Policy Circular No. 39 dated 25^th September 1998

Under the current EXIM Policy and procedures, Companies having non-resident interest and intending to repatriate the profits are required to produce a copy of RBI approval while applying for grant of Importer- Exporter Code no. It has come to the notice of this Office that some Companies having Foreign Collaboration approval by Secretariat for Industrial Approvals, Ministry of Industry, have claimed that approval of RBI is not necessary in their case. In this connection, it is clarified that as per in Note 1 below Appendix 2 A (Format for IEC application) RBI approval must be submitted with full details of repatriation benefits and non-resident investment while applying for grant of an IEC No.

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