| Date: |
03-03-2003
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| Notification No: |
RBI A P D (Series)Circular No 84/2003
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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: |
Import of Goods – Establishment of Stand-by Letters of Credit – Subscription to ISP 98
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Import of Goods � Establishment of Stand-by Letters of Credit �
Subscription to ISP 98
A.P.
(DIR Series) Circular No. 84 dated 3rd March 2003
Attention
of authorised dealers is invited to paragraph 3 of A.P. (DIR Series) Circular
No. 9 dated August 13, 2002, in terms of which authorised dealers have been
permitted to open stand-by Letters of Credit on behalf of their constituents who
are Independent Power Producers, in cases involving assured supply of spare
parts.
2.
With a view to further
simplifying and liberalising the procedure for import and in consultation with
Foreign Exchange Dealers� Association of India (FEDAI), it has been decided to
allow authorised dealers to open stand-by Letters of Credit on behalf of their
importer constituents for import into India any goods, import of which is
permissible under the EXIM Policy. Detailed guidelines for issuance of such
stand-by letters of credit are being issued by the FEDAI. It will, therefore, be
in order for authorised dealers to open stand-by Letters of Credit for import of
goods into India on behalf of their constituents subject to adherence to the
guidelines issued by FEDAI.
3.
Authorised Dealers may
bring the contents of this Circular to the notice of their concerned
constituents.
4.
The Directions contained
in this 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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