Rupee deposits from Indian Importers under Direct payment/ letter of Commitment Procedure

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ent Procedure in respect of imports financed out of External Assistance (ii) Interest payable by Importers in respect of imports made under the Direct payment/ Letter of Commitment procedure against foreign Loans/ Credits/ Grants to Government of India. In exercise of powers conferred under paragraph 4.11 of the Export and Import Policy, 1997-2002, the Director General of Foreign Trade hereby mak....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....asis for determining Rupees dues from the Importer. In case of direct payment to the Supplier/ Consultant in Indian Rupees, the recovery will be equal to the same amount. However, where currency paid to the Supplier/ Consultant is a currency for which RBI does not notify the rate, then the currency charged to the Loan/ Grant account of the donor will be adopted as the basis for applying the RBI Se....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., unless specifically approved otherwise: (a) Cases where Rupee deposits are made within 30 days from the date of payment to the Supplier/ Consultant @ 12% per annum upto 30 days from the date of payment to the date of Rupee deposit, both inclusive (b) Cases where Rupee deposits are made after 30 days from the date of payment to the Supplier/ Consultant @ 12% per annum for the first 30 days and ....