Shipping Companies in
Attention of Authorised Dealers
is invited to the instructions contained in paragraph 5.4
of FE Circular No. 38 dated 21st July, 1998 in terms of
which the facility afforded to the exporters, vide sub-paragraph
(iii) of paragraph 29 - Chapter XII of the Foreign Exchange
Manual to retain amounts in foreign currency accounts for
the purpose mentioned therein, was withdrawn.
It has since been decided to restore the above facility
to the exporters with immediate effect. The Authorised Dealers
may, however, ensure that the amounts retained in such foreign
currency accounts will not be used for the purposes other
than those outlined in paragraph 29(iii) - Chapter XII of
the Foreign Exchange Manual.