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Welcome to SOFTEX procedure

Welcome to SOFTEX procedure. (As on 05 th November 2015) EXIM Services Group (ESG), Hyderabad. Contents. Circular --------------------------------------------------------- Slide No.3 Highlights of current procedure ----------------------- Slide No.6

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Welcome to SOFTEX procedure

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  1. Welcome to SOFTEX procedure (As on 05th November 2015) EXIM Services Group (ESG), Hyderabad

  2. Contents Circular --------------------------------------------------------- Slide No.3 Highlights of current procedure ----------------------- Slide No.6 Softex form (Annexure-I) --------------------------------- Slide No.7 Guide Lines to Fill the Softex Form------------------- Slide No.9 Country & Currency Codes ----------------------------- Slide No.14 Sample Check & Verification of softex -------------- Slide No.16 Softex filling formats URL link details---------------- Slide No.17

  3. Circular • RBI has issued vide circular no: RBI/2015-16/231 A.P. (DIR series) Cir. No.27 dated 05th November 2015 regarding Software Export filing of bulk SOFTEX further liberalization consequent to previous circulars A.P. (DIR Series) Circular No. 80 dated February 15, 2012, A.P. (DIR Series) Circular No. 66 dated January 01, 2013 and A.P. (DIR Series) Circular No. 43 dated September 13, 2013. • RBI has announced the date of revised procedure implementation of SOFTEX forms and its rules from 05th November 2015. RBI circular

  4. RESERVE BANK OF INDIA Mumbai - 400 001 RBI/2015-16/231 A.P. (DIR Series) Circular No.27November 05, 2015 To All Authorised Dealer Category – I Banks Madam / Sir, Software Export–Filing of bulk SOFTEX-further liberalisation Attention of Authorised Dealers is invited to A.P. (DIR Series) Circular No. 80 dated February 15, 2012, A.P. (DIR Series) Circular No. 66 dated January 01, 2013 and A.P. (DIR Series) Circular No. 43 dated September 13, 2013, in terms of which a software exporter, whose annual turnover is at least Rs.1000 crore or who files at least 600 SOFTEX forms annually on an all India basis, is eligible to declare all the off-site software exports in bulk in the form of a statement in excel format, to the competent authority for certification on monthly basis. 2. In order to provide benefits to small exporters also, it has been decided to extend this facility to all software exporters. Accordingly, all software exporters can now file single as well as bulk SOFTEX form in excel format to the competent authority for certification. The SOFTEX form is given at Annex I. Since the SOFTEX data from STPI/SEZ is being transmitted in electronic format to RBI, the exporters are required to submit the SOFTEX form in duplicate as per the revised procedure. STPI/SEZ will retain one copy and handover the duplicate copy to the exporters after due certification. 3. As hitherto, the software exporters can generate SOFTEX form number (single as well as bulk) for use in off-site software exports from the website www.rbi.org.in. In order to generate the SOFTEX number/s, the applicant exporter has to fill-in the online form (Path www.rbi.org.in→Forms → Foreign Exchange Management Act Forms →Printing (EDF/Softex form no.). The specimen of the online form and the advice are given at Annex II.

  5. 4. The Foreign Exchange Management Act (FEMA),1999 requires exporters to complete the SOFTEX form using the number so allotted and submit it first to the competent authority for certification and then to the AD for further necessary action, as hitherto. 5. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. The above instructions will come into force with immediate effect. 6. The directions contained in this circular have been issued under section10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (A K Pandey) Chief General Manager

  6. Highlights of current 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) • Since the SOFTEX data from STPI is being transmitted in electronic format to RBI, the exporters are required to submit the SOFTEX form in duplicate as per the revised procedure w.e.f 05th Nov 2015. (Kindly refer point no.2 & 5 of RBI Circular no.27 dated 05th Nov 2015).

  7. Annexure-I

  8. Guide Lines to Fill the Softex Form

  9. Softex number : Softex number allocated by RBI itself (Path 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 of Softex submission • Two Sets of softex form (Original and Duplicate) as per RBI format need to Submit. • Invoice details need to be mentioned in Section B of softex form. One copy of invoices are required for sample check. Should be attested by Authorized signatory. • Agreement/P.O/Work order details need to mentioned in Section B of softex form. One copy of business proof document required for sample check. Should be attested by Authorized signatory. • Exporter has to provide details of datacom link in Section A of Softex form. Hard copy required for sample check. Should be attested by Authorized signatory. • Hard copy of Softex Numbers allotted by RBI has to submit. • Soft copy of Softex form in spreadsheet (excel) has to send through e-mail by Authorized signatory to STPI e-mail account hyd.softex@stpi.in. Note : Exporter will have to declare all the export transactions, including those less than US$25000.

  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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