Regulatory Alerts2017-11-19
Added · Updated
FEPD Circular No. 41: Regarding Imports of Spare Parts Under Deferred Payment LCs
LCAFs issued for the import of spare parts remain valid for remittances for 30 months following the month of issuance. Authorized Dealers may open letters of credit for industrial units to import necessary spare parts of capital machinery for own industrial use on a usance basis up to 360 days. For these deferred payment imports, prices must be internationally competitive, and all-in costs including usance interest must not exceed 6% per annum.
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