In Foreign Exchange,
IMPORTS ON SUGAR
of the Authorised dealers is invited to F.E Circular No.
15 dated the 19th April, 1986 regarding import of sugar.
2. It has
since been decided to rescind the above circular with immediate
effect. Consequently,the validity of the letters of credit
already opened can now be extended and that letters of credit
covering import of sugar can also hence forward be opened
on usance basis and contracts envisaging import of
sugar on usance basis can be registered.
3. In view
of the position brought out above, the instructions
contained in Para 3 of F.E
Circular No. 14 dated the 13th June,1997 are also hereby
Please bring the above to the notice of your constituents.