V. EXPORT, INVESTMENT AND RBI RELATED ISSUES
45. Refund of money for any rejection/return will be made simple by only requiring reference to FIRC for banks to enable payment.
46. A blanket approval will be given for overseas investment of upto US $ 2 million across the board for IT product exporters. This is subject to submission of a certificate of IT products industry by appropriate authorities. For FERA approvals beyond this limit, RBI would set up a mechanism for simplified processing of applications from this sector.
47. Acquisition of overseas IT Company, as per RBI norms, will not require any separate permission from the Department of Company Affairs under Section 372 of the Companies Act, 1956.
48. For overseas ventures, a dispensation will be given for allowing the capitalisation of both goods and services; RBI will accordingly notify this.
49. Use of International Credit Cards abroad for varieties of purposes required by the IT product exporters will be permitted detailing of which will be carried out by RBI and notified by 2 October 1998, in particular,
i) export of products against payment by Credit Card will be allowed.
ii) all payments currently made in exchange earned foreign currency (EEFC) will also be allowed to be made through ICC.
iii) import of samples and small items of value upto $ 1000 will be allowed by credit card payment.
50. Export of IT products through courier will be made possible and duty draw back for this will be permitted.
51. The necessary notification will be issued to permit EOU/EPZ Units to return the rejected material/capital goods purchased from DTA under CT 3 Form without payment of Central Excise Duty. The same provision will equally apply to the S-BIT units/zones.
52. Ministry of Finance will notify the IT products sector as a priority sector for investments by FIIs.
53. IT industry will be given the status of Infrastructure Industry in order to be globally competitive and be able to tap funds globally.
54. IT industry will be included by a Definition in Schedule-3 (priority industries) of the Industrial Policy.