The Gazette of India
EXTRAORDINARY
PART I-Section 1
PUBLISHED BY AUTHORITY
No 7] NEW DELHI, FRIDAY, JANUARY 10, 1964/PAUSA 20, 1885
MINISTRY OF INTERNATIONAL TRADE
PUBLIC NOTICE
IMPORT TRADE CONTROL
New Delhi, the 10th January 1964
SUBJECT —Import of Capital Goods etc. from U. S.A. under AID Loan No. DLF 157
No. 3-ITC(PN)/64 —Import licences for capital goods etc against US-AID Loan No DLF 157 have been issued from time to time subject to the terms and condi- tions communicated individually to the importers concerned and accepted by them
2 A question has been raised whether in entering into contracts with U S suppliers in respect of goods to be imported against licences under AID Loan No DLF 157, the importers could avail themselves of credit facilities in vogue in commercial transactions. It has been decided that the importer could do so provid- ed the period of credit does not extend beyond 90 days alter the date of shipment and provided no interest charges, direct or indirect, are payable by him because of credits extended. No other credit arrangement, except to the extent indicated above is permissible,
3 Another question raised relates to the payment of Agent's commission in rupees in India When the end user is himself the importer in AID financed transactions, the price he pays to the U S manufacturer may contain a commission for the local distributor (i.e. the Agent Company in India) Such a commission, if paid in local currency (i.e. Indian rupees), will cumulatively render additional imports possible under the AID Loan taken as a whole It has therefore, been decided that in the case of imports under AID Loan No DLF 157 the importer should ensure that his contract with the U S supplier provides that the Agent's commission, if any, is deducted from the dollar price and shown separately to be settled in rupees between the importer and the Agent Company in India This commission although payable in rupees in India will, however, be duly taken into account against the value of the imports authorised under the import licence con- cerned, an equivalent amount will not, therefore, be available for additional imports under the individual licence
jg THE GAZETTE OF INDIA EXTRAORDINARY [PART I - S I C. ljERRATA
The Issue Nos. and Pp.ge Nos. of the following Gazettes of India Extraordinary containing Notifications as mentioned In column two of the table below are changed.
FOR
issued by
Notn. No. and Date
Page No.
Page No.
Issue No.
Issue No.^
Serial No.
2
i
3
4
6
7
5
1
No. 29( T) Exp/63, dated
3 to 6 i.
2
1 to 4
3rd January, 1964.
Ministry of Interna- tional Trade
2.
7
5
3
No. i-ITC (PN5/64, dated 4th Jaruary> ^964,
2
Do.
3-
7
9
4
No. 2 ITC(PN)/63, dated 7th January, 1964. Do.
3