Section 12 in The Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004
12. Export of goods towards equity procedure. - (1) An Indian party exporting goods/software/plant and machinery from India towards equity contribution in a Joint Venture or Wholly Owned Subsidiary outside India shall declare it on GR/SDF /SOFTEX form, as the case may be, which shall be superscribed as "Exports against equity participation in the JV/WOS abroad", and also quoting Identification Number, if already allotted by Reserve Bank.
(2)Notwithstanding anything contained in regulation 11 of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, the Indian party shall, within 15 days of effecting the shipment of the goods, submit to the Reserve Bank a custom certified copy of the invoice through the branch of an authorised dealer designated by it.(3)An Indian party capitalising exports under regulation 11 shall, within six months from the date of export, or any further time as allowed by Reserve Bank, submit to Reserve Bank copy lies of the share certificate/s or any document issued by the Joint Venture or Wholly Owned Subsidiary outside India to the satisfaction of Reserve Bank evidencing the investment from the Indian party together with the duplicate of GR/SDF/SOFTEX form through the branch of an authorised dealer designated by it.
