RESERVE BANK OF INDIA
EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI 400 001 September 29, 1999 A.D. (G.P. Series) Circular No.12 To All Authorised Dealers in Foreign Exchange Dear Sirs, Clearance of Project Export Proposals In terms of paragraphs B.6(i)(A)(a) and B.7(i) of the Memorandum PEM, authorised dealers are required to forward copies of their pre-bid/post-award approvals in respect of project export proposals cleared by them to the members of the Working Group and others, as mentioned therein. With a view to standardising the approval letters, it has been decided that authorised dealers may convey their approvals at pre-bid/post-award stages in respect of project export proposals cleared by them as per the enclosed proforma, in future. Additional conditions stipulated to the approval as well as other standard conditions for various facilities as per Annexure III of the Memorandum PEM, may also be incorporated in the approval letters in the annexures. 2. The directions contained in this circular have been issued under Section 73(3) of the Foreign Exchange Regulation Act, 1973 (46 of 1973) and any contravention or non-observance thereof is subject to the penalties prescribed under the Act. Yours faithfully, K. J. UDESHI Chief General Manager |