In exercise of powers conferred by Section 5 of the Foreign Trade ( Development & Regulation ) Act, 1992 ( No. 22 of 1992 ) read with Paragraph 1.3 of Export and Import Policy 1997-2002 ( incorporating amendments made upto 13.4.98 ) the Central Government hereby makes the following amendment in the Export and Import Policy 1997-2002 ( incorporating amendmendts made upto 13.4.98.
The bank guarantee should be for a minimum period of three years and it should contain a clause which would enable any claim arising during the period of guarantee could be preferred within a period of six months from the expiry of the guarantee.
