Bids in foreign currency for projects to be executed in India

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..... o item No.5 of Annexure to our A.P. (DIR Series) Circular No.54 dated November 25, 2002, relating to bids in foreign currency for projects to be executed in India. In terms of these instructions, person resident in India has been permitted to incur liability in foreign exchange and to make or receive payments in foreign exchange in respect of global bids where the Central Government has authorized .....

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..... oncerned Administrative Ministry for the International Competitive Bidding. 3. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 4. The directions contained in this circular have been issued under Section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / ap .....

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