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Reserve
Bank of India
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A.P.
(DIR Series) Circular No.38 April 12, 2002
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Foreign
Exchange Management Act, 1999
Export of goods and services - Reduction in value
A.P. (DIR Series) Circular No.38 (April 12, 2002)
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RESERVE
BANK OF MIA
EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI-400 001
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| A.P.
(DIR Series) Circular No.38 |
April
12, 2002
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To,
All Authorised Dealers in Foreign Exchange
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| Madam/Sirs, |
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Foreign
Exchange Management Act, 1999 -
Export of goods and services - Reduction in Value
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Attention
of authorised dealers is invited to item (i) of paragraph
C. 12(b) of A.P. (DIR Series) Circular No. 12 dated
September 9, 2000 in terms of which authorised dealers
have been permitted to allow reduction in, invoice value
of export which does not involve gold or silver jewellery
or articles made out of cut and polished diamonds.
2) The matter has now been reviewed and it has
been decided to allow authorized dealers to consider
requests for reduction upto 10% in invoice value of
export bills also in respect of export of gold/silver
jewellery or articles made out of cut and polished diamonds.
All other terms and conditions of the paragraph C. 1
2 remain unchanged.
3) Authorised Dealers may bring the contents
of this circular to the notice of their constituents
concerned.
4) The directions contained in the circular have
been issued under Section 10(4) and
Section I I (1) of the Foreign Exchange Management Act,
1999 (42 of 1999).
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Yours
faithfully,
Grace Koshie
Chief General Manager
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