https://www.taxtmi.com/circulars?id=2808 Transitional rules under Para 1.5 require an irrevocable commercial letter of credit established before the imposition of an export restriction as the principal mode of payment to ensure contractual sanctity and prevent back dated submissions. Standby letters of credit are contingent guarantees, not primary payment instruments; payments under standbys are routed from other accounts. Examinations under the Transitional Arrangements must confirm that export payments are routed and deducted through the specified commercial LC and not through other accounts or channels, otherwise such routing absence constitutes non compliance. en-us Thu, 16 Aug 2007 00:00:00 +0530 Thu, 26 Feb 2009 13:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=2808 Transitional rules under Para 1.5 require an irrevocable commercial letter of credit established before the imposition of an export restriction as the principal mode of payment to ensure contractual sanctity and prevent back dated submissions. Standby letters of credit are contingent guarantees, not primary payment instruments; payments under standbys are routed from other accounts. Examinations under the Transitional Arrangements must confirm that export payments are routed and deducted through the specified commercial LC and not through other accounts or channels, otherwise such routing absence constitutes non compliance. Circulars DGFT Thu, 16 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/circulars?id=2808