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DGFT Foreign Trade Policy Exim Policy (01/04/2002 to 31/03/2003) PARA 2.40

PARA 2.40

All export contracts and invoices shall be denominated either in freely convertible currency or Indian Rupees but the export proceeds shall be realized in freely convertible currency only. Contracts for which payments are received through the Asian Clearing Union (ACU) shall be denominated in ACU Dollar. The Central Government may relax the provision of this paragraph in appropriate cases. Export contracts and invoices can be denominated in Indian rupees against EXIM Bank / Government of India line of credit.

(Para 2.40 has been amended vide Ntf. 11/2002, Dt. 01/08/2002)

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All export contracts and invoices shall be denominated in freely convertible currency and export proceeds shall be realised in freely convertible currency. Contracts for which payments are received through the Asian Clearing Union (ACU) shall be denominated in ACU Dollar. The Central Government may relax the provisions of this paragraph in appropriate cases. Export contracts and Invoices can be denominated in Indian rupees against EXIM Bank/Government of India line of credit. ]

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