RESERVE BANK OF INDIA
EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI - 400 001

A.P.(DIR Series) Circular No.12

August 28, 2002

To

All Authorised Dealers in Foreign Exchange

Madam / Sirs,

Attention of all authorised dealers is invited to A.P.(DIR Series) Circular No. 5 dated August 27, 2001 in terms of which a period of 360 days from the date of shipment was allowed as a temporary measure from September 1, 2001 for realisation and repatriation of full value of goods/software exported to the countries included in the list annexed to the above circular. On a review, it has been decided to extend the facility for a further period of one year with effect from September 1, 2002 for export of goods/software to the countries included in the list annexed. Accordingly, from September 1, 2003, the exporters will be under obligation to realise full export proceeds within the prescribed period of six months from the date of export.

2. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned.

3. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).

Yours faithfully,