14th May, 2002
Notification No. 20/2002-Central Excise (N.T.).
In exercise of the powers conferred by sub-rule (3) of rule 19 of the Central Excise Rules, 2002, the Board hereby makes further amendment in the Notification of the Government of India, in the Ministry of Finance, Department of Revenue, No. 45/2001-Central Excise (NT), dated the 26th June, 2001, namely: –
1. In the said notification, in paragraph (1) in place of clause (i) to sub-paragraph (1), the following shall be substituted, namely: –
” i. the importer in Nepal or Bhutan, as the case may be, shall make full payment for the goods as evidenced by furnishing Foreign Inward Remittance Certificate from any bank authorized to deal with foreign exchange by Reserve Bank of India or shall open an irrevocable letter of credit in favour of the exporter in India, before the export takes place;”.
2. In the said Notification, in paragraph (1) in clause (iv) to sub-paragraph (1), before the words ‘the exporter shall furnish’the following shall be inserted, namely: –
“when the export is against an irrevocable letter of credit,”.
M.G. Thamizh Valavan
Under Secretary to the Government of India