in Foreign Exchange,
OF LETTER OF CREDIT
ON PAYMENT OF PRESCRIBED FEE
of Authorized Dealers is invited to F.E. Circular No.77
dated the 28th April, 1991 read with Chief Controller of
Imports and Exports Public Notice No.12(92)/Imp.I dated
the 8th July, 1992 which, inter-alia, provide that Authorized
Dealers can extend the letters of credit up to a further
period of 24 months on payment of additional fee at the
prescribed rate for the unutilized portion of the letter
In this connection, it is clarified that extensions can
be made within the validity of the letters of credit and
that the said F.E. Circular does not empower the Authorized
Dealers to revalidate the expired letters of credit.
Other instructions contained in the above F.E. Circular,
however, remain unchanged.