45. Refund of money for any
rejection/return will be made simple by only
requiring reference to FIRC for banks to enable
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
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
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
54. IT industry will be
included by a Definition in Schedule-3 (priority
industries) of the Industrial Policy.