https://www.taxtmi.com/circulars?id=3336 Imports financed by External Assistance under the Direct Payment/Letter of Commitment procedure create a Rupee liability on importers equal to the Rupee equivalent of donor payments as intimated by the Aid Accounts and Audit Division, determined using the RBI selling rate for government transactions or the donor loan currency where no RBI rate exists. Interest on the Rupee liability is prescribed by importer category and timing of deposit, with exemptions for Central and State Government ministries/departments, and the rounded amount plus interest must be deposited to the designated government account with a receipted challan forwarded to the Aid Accounts and Audit Division. en-us Fri, 01 Dec 2000 00:00:00 +0530 Mon, 24 Dec 2007 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=3336 Imports financed by External Assistance under the Direct Payment/Letter of Commitment procedure create a Rupee liability on importers equal to the Rupee equivalent of donor payments as intimated by the Aid Accounts and Audit Division, determined using the RBI selling rate for government transactions or the donor loan currency where no RBI rate exists. Interest on the Rupee liability is prescribed by importer category and timing of deposit, with exemptions for Central and State Government ministries/departments, and the rounded amount plus interest must be deposited to the designated government account with a receipted challan forwarded to the Aid Accounts and Audit Division. Circulars DGFT Fri, 01 Dec 2000 00:00:00 +0530 https://www.taxtmi.com/circulars?id=3336