In Foreign Exchange,
AGAINST USANCE LETTERS OF CREDIT/CONTRACTS
of Authorized Dealers is invited to Para
2 of F.E. Circular No.12 dated
the 27th May, 1997 in terms of which importers
are required to furnish a certificate from the Income Tax
Officer showing the amount of tax payable on the interest
It has since been decided to permit the Authorized Dealers
to also accept Auditors certificate concerning tax
liability on interest element. Consequently the words "or
Auditors" may be added after the words "Income
Tax Officer" appearing in the penultimate line of Para
2 of the said F.E. Circular.
Please bring the above to the notice of your constituents.