For export of services, payment received in convertible foreign exchange or in Indian rupees through repatriable accounts such as SNRR account, INR Nostro account or similar accounts satisfies section 2(6)(iv) of the IGST Act. Payment to stock brokers by FPIs, NRIs and OCIs through SNRR or NRE accounts is valid, while NRO payments must be routed through such accounts. Set-off of export receivables against import payables as per RBI directions, and retention of commission by reinsurance brokers under the net retention mechanism, are also treated as satisfying the condition.

In this regard, Circular No. 202/14/2023-GST dated 27.10.2023, which had recognised receipt of export proceeds in INR through Special Rupee Vostro Accounts as satisfying the said condition, is referred to. The present Circular extends the clarification to other repatriable INR accounts and the settlement mechanisms discussed above.

For export of goods, the time limit for realisation of export proceeds under rule 96B is the period, including extended period, prescribed in RBI Master Direction No. 16/2015-16 (last amended 05.06.2026). No recovery of refund is to be made where realisation has been written off by the AD bank.