All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

REVALIDATION OF LETTER OF CREDIT
ON PAYMENT OF PRESCRIBED FEE

Attention of Authorized Dealers is invited to F.E. Circular No.77 dated the 28th April, 1991 read with Chief Controller of Imports and Exports Public Notice No.12(92)/Imp.I dated the 8th July, 1992 which, inter-alia, provide that Authorized Dealers can extend the letters of credit up to a further period of 24 months on payment of additional fee at the prescribed rate for the unutilized portion of the letter of credit.

2. In this connection, it is clarified that extensions can be made within the validity of the letters of credit and that the said F.E. Circular does not empower the Authorized Dealers to revalidate the expired letters of credit.

3. Other instructions contained in the above F.E. Circular, however, remain unchanged.