ANNOUNCEMENT 13 Mar 2018

An irrevocable letter of credit has been disallowed to apply for export incentives/obligations discharged.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising
Inception date: 13 Mar 2018 | Removal date: open ended

Export subsidy

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.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A