Conversion of FOB value to rupees using TT buying rate requires bank certificate endorsement and DEPB credit computation accordingly. FOB values for DEPB must be converted into Indian rupees using the authorised dealer's TT buying rate on the date export documents are purchased/negotiated/collected; the resulting rupee FOB is then used to apply the DEPB rate of credit. Applicants must submit bank certificates with an endorsement certifying the date of purchase/negotiation/collection and the TT buying rate. The endorsement is required even if proceeds are realised and for all cases where DEPBs have not been issued; exporters with file numbers assigned prior to 29/9/2000 are exempt.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Conversion of FOB value to rupees using TT buying rate requires bank certificate endorsement and DEPB credit computation accordingly.
FOB values for DEPB must be converted into Indian rupees using the authorised dealer's TT buying rate on the date export documents are purchased/negotiated/collected; the resulting rupee FOB is then used to apply the DEPB rate of credit. Applicants must submit bank certificates with an endorsement certifying the date of purchase/negotiation/collection and the TT buying rate. The endorsement is required even if proceeds are realised and for all cases where DEPBs have not been issued; exporters with file numbers assigned prior to 29/9/2000 are exempt.
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