All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

FOREIGN CURRENCY LOANS FOR EXPORTS

Please refer to F.E. Circular No. 24 read with F.E. Circular No. 30, both of 1995.

It has now been decided that where an exporter is unable to export goods against a firm contract/letter of credit against which a foreign currency loan was obtained, he may repay the loan from the proceeds of export of the same or other commodity to the same or a different buyer in any country against another firm contract/letter of credit provided no foreign currency loan has been obtained against the substituted contract/letter of credit.