Advance payment against exports

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..... tion 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; 1 [ ii) the rate of interest, if any, payable on the advance payment shall not exceed 100 basis points above the London Inter-Bank Offered Rate (LIBOR) or other applicable benchmark as may be dir .....

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..... of receipt of advance payment. ************* NOTES:- 1. Substituted vide F. No. FEMA 23(R)/(5)/2021-RB dated 08-09-2021 before it was read as ii) the rate of interest, if any, payable on the advance payment does not exceed the rate of interest London Inter-Bank Offered Rate (LIBOR) + 100 basis points and - - statute, statutory provisions legislation, law, enactmen .....

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