Denomination of Special Import Licences requires values in local currency and a freely convertible currency, defaulting to a major convertible. Values on Special Import Licences must be shown in Indian Rupees and a freely convertible currency; if the applicant elects a currency that election governs, otherwise a widely accepted freely convertible currency must be used. Banking authorities shall debit licences already used at the exchange rate on the actual date of import. Licences indicated only in Indian Rupees with no or partial import must be recalled by licensing authorities and reissued with values in a freely convertible currency, with Trade Notices issued as necessary.
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Provisions expressly mentioned in the judgment/order text.
Denomination of Special Import Licences requires values in local currency and a freely convertible currency, defaulting to a major convertible.
Values on Special Import Licences must be shown in Indian Rupees and a freely convertible currency; if the applicant elects a currency that election governs, otherwise a widely accepted freely convertible currency must be used. Banking authorities shall debit licences already used at the exchange rate on the actual date of import. Licences indicated only in Indian Rupees with no or partial import must be recalled by licensing authorities and reissued with values in a freely convertible currency, with Trade Notices issued as necessary.
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