CIR. NO. 10/2004-05-RB, DT. 13/09/2004
- Document type
- Circular
- Dated
- Category
- A.P. (DIR Series) Circulars
Export of Goods and Services to Latin American Countries
Export of Goods and Services to Latin American Countries
2. It has been decided to discontinue the facility with effect from September 1, 2004. Accordingly, i.e. for exports made on or after September 1, 2004, exporters exporting to the countries listed in the annexure to the circular ibid, are under obligation to realise full export proceeds within the prescribed period of six months from the date of export.
3. The facility of 360 days for export realisation will, however, continue to be available for exports made to Latin American countries by status holder exporters and manufacturer exporters/merchant exporters/traders of certain products and having export contracts of Rs.100 crore (Rs.1000 million) and above as mentioned in A.P. (DIR Series) Circular No.35 and A.P. (DIR Series) Circular No.30 dated April 1, 2002 and October 21, 2003, respectively.
4. The direction contained in this circular has been issued under Sections 10(4) and 11(1) of the Foreign exchange Management Act, 1999(42 of 1999) and is without prejudice to permissions/approvals, if any, required under any other law.
5. Authorised Dealer Banks may bring the contents of this circular to the notice of their constituents and customers.
Yours faithfully,
Grace Koshie
Chief General Manager