Prior approval requirement for project exports mandates proposal review under central bank guidelines before deferred or turnkey contracts proceed. Where an export on deferred payment terms or in execution of a turnkey project or civil construction contract is proposed, the exporter must, before entering the arrangement, submit the proposal for prior approval of the approving authority, which shall consider the proposal in accordance with guidelines issued by the Reserve Bank of India; 'approving authority' means the EXIM Bank of India or the authorised dealer.