Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 14
June 13, 1997 

All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

IMPORTS ON USANCE BASIS

Attention of the Authorized Dealers is invited to F.E. Circular No. 12 dated the 27th May, 1997 in terms of which usance imports can be made on the basis of letters of credit/contracts envisaging prices quoted on spot basis and payment of interest separately at a rate not exceeding the relevant LIBOR + 1.5%.

2. Enquiries have been received whether LIBOR prevailing on the date of issuance of letter of credit or on the date of shipment/drawl of Bill of Exchange will apply for the purpose of payment of interest. It should be noted that LIBOR obtaining on the date of drawl of bill of exchange will be used for the purpose.

3. It should also be noted that the facility of import of usance basis is not available to sugar. The instructions contained in F.E. Circular No.15 of 1986 will, inter-alia, continue to apply for the import of sugar.

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

       
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