Banking News

EDF waiver for Export of Goods free of cost


The exporters in India are required to submit the declaration of export of goods (GR form) in the prescribed Export Declaration form (EDF) to the bank. However, as per Hand- book procedures (Para 2.52.1)–Vol-I of Foreign Trade Policy 2004-2009, the status holders(export houses) in case of (a) trade samples of goods and publicity material, goods or software accompanied by a declaration that they are not more than 25,000/- rupees in value; (b) goods imported free of cost on re-export basis; (c) goods not exceeding USD 1000 or its equivalent in value per transaction exported to Myanmar under the Barter Trade Agreement; and (d) replacement goods exported free of charge are exempted from aforesaid declaration (Waiver of GR form), subject to an annual limit of Rs 10 lakh or 2% of average annual export realization during preceding three licensing years, whichever is higher.
In the amendment notification No.9/2015-2020 dated June 4, 2015 the Government of India has notified that the status holders (Export houses) shall be entitled to export freely exportable items on free of cost basis for export promotion subject to an annual limit of Rs 10 lakh or 2% of average annual export realization during preceding three licensing years whichever is lower.
Officials working in Foreign Exchange Department in the branches may make note of it.

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