All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

DEPOSIT OF RUPEE COUNTERPART FUNDS IN REPSECT OF IMPORTS UNCDER FOREIGN LOANS/ CREDITS, EXCHANGE RISK COVERAGE FEE AND IMPORT FEE-REVISION OF RATE OF FINE-AMENDMENT

Attention of the Authorized Dealers is invited to F.E. Circular No.61 dated the 15^th August, 1993 on the above subject.

2. 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 reduced from Rs.4.55 per Rs.10,000.00 per day to Rs.4.00 per Rs.10,000.00 per day with effect from the date of issue of this Circular. Necessary corrections may please be made by the Authorized Dealers in:

• para 18(vi) Chapter IV,

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• Para 39 (B) VI Chapter XIII

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• Para 58 Chapter XIII

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of the copies of Foreign Exchange Manual (7^th Edition – 1992) held by them.