Export of goods from India towards equity participation should be declared on GR form which should be submitted to the Regional Office of Reserve Bank for prior approval since the proceeds of such exports will not be repatriated to India as normally required under the existing Exchange Control Regulations. Copies of GR forms should thereafter be submitted to Customs authorities in the normal manner. Within 15 days of effecting the shipment of the machinery/goods, the Indian party should submit to the concerned Regional Office of Reserve Bank a copy of the final invoice through his banker (duly certified by the latter) indicating, among others, name of the vessel, shipping bill number, date of shipment, details of the goods and price thereof. The duplicate GR form along with the share certificates of the equivalent value issued by the overseas JV/WOS and the application in form FAD 2 for holding foreign currency shares should be submitted to the concerned Regional Office of Reserve Bank within six months from the date of shipment.