All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

IMPORTS ON SUGAR

Attention of the Authorised dealers is invited to F.E Circular No. 15 dated the 19th April, 1986 regarding import of sugar.

2. It has since been decided to rescind the above circular with immediate effect. Consequently,the validity of the letters of credit already opened can now be extended and that letters of credit covering import of sugar can also hence forward be opened on usance  basis and contracts envisaging import of sugar on usance basis can be registered.

3. In view of the position brought  out above, the instructions contained in Para 3 of F.E Circular No. 14 dated the 13th June,1997 are also hereby rescinded.

4. Please bring the above to the notice of your constituents.