| Date: |
01-04-2015
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| Notification No: |
RBI/2014-15/534 A.P.(DIR Series) Circular No.93
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2014-15/534 |
| Subject: |
Export of Goods and Services – Project Exports
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RBI/2014-15/534
A.P.(DIR Series) Circular No. 93
April 1, 2015
To
All Category – I Authorised Dealer Banks
Madam/ Sir,
Export of Goods and Services – Project Exports
Attention of Authorised Dealers is invited to
A. P. (DIR Series) Circular No. 11
dated July 22, 2014 in terms of which AD banks / Exim Bank have been permitted
to consider according post-award approvals without any monetary limit and permit
subsequent changes in the terms of post award approval within the relevant FEMA
guidelines / regulations. Further, in terms of para B. 11 (i) of the revised
Memorandum of instructions on Project and Service exports, Exim Bank in
participation with commercial banks in India may extend Buyer’s credit upto the
limit of USD 20 million to foreign buyers in connection with export of goods on
deferred payment terms and turn key projects from India.
- With a view to further liberalising the procedure and as the Working Group
structure has been dismantled, it has been decided to withdraw the limit of USD
20 million for Buyer’s credit which may be extended to foreign buyers in
connection with export of goods on deferred payment terms and turn key projects
from India.
- Memorandum of Instructions on Project and Service Exports (PEM) has been
revised accordingly.
- Authorised Dealers may bring the revised guidelines in the Memorandum to the
notice of their constituents concerned.
- The directions contained in this circular have been issued under sections
10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999)
and are without prejudice to permissions / approvals, if any, required under any
other law.
Yours faithfully,
(A.K.Pandey)
Chief General Manager
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