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No.14/005/106/2003
May 12, 2003
Members of the Council
Dear Members
Sub: Export of Goods and Services –Export of goods on promotion grounds
We append below a copy of RBI AP(DIR) Circular No.94 dated April 26, 2003 in respect of GR waiver for export of goods free of cost to promote export
This is for your information and guidance.
Thanking you,
Yours faithfully,
K Abdul Sattar Khan
Assistant Director
RBI
AP(DIR) Circular No.94 dated April 26, 2003
Authorized Dealers are aware that Reserve Bank considers applications for grant of GR waiver from recognized and well established exporters for export of various items free of cost to the overseas buyer for export promotion.
2. With a view to facilitate expeditious disposal of such applications, it has now been decided that authorized dealers may henceforth consider such requests for export of goods free of cost, for export promotion upto 2 percent of average annual exports of the applicant during the preceding three years subject to a ceiling of Rs. 5
lakhs.
3. It may be noted that applications which do not conform to the above guidelines may be referred to the regional offices of Reserve Bank for consideration.
4. Authorized Dealers granting such permissions should maintain a record of permissions issued by them.
5. Authorized Dealers may bring the contents of the circular to the notice of their constituents concerned.
6. 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).
Sd/-
(Grace Koshie)
Chief General Manger
Issued by:
Reserve Bank of India
Exchange Control Department
Mumbai
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