| Date: |
12-04-2002
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| Notification No: |
RBI A P D (Series)Circular No 38/2002
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
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| Subject: |
Foreign Exchange Management Act, 1999 – Export of Goods and Services – Reduction in Value
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Foreign Exchange Management Act, 1999 � Export of Goods and Services
� Reduction in Value
A.P. (DIR Series)
Circular No. 38 dated 12th April 2002
Attention of
authorised dealers is invited to item (i) of paragraph C 12(b) of A.P. (DIR
Series) Circular No.12 dated September 9, 2000 in terms of which authorised
dealers have been permitted to allow reduction in invoice value of export which
does not involve gold or silver jewellery or articles made out of cut and
polished diamonds.
2. The
matter has now been reviewed and it has been decided to allow authorised dealers
to consider requests for reduction upto 10% in invoice value of export bills
also in respect of export of gold/ silver jewellery or articles made out of cut
and polished diamonds. All other terms and conditions of the paragraph C.12
remain unchanged.
3. Authorised Dealers may
bring the contents of this circular to the notice of their constituents
concerned.
4. The
directions contained in the circular have been issued under Section 10(4) and
Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
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