4.15.1

Before opening the LC, the bank will ensure that the necessary BG / LUT has been executed by the Advance Licence holder and an endorsement to that effect has been made on the licence.

However, execution of BG/LUT shall not be required against DFRC. After opening the inland LC, the bank shall make the following endorsement on the Exchange Control and Customs copy of the Advance Licence for Physical Exports/ Deemed Exports/DFRC;

The value of this Advance Licence for Physical Exports/ Deemed Exports/ DFRC stands reduced by a sum of Rs. ________ , being the value of the inland LC No.________ opened today by the licensee in favour of M/s ____________________ (name and address of the indigenous supplier).