Is Softex certification mandatory?

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Is Softex certification mandatory?

The RBI had vide a Circular in September 20131, laid down a revised procedure for filing of SOFTEX making it mandatory for ALL exporters. The instruction takes precedence over a Notification from RBI in 20042 requiring the filing of SOFTEX only if the invoice value exceeded UD $ 25,000.

Who is required to file Softex forms?

Exporters registered under STP and SEZ must file SOFTEX form to value the software exports done by exporter. Some exporters of Software i.e. both IT and ITeS companies that are not registered in STP or SEZ or other EOU schemes scheme must also file SOFTEX, according to foreign trade policy.

Who needs Softex?

As per the RBI guidelines, SOFTEX form is required to be submitted by any firm that does IT/ITeS (Information Technology enabled Services) exports through various data communication channels. The valuation is performed according to the customs valuation rules.

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What is eBRC?

An eBRC (electronic Bank Realisation Certificate) is an extremely important digital certificate for those in the export business. It is issued by a bank as confirmation that the exporter has received payment from the buyer against the export of goods or services.

What is the difference between STPI and non STPI?

STPI is the administrative authority for software export valuation and certification of SOFTEX form, in place of Customs. This means, all companies exporting software, irrespective of the value, have to register as Non STPI unit, file SOFTEX forms.

Is it mandatory to register with STPI?

Registration under STPI as a NON-STP unit is mandatory for any company who does IT/ITES exports through Data communication links.

Is IT mandatory to register with STPI?

How is eBRC generated?

eBRC is initiative to promote paperless trade and the DGFT has created an electronic platform for Bank Realization Certificate. Using the eBRC platform, banks can electronically transmit foreign exchange realization from banks to the DGFT server. This process is secured by the use of a digital certificate.

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What is Dgft Licence?

Director General Foreign Trade (DGFT) License The import license is issued by Director General Foreign Trade (DGFT). This license is valid for 24 months for capital goods and 18 months for raw material component, consumable and spaces with the license term renewable.

What is STPI certificate?

STPI is the administrative authority for software export valuation and certification of SOFTEX form in place of Customs. As per RBI circular dated 13th September 2013, the exporters of the software will have to declare all the export transactions in SOFTEX, including those less than US$25,000.

What is STPI Softex?

What is the difference between STPI and non STPI registration?

Is E-BRC compulsory for export business?

For all those who are exporting their product to any country, YES e-BRC is compulsory for them. BRC is a statement that will prove that you have received a payment from the customer online into a bank within the time frame of 9 months failing which RBI may send you a notice to show the payment of the export you did.

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What is E-BRC and how does it work?

What is e-BRC? Electronic bank realization certificate is issued by banks to the exporter for the purpose of claiming benefits under the various schemes of the Foreign Trade Policy. eBRC is initiative to promote paperless trade and the DGFT has created an electronic platform for Bank Realization Certificate.

What is electronic bank realization certificate (EBRC)?

Electronic bank realization certificate is issued by banks to the exporter for the purpose of claiming benefits under the various schemes of the Foreign Trade Policy. eBRC is initiative to promote paperless trade and the DGFT has created an electronic platform for Bank Realization Certificate.

What are the benefits of EBRC?

With eBRC there is minimum human intervention and its easy and simple to operate to get export benefits. DGFT is already receiving information for shipping bills electronically through EDI ports, now with this integration with banks it is getting the foreign currency realisation details too which can be linked to each shipping bill.