Regulatory Alerts2021-04-04
Added
FE Circular No. 15: Issuance of letters of credit with realization clause
Authorized Dealers are permitted to continue issuing back-to-back or usance letters of credit with a realization clause for input procurements on behalf of exporters. This authorization extends the facility previously valid until March 31, 2021, subject to compliance with instructions in FE Circular Letter No. 22/2020. Consequently, paragraph 19(ii) of chapter 7 in the Guidelines for Foreign Exchange Transactions (GFET)-2018, Vol-1 is modified, while other relevant instructions for import trade transactions remain unchanged.
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