The Government of India, through Notification No. 29 (RE-98)/97-2002 dated November 3, 1998, introduces amendments to the Export and Import Policy, 1997-2002. Under the revised policy, export contracts and invoices are now permitted to be denominated in Indian Rupees (INR) when backed by an EXIM Bank line of credit, as per the powers conferred under paragraph 11.2. Additionally, the amendment revises paragraph 10.2(h) to allow 100% Export Oriented Units (EOUs) that manufacture domestic marine freight containers to supply them, provided these containers are exported within six months, or a longer period as permitted by Customs. These changes aim to streamline certain export procedures and facilitate trade under specific conditions.
GOVERNMENT OF INDIA
MINISTRY OF COMMERCE
NOTIFICATION No. 29 (RE-98)1997-2002
NEW DELHI: 03.11.98
In exercise of powers conferred by section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 1.3 of the Export and Import Policy, 1997-2002 (incorporating amendment made upto 13.4.98), the Central Government hereby makes following amendments in the Export and Import Policy, 1997-2002: (incorporating amendment made upto 13.4.98)
2. The following may be added at the end of paragraph 11.2:
In exercise of powers conferred under paragraph 11.2, Central Government hereby allows export contracts and Invoices to be denominated in Indian rupees against EXIM bank line of credit.
2. Paragraph 10.2 (h) shall be amended to read as under:
“Supply of marine freight containers by 100% EOU (domestic freight containers-manufacturers) provided the said containers are exported out of India within 6 months or such further period as permitted by the Customs.”
This issues in public interest.
(N.L.Lakhanpal)
Director General of Foreign Trade and ex-officio
Additional secretary to the Government of India
(Ajay Sahai)
Jt. Director General of Foreign Trade
(F.No. 01/94/180/171/AM99)
