All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

DEPOSIT OF FEE – REVISION IN THE
RATE OF FINE - AMENDMENT

Effective 16^th August, 1993, the rate of fine to be charged from the Authorized Dealers for late deposit of (I) Exchange Risk Coverage Fee, (ii) Counterpart funds in respect of imports under Foreign loans/credits, and (iii) import fee shall stand revised from Rs.4/- to Rs.4.55 per day per Rs.10,000/- or part thereof.

2. Accordingly, the following amendments may please be made in the Foreign Exchange Manual (Seventh Edition – 1992):-

1. Chapter IV – Paragraph 18 (vi)
   The word and figure "Rs.4.00" appearing in the 10^th line may be changed to "Rs.4.55".

 

   

2. Chapter XIII – Paragraph 58
   The word and figure "Rs.4.00" appearing in the 3^rd line may be changed to "Rs.4.55".

  

   

3. Chapter XIII – Paragraph 39(B)
   Sub-paragraph (vi) may be added to paragraph 39(B) as under:-
    
   "(vi) In case the Authorized Dealers fail to deposit the Import fee within the time limit prescribed above, they will be required to pay a fine @ Rs.4.55 per day per Rs.10,000.00 or part thereof for the period by which deposit is delayed".

 

    

4. Chapter XIII – Paragraph 39(B)
   Sub-paragraph (vii) may be added to paragraph 39(B) as under:-
   
   "(vii) Inadvertent/excess deposits on account of Import fee deposited by the Authorized Dealers will not qualify for adjustment against the future collections and refund will have to be obtained from the Ministry of Commerce".