Exports of goods under paragraph 11.7 of the EXIM Policy against payment In Indian Rupee in respect of irrevocable Letter of Credit established before 28.1.2000 - DGFT - 55 (RE-99)/99-2000

Exports of goods under paragraph 11.7 of the EXIM Policy against payment In Indian Rupee in respect of irrevocable Letter of Credit established before 28.1.2000 GOVERNMENT OF INDIA MINISTRY OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE POLICY CIRCULAR NO.55 (RE-99)/99-2000 Dated.16.3.2000 Sub: Exports of goods under paragraph 11.7 of the EXIM Policy against payment In Indian Rupee in respect of irrevocable Letter of Credit established before 28.1.2000. Attention is invited to Policy Circular No.50 dated 28.1.2000 clarifying the provisions of paragraph 11.7 of the EXIM Policy with regards to export against payment in Indian Rupee. Various representations have been received from the exporters highlighting the difficulties faced by them in achieving intrinsic value addition as per clarification given under the aforesaid circular when they have already imported the goods from General Currency Area. Keeping in view the spirit of paragraph 1.5 of the Policy and genuine problems of the exporters, it has been decided to clarify that, that all those exporters who have established irrevocable Letter of Credit for export of items against payment in Indian Rupees prior to 28th January, 2000 may be permitted to exports without insisting on intrinsic value addition on the imported goods as explained earlier vide the Policy circular no.50 provided the shipment is effected within the original validity of irrevocable Letter of Credit. This issues with the approval of DGFT. Sd/- (A.K.Srivastava) Dy. Director General of Foreign Trade