Head Offices / Principal Offices of All
Authorised Dealers in Foreign Exchange,

Dear Sirs,

Please refer to the instructions contained in FE Circular No. 38 dated July 21, 1998 read with Circular Letters No. 31/FEP.16(326)Q-98 dated 31-07-1998 and No.35/FEP-16(326)Q-Poly-98 dated 24-08-1998. It has now been decided that with immediate effect payments for import of all commodities other than wheat and POL products as mentioned in these circulars, will be made at the composite rate of exchange. You are advised to note these instructions carefully and immediately convey the same to all your branches authorised to deal in foreign exchange.