9911796707
TMI BlogRupee deposits from Indian Importers under Direct payment/ letter of Commitment ProcedureX X X X Extracts X X X X X X X X Extracts X X X X ..... ment Procedure in respect of imports financed out of External Assistance (ii) Interest payable by Importers in respect of imports made under the Direct payment/ Letter of Commitment procedure against foreign Loans/ Credits/ Grants to Government of India. In exercise of powers conferred under paragraph 4.11 of the Export and Import Policy, 1997-2002, the Director General of Foreign Trade hereby ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... basis for determining Rupees dues from the Importer. In case of direct payment to the Supplier/ Consultant in Indian Rupees, the recovery will be equal to the same amount. However, where currency paid to the Supplier/ Consultant is a currency for which RBI does not notify the rate, then the currency charged to the Loan/ Grant account of the donor will be adopted as the basis for applying the RBI S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w, unless specifically approved otherwise: (a) Cases where Rupee deposits are made within 30 days from the date of payment to the Supplier/ Consultant @ 12% per annum upto 30 days from the date of payment to the date of Rupee deposit, both inclusive (b) Cases where Rupee deposits are made after 30 days from the date of payment to the Supplier/ Consultant @ 12% per annum for the first 30 days and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 001. 5. All the importers should note the above change in the rupee liability and ensure that necessary Rupee deposits are made by them through their banks to the Government Account in the above manner. 6. These orders take effect from 1st December, 2000 and the transactions relating to payments made to the Suppliers/ Consultants from out of the External Loan/ Credit/ Grant to the Government o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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