Corporate Professionals Blog

SEBI has issued a Circular No. CIR/CFD/DIL/8/2013 dated 21st May, 2013 to clarify and relax certain issues in reference to its Circular CIR/CFD/DIL/5/2013 dated February 4, 2013 dealing with its observation on M&A Scheme (in addition to the NOC from Stock Exchange). The following issues have been addressed by SEBI through this Circular: 1. Applicability of SEBI Circular CIR/CFD/DIL/5/2013 Issue: Due to the language of opening para of SEBI Circular CIR/CFD/DIL/5/2013 dated February 4, 2013 there was confusion amongst the corporate that whether this circular is applicable only to the cases where exemption from Rule 19(2)(b) of Securities Contracts (Regulation) Rules, 1957 is sought from SEBI.

AMENDMENT INTO THE REALIZATION PERIOD OF EXPORT PROCEEDS Those companies who are engaged in the business of export of goods and software are required to realize and repatriate to India the proceeds of export in freely convertible foreign currency within such period and in such manner as may be specified by RBI under Section 8, subsection (6) of Section 10, clause (c) of subsection (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999). Mr. Pankaj Singla Sr. Associate +919971508320 pankaj@indiacp.com The period of realization and repatriation to India, for the full value of goods or software exported is twelve months from the date of export which was extended period from original period of six months and was valid till March 31, 2013.