All
Authorized Dealers
in Foreign Exchange,
Dear
Sirs,
Please
refer to para 28
- Chapter XIII
of the Foreign Exchange Manual (7th Edition, 1992 - as amended
upto 30th September, 1994) in terms of which Authorized
Dealers are permitted to register contracts / purchase orders
/ performa invoices / indents etc. for imports. This facility
is hereby withdrawn. Authorised Dealers will no longer register
contracts etc. Remittances against the contracts etc. registered
earlier would however be permissible under the existing
rules.
2.
Attention of the Authorized Dealers is also invited to para
20(ii) ibid in terms of which premature payment of the
usance import bill can be made after deducting from the
Bill amount, interest at the rate of 1.5% p.a. over LIBOR
for the respective currency / respective tenure or the built-in
interest in the invoice, if available, whichever is more
for the number of days intervening between the date of remittance
and the date of the maturity of the bill. This facility
of premature payment of usance bill is also hereby withdrawn.
3.
Please bring the above changes to the notice of your constituent.