7A.9A
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Imports by Government/Public Sector Undertakings, etc
As per the procedure laid down by Government of India, import contracts by Central/State Governments, Central & State Public Sector undertakings and autonomous bodies are required to be made on FOB/FAS basis in respect of transportation of Government owned / controlled cargo by foreign flag vessels (i.e. ocean transportation of cargo) . In case of the import contracts entered into on terms other than FOB/FAS, a No Objection Certificate from the Ministry of Surface Transport (MOST), Government of India is required to be obtained. Authorised dealers, before opening import letters of credit or releasing foreign exchange for imports, should ensure that necessary No Objection Certificate is obtained by the concerned Government organisation in cases of import contracts made on terms other than FOB/FAS.