POLICY CIRCULAR No. 6(RE-00)/2000-2001 Dated 2/05/2000.

Sub:

Export of goods to RPA countries against payment in Indian Rupees in respect of irrevocable letter of credit established before 28.1.2000.

Attention is invited to Policy Circular No. 55(RE-99) dated 16.3.2000 on the above subject.

Some representations have been received from the exporters highlighting the difficulties in adhering to the condition of shipment within the original validity of Letter of Credit, as has been stipulated in the aforesaid Circular No. 55.

Keeping in view the genuine problem of the exporter, it has been decided that all exporters who have established irrevocable Letter of Credit for export of items for payment in Indian Rupees prior to 28th January, 2000 may be allowed to export under the erstwhile paragraph 11.7 of the Policy (RE-99), provided that the shipment is effected by 30th June, 2000 and there is no change in the description of the goods as reflected in the original Letter of Credit.

This issues with the approval of Director General of Foreign Trade.

(A.K Srivastava)
By. Director General of Foreign Trade

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