Attention of Authorized Dealers is invited to F.E. Circular Nos. 7 & 25 of 2000 in terms of which the exporters of software are allowed to retain export proceeds upto 35% in a Foreign Currency Account for use for the purposes mentioned therein.

2. It has now been decided that the above facility to the extent of 35% will also be available to all Service Sectors such as Financial Services, Wholesale, Distribution and Retail Trade, Transportation, Storage and Communications, Tele-communication Services, Medical Services, Educational Services, Engineering Services, Real Estate Development, Hotel and Tourism/Tourism Related Services, Technical Testing Facilities and Consultancy Services etc. The Authorized Dealers should ensure that such funds are utilized only for payment of commission/discount and for meeting other expenses such as promotional publicity, foreign consultant’s fee etc.

3. Please bring the above to the notice of all constituents in your area.