI circular

  4. RESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai - 400 001 • RBI/2013-14/254 • A.P. (DIR Series) Circular No.43September 13, 2013 • To • All Authorised Dealers in Foreign Exchange • Madam / Sir, • Export of Goods and Services- • Simplification and Revision of Declaration Form for Exports of Goods/Softwares • Attention of the Authorised Dealers is invited to Regulation 6 of the Notification No.FEMA 23/2000-RB dated May 3, 2000viz.Foreign Exchange Management (Export of Goods andServices) Regulations, 2000, as amended by the Notification No.FEMA 36/2001-RB dated February 27, 2001and A.P. (DIR Series) Circular No. 80 dated February 15, 2012,intermsof which every exporter of goods or softwares has to give declaration in one of the forms (GR/PP/SDF/SOFTEX/Bulk SOFTEX) and submit it to the specified authority for certification. • In order to simplify the existing form used for declaration of exports of Goods/Softwares, 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 procedure relating to the exports of goods through EDI ports will remain the same and SDF form will be applicable as hitherto. The EDF and SOFTEX form have been given in Annex I and Annex II respectively. • Under the revised procedure, the exporters will have to declare all the export transactions, including those less than US$25000, in the form as applicable. • Reserve Bank of India will be extending the facilities to exporters for online generation of SOFTEX Form No. (Single as well as Bulk) for use in Off-Site Software exports, in addition to EDF Form No. (Present web-based process of generation of GR Form No. gets replaced) through its website www.rbi.org.in. In order to generate the above number, the applicant has

  5. generated for each transaction by the applicant exporter. The specimen of online form and • the advice are given in Annex III. The present facility of manual allotment of single as well bulk SOFTEX form number by Regional Offices of RBI would be dispensed with accordingly. • The Foreign Exchange Management Act (FEMA) requires exporters to complete the EDF/SOFTEX Form using the number so allotted and submit them to the specified authority first for certification and then to AD for necessary action as hitherto. • The above instruction will come into force from October 1, 2013. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. • The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. • Yours faithfully, • (C.D.Srinivasan) • Chief General Manager

  6. Highlights of new revised procedure • Exporters can use the allocated Softex number either for each invoice or for a group of invoices with same currency of a particular customer.(Kindly refer D of Annexure of RBI Circular No. 80 dated 15th Feb 2012). • Exporter will have to declare all the export transactions, including those less than US$25000. (Kindly refer point no.3 of RBI Circular no.43 dated 13thSept 2013) • RBI shall provides softex numbers through its website www.rbi.org.in. →Forms → Foreign Exchange Management Act Forms →Printing (EDF/Softex form no.) The specimen of online form and the advice are given in Annex III. ( Kindly refer point no.4 of RBI Circular no. 43 dated 13th Sept 2013) • Revised softex form is common form to declare single as well as bulk software exports. (Kindly refer point no.2 of RBI Circular no.43 dated 13th Sept 2013) • Revised procedure is effective from 1st Oct 2013.( Kindly refer point no.6 of RBI Circular no.43 dated 13th Sept 2013)

  7. Revised Softex form Revised softex form for offsite software exports(Kindly refer Annexure-II of Circular no: 43 dated 13th Sept 2013) Revised softex form for Royalty Receipt(Kindly refer Annexure-II of Circular no: 43 dated 13th Sept 2013)

  8. Guide Lines to Fill the Revised Softex Form

  9. Softex number : Softex number allocated by RBI itself (www.rbi.org.in. →Forms → Foreign Exchange Management Act Forms →Printing (EDF/Softex form no.) * Mandatory

  10. Name, Address & Country of Client : It should match with your business proof document (Agreement/SOW / Workorder / PO / Job order) Internal project code/Contract/ Agreement No & date: As per Business proof document

  11. Type of software exported

  12. Mode of Realisation : How export value will realise. Types of Realisation : • Under L/C : Letter of Credit is a letter issued by a buyers bank to another sellers bank (especially one in a different country) to serve as a guarantee for payments made to a specified person under specified conditions. • Bank guarantee : A bank guarantee is a surety or a guarantee issued by the bank on behalf of its customer for the benefit of foreign beneficiary. • Others: EEFC Account Exchange Earners' Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer. • Invoice number & Date : Please follow procedure of your organization.

  13. Country & Currency Codes: Kindly mention the “alphabetic codes” only in the softex forms. Below provided URL links • Country Codes for the Softex (www.hyd.stpi.in/downloads/Country_Codes.xls) • Currency Codes for the Softex (www.hyd.stpi.in/downloads/Currency_Codes.xls)

  14. Analysis of Export Value : A- Value of Software Export B-Transmission Charges C- Commission D- Deduction STPI will certify the Net Realisable value i.e. ((A+B)-(C+D)) Section C Declaration: It should be signed by the Authorised Person.

  15. Sample Check & Verification

  16. Softex filling formats URL link details • Softex check list URL link http://www.hyd.stpi.in/downloads/softex_chklst.doc • Request Letter/Covering Letter in Prescribed format URL link http://www.hyd.stpi.in/downloads/softex_cvr.doc • Softex Summary sheet (Or Annexure-II) URL link http://www.hyd.stpi.in/downloads/softex.xls

  17. For more information kindly contacts us : SOFTEX TEAM : 040 6641 5600/5611

  18. Thank You

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