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Circular : No. 740 Taxability of interest remitted by branches of banks to the head office situated abroad, under the Foreign Currency Packing Credit Scheme of Reserve Bank of India 1. The Reserve Bank of India has introduced a Foreign Currency Packing Credit Scheme (FCPCS) for Indian exporters. Under this scheme, the Authorised Dealers in India can arrange for lines of credit from abroad for providing preshipment credit
