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of <h1>Bank Certificate Requirement Waived for Bhutan Hydroelectric Projects Under Notification No. 45/2001-CE (NT) with INR Payments Allowed.</h1> The circular addresses the requirement for submitting a bank certificate evidencing receipt of payment in freely convertible currency under Notification No. 45/2001-CE (NT) for exports to Bhutan's specified hydroelectric projects. These projects, including Kurichu, Tala, Punatsangchhu-I and II, Mangdechhu, and Kholongchhu, are constructed with Indian government aid under bilateral agreements. The India-Bhutan Trade Agreement allows trade in INR or Ngultrums. Therefore, for these projects, payment in INR through banking channels satisfies the notification's requirements. Any difficulties in implementing this clarification should be reported to the Board.
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