Section 17 in Foreign Exchange Management (Export of Goods and Services) Regulations, 2015
17. Project exports.
(1)Where an export of goods or services is proposed to be made on deferred payment terms or in execution of a turnkey project or a civil construction contract, the exporter shall, before entering into any such export arrangement, submit the proposal for prior approval of the approving authority, which shall consider the proposal in accordance with the guidelines issued by the Reserve Bank of India from time to time.(2)In case a guarantee is required to be given prior to post award approval, the same may be issued by an authorized dealer bank/ a person resident in India being an exporting company, for performance of a project outside India, or for availing of credit facilities, whether fund-based or non-fund based, from a bank or a financial institution outside India in connection with the execution of such project, provided that the contract/ Letter of Award stipulates such requirements.Explanation. - For the purpose of this Regulation, 'approving authority' means the EXIM Bank of India or the authorised dealer
