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Export of Goods and Services Against Repayment of State Credits Granted
by Erstwhile Soviet Union
A.P.
(DIR Series) Circular No. 13 dated 6th September 2002
Attention
of all authorised dealers is drawn to A.D. (G.P. Series) Circular No. 11 dated
June 15, 1998, in terms of which reimbursement claims sent to Reserve Bank where
the documents are negotiated within the validity of letters of credit (LCs), are
honoured by the Bank subject to the condition that claim is received not later
than the 37th working day from the date of expiry of LC, excluding
the days on which Reserve Bank of India, Mumbai is closed.
2. It has now been decided in consultation with
the Bank for Foreign Economic Affairs of the USSR, Moscow (BFEA), to reduce the
period for lodging the reimbursement claims from 37 working days to 27 working
days from the date of expiry of LC, excluding the days on which Reserve Bank of
India, Mumbai is closed.
3. Authorised Dealers are, therefore, advised
that hereafter the reimbursement claims for exports against repayment of State
Credits should be lodged so as to reach the Regional Director, Reserve Bank of
India, Deposit Accounts Department, Mumbai, not later than 27th
working day as indicated above. The claims received after expiry of the
stipulated period will be considered only on receipt of fresh confirmation from
BFEA.
4. Notice to Exporters No.1 dated September 6,
2002 is enclosed, the contents of which may be brought to the notice of your
constituents who are engaged in export trade with Russian Federation.
5. 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).
Notice
to Exporters No.1 of 2002
1. Under the Banking Arrangement dated 6th
September, 1993 concluded between Reserve Bank of India (RBI) and the Bank for
Foreign Economic Affairs of the USSR, Moscow (BFEA), repayment of State Credits
is made by way of exports of goods and services from India to Russian Federation
against Letters of Credit (LCs) opened by BFEA. Reimbursement claims sent to
Reserve Bank of India, Deposit Accounts Department, Mumbai, where the documents
are negotiated within the validity of LCs are honoured by RBI subject to the
condition that claim is received by RBI not later than the 37th
working day (from the date of expiry of LC) excluding the days on which the
Reserve Bank of India, Mumbai is closed).
2. It has now been decided in consultation with
the BFEA to reduce the period for lodging the reimbursement claims from 37
working days to 27 working days from the date of expiry of LC.
3. The reimbursement claims for exports against
repayment of State Credits should, therefore, be lodged through the nominated
banks so as to reach the Regional Director, Reserve Bank of India, Deposit
Accounts Department, Mumbai, within the above stipulated period. The claims
received after the above-stipulated period will be considered only after the
receipt of fresh payment instructions from BFEA.
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