(i) Reserve Bank may consider requests from Indian agents of overseas TV media to collect advertisements from Indian exporters, who are having export earnings of not less than Rs.10 lakhs during each of the preceding two years, for transmission on overseas TV media subject to fulfilment of certain conditions. The eligible exporters should submit their requests for release of exchange in form ADV to Reserve Bank through such approved agents. (See note under paragraph 6E.1 for regulations applicable to exporters maintaining EEFC accounts).

(ii) Remittances towards advertisements in print media abroad or on Internet may be allowed by authorised dealers subject to limits and conditions stipulated in item IX (Part B) of Annexure I. Reserve Bank may consider requests from Indian agents of foreign newspapers/ periodicals, for grant of general permission for remittance of advertisement charges collected, net of commission and Income-tax through designated branches of authorised dealers.

(iii) Authorised dealers may allow remittances of net rupee collections made by Indian agents of foreign newspapers/periodicals or Internet companies representing charges for advertisements in overseas print media, after deduction of income tax, commission and other charges, if any, due to the applicants. to the overseas companies subject to submission of following documents:

a) Form A2 together with clipping/text of the advertisement.

b) Invoice/bill from the overseas publisher/Internet company, indicating the total charges, amount of commission etc. due to the applicant and the net remittable amount (A copy of the agency agreement or any other documentary evidence in support of commission payable to the applicant should also be enclosed to the application).

c) A statement indicating how net remittable amount has been arrived at, duly certified by a Chartered Accountant.

d) A certificate/undertaking regarding compliance with Income Tax provisions (cf. paragraph3B.10).

e) An approval letter from the Ministry of Finance, Department of Economic Affairs, Government of India, New Delhi in case the advertisement is released by Central/State Government Departments/Undertakings.

f) In case of advertisement for public issue of equity shares of Indian companies, a declaration from the competent authority of the concerned company to the effect that the total expenditure in foreign exchange on conference, advertisements, publicity abroad is within 1% of the total value of the equity shares (including premium amount, if any) allotted to FIIs/OCBs/NRIs against payment in foreign exchange.

g) A declaration from the applicant that he has not applied for remittance of these collections to any other authorised dealer.

NOTE:

A. Authorised dealers may allow remittance in advance subject to the provisions of paragraph 8C.10 towards cost of advertisement in print media or on Internet, out of EEFC account of the advertiser concerned provided the overseas agency insists advance remittance and an undertaking has been obtained from the applicant that he would submit documentary evidence in support of publication of advertisement within 3 months from the date of remittance. Authorised dealers should follow up submission of documentary evidence with the remitter.

B. The instructions contained in paragraph 8C.2(iii) are not applicable for remittance of charges for advertisements over foreign television media.