Advance payment against exports

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..... declaration made by the exporter, outside India, the exporter shall be under an obligation to ensure that - ] (i) the shipment of goods is made within one year from the date of receipt of advance payment; (ii) the rate of interest, if any, payable on the advance payment does not exceed London Inter-Bank Offered Rate (LIBOR) + 100 basis points, and (iii) t .....

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..... --------------------- Notes:- 1. Substituted vide Notification No. FEMA 241/2012-RB, dated 25-9-2012 , before it was read as;- Notwithstanding anything contained in clause (i) of sub-regulation (1), where the export agreement provides for shipment of goods extending beyond the period of one year from the date of receipt of advance payment, the exporter shall require the prior approval .....

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