Buyer's credit cap removal allows unlimited buyer's credit for project exports under revised FEMA project export guidelines. Authorised dealer banks and participating export finance institutions may extend buyer's credit to foreign purchasers for export of goods on deferred payment terms and turnkey projects from India without the former USD limit; the USD 20 million cap is withdrawn and the Memorandum of Instructions on Project and Service Exports (PEM) has been revised. Authorised dealers must notify constituents of the revised PEM and implement the changed procedures for post award approvals and modifications. Directions are issued under the Foreign Exchange Management Act and are without prejudice to other statutory permissions.