Advance licence eligibility: transferable L/Cs from Special Rupee Escrow Accounts can support licence issuance when transferred to the exporter. An advance licence may be issued against a transferable Letter of Credit funded from a Special Rupee Escrow Account if the transferable L/C is transferred into the applicant exporter's name through proper banking channels prior to filing the advance licence application; export benefits accrue only to the transferee from the date of this circular. Exports paid through US dollar denominated Special Escrow Accounts held with the Reserve Bank or Indian commercial banks qualify for recognition weightage and for Special Import Licence on the same basis as freely convertible currency receipts, whereas rupee denominated receipts do not qualify.
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.
Advance licence eligibility: transferable L/Cs from Special Rupee Escrow Accounts can support licence issuance when transferred to the exporter.
An advance licence may be issued against a transferable Letter of Credit funded from a Special Rupee Escrow Account if the transferable L/C is transferred into the applicant exporter's name through proper banking channels prior to filing the advance licence application; export benefits accrue only to the transferee from the date of this circular. Exports paid through US dollar denominated Special Escrow Accounts held with the Reserve Bank or Indian commercial banks qualify for recognition weightage and for Special Import Licence on the same basis as freely convertible currency receipts, whereas rupee denominated receipts do not qualify.
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