9911796707
TMI BlogLiberalisations in Project and Service ExportsX X X X Extracts X X X X X X X X Extracts X X X X ..... y - I) banks is invited to Regulation 18 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 notified vide Notification No. FEMA 23/2000-RB dated 3rd May 2000, as amended from time to time and the Memorandum of Instructions on Project Service Exports (PEM) of October 2003 issued vide A. P. (DIR Series) Circular No. 32 dated October 28, 2003. 2. With a view to simpli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egarding recovery of market value (not less than book value) of the machinery, etc., from the transferee project is withdrawn with immediate effect. Further, exporters may use the machinery / equipment for performing any other contract secured by them in any country subject to the satisfaction of the sponsoring AD Category - I bank(s) / Exim Bank / Working Group. The reporting requirement for tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ory - I bank(s) / Exim Bank / Working Group may permit exporters to open, maintain and operate one or more foreign currency account/s in a currency/currencies of their choice with inter-project transferability of funds in any currency or country. The Inter-project transfer of funds will be monitored by the AD Category - I bank(s) / Exim Bank / Working Group. 3. Deployment of Temporary Cash Surp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egory - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 5. The directions contained in this circular have 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. Yours faithfully, ( M. Sebastian ) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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