| Date: |
21-06-1995
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| Notification No: |
Customs Circular No 71/1995
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| Issuing Authority: |
Indian Customs
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| Type: |
Circular
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| File No: |
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| Subject: |
Clarification regarding export of goods against repayment of state credits and liquidation of debt repayment arrangements
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Clarification regarding export of goods against repayment of state
credits and liquidation of debt repayment arrangements
Circular No. 71 dated 21st
June 1995
Some
representations have been received from the exporters exporting goods to Russia
(erstwhile soviet Union) that some Custom Houses are not accepting shipping
bills under the DEEC Scheme on the grounds that the shipping bills do not
indicate the value of the export goods in terms of freely convertible currency
and that such shipping Bills indicate f.o.b. value in Indian rupees only.
Attention in this regard is drawn to para 2(v) of Ministry's Circular No. 3/92
and 4/92 both dated 1.6.92 issued from F.No. 605/58/92-DBK wherein it has been
stated that import and export values shall be denominated both in Indian rupees
and in convertible foreign exchange.
2. The
matter was referred to the DGFT who have clarified that while issuing Advance
Licences for exports of goods against repayment of state credits granted by the
former USSR and against liquidation of debt repayment arrangements, the
guidelines contained in RBI Circular No. AD (MA Series) No. 30 dated 23.9.93
should be followed as clarified in their ALC No. 2/95 dt. 20.1.95 (copies with
enclosure).
The receipt of
this Circular may kindly be acknowledged.
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