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EXCHANGE POLICY DEPARTMENT - 2006 |
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| EPD Circular letter No. 03 / EPP 1(51) Misc-2006 |
January 20, 2006 |
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| EXPORTS OF FRESH FRUITS / VEGETABLES |
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Attention of the Authorized Dealers (ADs) is invited to the para 24 (ii) of Chapter XII of the Foreign Exchange Manual (8th edition 2002). In order to address the issues of exporters of fresh fruits/vegetables to bulk buying agents/agents aboard, it is clarified that the Advance Payments would be admissible for shipments to destination’s other than the remittance originating country, subject to the following: -
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- The original inward remittance representing Advance Payment clearly contains the name & full address of the remitter, export commodity covered and an indication that shipment destination shall be nominated later.
- In case shipment is to be made to any destination other than the one from where the funds are received, there should be a clear written nomination/authorization for the same from the foreign buyer who had originally sent the Advance Payment.
- Banks shall ensure to the extent possible, that the remitting party is a bonafide trader/buying agents/importer of the commodity concerned.
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Please bring the same to the notice of all your constituents.
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