No person shall, except with the prior permission of the Reserve Bank, take or sent out by land, sea or air any goods from India to any place outside India on lease or hire or under an arrangement or in any other manner other than sale or disposal of such good
Exports under trade agreement / rupee credit etc. :
(i) Export of goods under special arrangement between the Central Government and Government of a foreign state or under rupee credit extended by the Central Government to Government of a foreign stale shall be governed by the terms and conditions set out in the relative public notice issued by the trade Control Authority in India and the instructions issued from time to time by the Reserve Bank.
(ii) An export under the line of credit extended to a bank or a financial institution operating in a foreign state by the EXIM Bank for financing exports from India shall be governed by the terms and conditions advised by the Reserve Bank to the authorised dealers from time to time.
Counter Trade :
Any arrangement involving adjustment of value of goods imported into India against value of goods exported from lndia shall require prior approval of the Reserve Bank.