All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

IMPORTS AGAINST USANCE LETTERS OF CREDIT/CONTRACTS

Attention of Authorized Dealers is invited to Para 2 of F.E. Circular No.12 dated the 27^th May, 1997 in terms of which importers are required to furnish a certificate from the Income Tax Officer showing the amount of tax payable on the interest amount.

2. It has since been decided to permit the Authorized Dealers to also accept Auditors’ certificate concerning tax liability on interest element. Consequently the words "or Auditors" may be added after the words "Income Tax Officer" appearing in the penultimate line of Para 2 of the said F.E. Circular.

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

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