LEGAL FRAMEWORK

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....ng provisions relating to export and import of goods and services, shall come into force with effect from 1st April, 2008 and shall remain in force 'till further amendments' unless otherwise specified.] Amendments  1.3 Central Government reserves right in public interest to make any amendments by notification to this Policy in exercise of powers conferred by Section 5 of FT (D&R) Act. Tran....

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....espect to available balance and time period of an irrevocable commercial  letter of credit, established before date of imposition of such restriction. However, a time limit for operationalising such LCs may be prescribed.   ******************** Notes : 1. Has been inserted vide Notification No. 20/ (RE-2008)/2004-09 dated 01/07/2008 2. Substituted vide Notification No. 70 (RE-2008)/....