TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>New Circular Clarifies Export Payments Must Use Irrevocable Commercial Letters of Credit Under FTP 2004-2009 Paragraph 1.5.</h1> The circular addresses transitional arrangements under Paragraph 1.5 of the Foreign Trade Policy (FTP) 2004-2009, emphasizing the requirement for an irrevocable commercial letter of credit as the principal mode of payment for exports. It clarifies that standby letters of credit, which serve as guarantees rather than payment methods, do not satisfy this requirement. The circular advises that payments for exports must be routed through commercial letters of credit to comply with the policy, and failure to do so constitutes a violation of the transitional arrangements. This clarification is issued with the approval of the Directorate General of Foreign Trade (DGFT).
TaxTMI 
TaxTMI 
