7.9.5

The exporter shall have the flexibility to fix the price and repay the gold loan within 180 days from the date of export. [OLD- The exporter shall have the flexibility to fix the price and repay the gold loan within 60 days from the date of export. ] The price shall be communicated to the nominated agencies who will issue a certificate showing the final confirmation of the rate to the bank negotiating the document, to ensure export proceeds are realized at this rate.

(In above para first sentence has been amended vide P.N. No. 35/2004, DT. 23/12/2004)