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of <h1>RBI Circular Simplifies Procedures for Project and Service Exports: Revised Instructions, Delegated Authority, and Streamlined Operations.</h1> The circular from the Reserve Bank of India, dated October 28, 2003, addresses changes in the procedures for project and service exports under the Foreign Exchange Management Act. It revises the Memorandum of Instructions to simplify processes, including monetary limits for project approvals, buyer's credit schemes, deferred credit periods, and conditions for proposal clearance. The circular also delegates authority to authorized dealers for various approvals, such as exporting consumables and opening liaison offices. It allows more flexibility in financial arrangements and reporting requirements, aiming to streamline operations for exporters and reduce the need for Reserve Bank intervention.
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