All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
COMMISSION
ON EXPORTS
Attention
of the Authorized Dealers is invited to para
29 (iii), Chapter
XII of the Foreign Exchange Manual (7th Edition
– 1992) in terms whereof commission/differential not
exceeding 5% FOB value retained in exporters’ foreign
currency accounts can be utilized for promotional publicity,
collection of commercial intelligence, purchase of design
/ patterns and market studies. It has now been decided that
exporters may also utilize these funds for meeting bonafide
export claims and short fall in realization of export proceeds.
Consequently, following amendment in the aforesaid para
of the Manual may be effected.
Second
sentence appearing in the 5th to 8th
lines beginning by the words "The funds" and
ending at "State Bank" may be recast as under:-
"The
funds held in such foreign currency accounts can
be used by the exporters for promotional publicity,
collection of commercial intelligence, purchase
of designs/patterns, market studies, bonafied export
claims and short fall in realization of export proceeds
without any approval from the State Bank".
