(2)[(a) This section applies to all goods or merchandise, other than those specified in clause (b), if the sale proceeds of such goods or merchandise exported out of India are] [Substituted by Act 32 of 1985, Section 19, for Section 80-HHC (w.e.f. 1.4.1986).] [received in, or brought into, India] [ Substituted by Act 12 of 1990, Section 22, for " receivable" (w.e.f. 1.4.1991).] by the assessee [(other than the supporting manufacturer)] [ Inserted by Act 12 of 1990, Section 22 (w.r.e.f. 1.4.1990).][in convertible foreign exchange,] [Substituted by Act 32 of 1985, Section 19, for Section 80-HHC (w.e.f. 1.4.1986).] [within a period of six months from the end of the previous year or, [within such further period as the competent authority may allow in this behalf] [Inserted by Act 12 of 1990, Section 22 (w.r.e.f. 1.4.1990).].] [Inserted by Act 10 of 2000, Section 34 (w.e.f. 1.4.2001).][Explanation. - For the purposes of this clause, the expression "competent authority" means the Reserve Bank of India or such other authority as is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange. ] [ Inserted by Act 27 of 1999, Section 46 (w.e.f. 1.6.1999).](b)[ This section does not apply to the following goods or merchandise, namely:-(i)mineral oil; and(ii)minerals and ores ][(other than processed minerals and ores specified in the Twelfth Schedule)] [ Inserted by Act 49 of 1991, Section 28 (w.r.e.f. 1.4.1991).].[Explanation 1. - The sale proceeds referred to in clause (a) shall be deemed to have been received in India where such sale proceeds are credited to a separate account maintained for the purpose by the assessee with any bank outside India with the approval of the Reserve Bank of India.Explanation 2. - For the removal of doubts, it is hereby declared that where any goods or merchandise are transferred by an assessee to a branch, office, warehouse or any other establishment of the assessee situate outside India and such goods or merchandise are sold from such branch, office, warehouse or establishment, then, such transfer shall be deemed to be export out of India of such goods and merchandise and the value of such goods or merchandise declared in the shipping bill or bill of export as referred to in sub-section (1) of section 50 of the Customs Act, 1962 (52 of 1962), shall, for the purposes of this section, be deemed to be the sale proceeds thereof.] [ Inserted by Act 49 of 1991, Section 28 (w.e.f. 1.4.1992).]
