Advance Payment Against Exports

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Full Text of the Document

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....the exporter, outside India, the exporter shall be under an obligation to ensure that - (i) the shipment of goods is made within one year from the date of receipt of advance payment; 1[ii) the rate of interest, if any, payable on the advance payment shall not exceed 100 basis points above the London Inter-Bank Offered Rate (LIBOR) or other applicable benchmark as may be directed by the Reserve....