15.6

Import licences issued under the Policy shall indicate the value both in Rupees and in freely convertible currency(s) at the exchange rate(s) prevailing on the date of issue of the licence. In the case of licences where export obligation is imposed, the value of the export obligation shall be indicated both in freely convertible currency(s) and in Rupees equivalent at the exchange rate (s) prevailing on the date of issue of the licence. Such exchange rate(s) shall also be indicated on the import licence.

The remittance of foreign exchange and discharge of export obligation against the licence shall, however, be regulated in freely convertible currency.No enhancement in Rupee value shall be necessary if the remittance of foreign exchange is covered by the value of licence shown in freely convertible currency.

However, on the Advance Licence(s), issued for exports to ACU countries, export obligation shall be denominated and discharged in ACU dollars.

The export obligation against Advance Licence for intermediate supply and Advance Licence for deemed export, where supplies are to be made within the country, shall be denominated in Indian rupees and the export obligation shall be discharged in Indian rupees with reference to the CIF value of imports in Indian rupees irrespective of CIF value indicated on the licence