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DGFT Foreign Trade Policy Exim Policy (upto 31/03/2001) 11.2

11.2

Denomination of Export Contracts

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.

(The last sentence of this para has been added vide Ntf. No. 29/(RE-98), Dt. 3/11/98)

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