Denomination of export contracts, reduced threshold for EH status & replenishment licence - 11/2002-07

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<h1>Amendment to Export and Import Policy: Contracts in convertible currency or INR; new rules for silver jewelry exports.</h1> The Central Government has amended the Export and Import Policy, 2002-07. Export contracts and invoices must be denominated in freely convertible currency or Indian Rupees, with proceeds realized in convertible currency. Exceptions apply for payments via the Asian Clearing Union. Export house status can be achieved by units in specified sectors, including small-scale industries and exporters to certain regions, upon reaching an average FOB/FOR value of Rs. 5 crore over three years. Amendments also include specifications for silver jewelry items containing over 50% silver by weight. These changes are enacted in the public interest.

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