Rupee liability rules for imports financed by external assistance require deposits and prescribed interest rates for delayed payments. Imports financed by External Assistance under the Direct Payment/Letter of Commitment procedure create a Rupee liability on importers equal to the Rupee equivalent of donor payments as intimated by the Aid Accounts and Audit Division, determined using the RBI selling rate for government transactions or the donor loan currency where no RBI rate exists. Interest on the Rupee liability is prescribed by importer category and timing of deposit, with exemptions for Central and State Government ministries/departments, and the rounded amount plus interest must be deposited to the designated government account with a receipted challan forwarded to the Aid Accounts and Audit Division.
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Provisions expressly mentioned in the judgment/order text.
Rupee liability rules for imports financed by external assistance require deposits and prescribed interest rates for delayed payments.
Imports financed by External Assistance under the Direct Payment/Letter of Commitment procedure create a Rupee liability on importers equal to the Rupee equivalent of donor payments as intimated by the Aid Accounts and Audit Division, determined using the RBI selling rate for government transactions or the donor loan currency where no RBI rate exists. Interest on the Rupee liability is prescribed by importer category and timing of deposit, with exemptions for Central and State Government ministries/departments, and the rounded amount plus interest must be deposited to the designated government account with a receipted challan forwarded to the Aid Accounts and Audit Division.
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