Export of goods
and services - Reduction in value
AP (Dir Series) (2001-2002) Circular No. 38, Dated 12-4-2002
Attention
of authorised dealers is invited to item (i) of paragraph C.12(b)
of A.P. (DIR Series) Circular No. 12 dated September 9, 2000 in terms of which
authorised dealers have been permitted to allow reduction in invoice value of
export which does not involve gold or silver jewellery or articles made out of
cut and polished diamonds.
2. The matter
has now been reviewed and it has been decided to allow authorised dealers to
consider requests for reduction upto 10% in invoice value of export bills also
in respect of export of gold/silver jewellery or articles made out of cut and
polished diamonds. All other terms and conditions of the paragraph C.12 remain
unchanged.
3. Authorised
Dealers may bring the contents of this circular to the notice of their
constituents concerned.
4. The
directions contained in the circular have been issued under section 10(4) and
section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).