Export of Goods and Services – Payment of Claims by ECGC

Export of Goods and Services – Payment of Claims by ECGC
022 Dated:- 24-9-2003 Circular
FEMA
Superseded vide A.P. (DIR Series) Circular No. 20 dated 16-01-2026 w.e.f. 01-10-2026

Export of Goods and Services – Payment of Claims by ECGC

Reserve Bank of India

Exchange Control Department

Central Office

Mumbai 400 001

A.P.(DIR Series) Circular No.22

September 24, 2003

To

All Authorised Dealers in Foreign Exchange

Madam / Sirs,

Export of Goods and Services – Payment of Claims by ECGC

Attention of Authorised Dealers is invited to Paragraph C.17 of the annexure to A.P.(DIR Series) Circular No.12 dated September 9, 2000 in terms of which exporter is not absolved of the statutory obligation undertaken

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estricted to the limit of 10 per cent indicated in paragraph C.18(b) of the circular ibid.

3. It is clarified that the claims settled in rupees by ECGC should not be construed as export realisation in foreign exchange and claim amount should not be allowed to be credited to Exchange Earner's Foreign Currency Account maintained in terms of Regulation 4 of FEMA Notification No.FEMA 10/2000-RB dated May 3, 2000.

4. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned.

5. 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).

Yours faithfully,

Grace Koshie

Chief General Ma

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