The Head/Principal Offices of all

Authorized Dealers in Foreign Exchange

Dear Sirs/Madam,

Enhancement in the Limit of Retention of Export Proceeds for Exporters of Pharmaceutical Products

Attention of the Authorized Dealers is invited to FE Circular No. 15 dated 15th August, 2003 regarding retention of export proceeds in Special Foreign Currency Accounts of the exporter.

In terms of Trade Policy Initiatives approved by the Government, it has been decided to enhance the limit of retention of export proceeds for exports of Pharmaceutical products from 10% to 15%. All other terms and conditions mentioned in the above Circular will remain unchanged.