“Further, it is permissible for exporters of software to retain amounts up to 35% of their export earnings in Special Exporters Foreign Currency accounts opened with the Authorized Dealers exclusively for payment of commission/discount to the overseas agents/buyers and to use the same to meet other expenses such as promotional publicity, import of Hardware/Software, foreign consultant’s fee etc.” *
*(State Bank’s Foreign Exchange Manual, Chapter 12, Clause 12 (ii))