7.57

An application for grant of DFRC may be made to the licensing authority concerned in the form given in Appendix-11-H alongwith the documents prescribed therein. The provisions of paragraph 7.2 shall be applicable for DFRC also. An application for DFRC shall be filed only after realisation of export proceeds. However, in case of exports against irrevocable Letter of Credit, application may be filed after exports. The CIF value of DFRC shall be arrived at after discounting 25% from the FOB value of exports. The FOB value shall be calculated on the basis of the bank realization certificate.

(The last two sentence of this para has been amended vide Public Notice No.11(RE-01)/97-02, Dt. 1/5/2001.)