All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
FOREIGN
CURRENCY LOANS FOR EXPORTS
Please
refer to F.E. Circular No. 24 read
with F.E. Circular No. 30, both of
1995.
It
has now been decided that where an exporter is unable to
export goods against a firm contract/letter of credit against
which a foreign currency loan was obtained, he may repay
the loan from the proceeds of export of the same or other
commodity to the same or a different buyer in any country
against another firm contract/letter of credit provided
no foreign currency loan has been obtained against the substituted
contract/letter of credit.