Pre-export directions: Reserve Bank may require payment security and prior declaration approval to protect export value.

Regulation 16 authorises the Reserve Bank to direct exporters, prior to export, to meet specified conditions to ensure receipt of export value: payment covered by an irrevocable letter of credit or other arrangement; declarations to the specified authority submitted to the authorised dealer for prior approval, which may be granted, withheld or conditioned by the Reserve Bank; and submission of a declaration copy to a designated authority for certification of proper value. No direction or withholding of approval may occur without giving the exporter a reasonable opportunity to make a representation.

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