ANNOUNCEMENT 13 Mar 2018
An irrevocable letter of credit has been disallowed to apply for export incentives/obligations discharged.
NUMBER OF INTERVENTIONS
Public Notice 65/2015-20
On 13 March 2018, the Indian Directorate General of Foreign Trade through Public Notice 65/2015-20 amended the Foreign Trade Policy to disallow an Irrevocable Letter of Credit to be used as a deemed export realization. The exporter could, therefore, earlier use these letter of credits to show exports and meets its export obligations or to demand incentives against exports. This has henceforth been disallowed.