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REGISTERED NO. D. 221

The Gazette of India

EXTRAORDINARY

PART I—Section I

PUBLISHED BY AUTHORITY

No, 13] NEW DELHI, MONDAY, JANUARY 22, 1 96 8 / M A G HA 2, 1889

separate paging is given to this Part in order that it may be filed

as a separate compilation.

MINISTRY OF COMMERCE

PUBLIC NOTICES

IMPORT TRADE CONTROL

New Delhi, the 20th January 1968

SUBJECT.—Deposits of rupee equivalents by importers under Direct payment/Letter of Commitment procedure under Foreign credits—Revision of composite rales of conversion.

No. 10-ITC(PN)/68.—As a result of devaluation of pound sterling and of cer- tain other currencies, the I M.F. Parity rates of exchange have undergone changes in certain currencies thereby necessitating a revision in the composite rates appli- cable for recovery of rupee equivalents from the importers under Direct Payments Letter of commitment procedure under various foreign loans/credits The revised

( 4 9)

i-ates for such cmrencies arc indicated below alonj; with ihe date-, iiom v/lucli they have been brought into force-•—

C'lU'cnCN

Date of ctfecc ot S. No. Cnuntu

1-lcviieH compo,ile ra'e of leeoven

revised rate i:\di • catal m col. 4

i£ = R s. l S - i\

i

£ StL-rlmg

iy-i1-1967 U.K.

21-11-1967 2

Denmark

DKR=R'.rni

Danish Krone

i Pesta=R>. 0'ioi •> 20H-1957 Spain

Pa.u

3

Rupee

i Cy. Rupee=

23-11-1967 Ceylnri

4

Rs. 1-273™

Ncw^caland dollar

5

21-11-19^1^

6

i,> ' R s . i ' 25

Ilonkong dollar

22-11-1967

NOTE.—The exchange rates indicated above are the prevailing composite rates uf exchange and any change in the same as a nj when deoUe-i upm by the Government of India, will be notified.

2 The importers arc permitted to make the necessary rupee deposits at the revised rates mentioned in para 1 above. The reference date for determining the quantum of the rupee equivalent is the date on which the payment in foreign cur- rency is actually made on behalf of the importers out of the relative loan/credit Therefore, any deposits made earlier or alter the said dates of devaluation will be subject to adjustment with reference to the actual date of payment-

3. The composite rates of recovery mentioned in the licensing conditions OT;

Public Notices governing each Import licence may be deemed to have been amend- ed suitably in the light of this Public Notice.

4. The authorised dealers in foreign exchange may take action in accordance with the provisions of this Public Notice without insisting on any separate autho- rity in each individual, case.

SUBJECT.—Imports from U.5.A. under Special General Licence No. 1 dated the 1st May, 1967 under U.S. AID Commodity Programme Assistance 19fi7 {AID Loan No, 386-H-168).

No. ll-ITC(PN)/66.—Attention of the Importers Is Invited to the Ministry of Commerce Public Notice No. 6a-ITC(PN)/C7, dated the 28th July, 1967 la-yins down the terms and conditions governing imports from U.S-A. under Special Gene ral Licence No. 1, dated the 1st May, 1967 as amended by Import Trade Control Order No. 1/68, dated the 20lh January, 1968, under U.S. AID Commodity Pro- gramme Assistance 1967 (AID Loan No. 386-H-168).

2. On a review of the position, it has been decided to extend the terminal dates mentioned in the aforesaid Public Notice as indicated below: —

Existing terminal date

Revised terminal date

Wt March,

15th December, [967

196S

(i) Last date for marking request for Letter of Authorisation for opening Letter of Credit to the Ministry of Finance (DEA).

31st March 196S

(ii) Last date for making shipments.

30th September, iqSS.

3 It has further been decided that with immediate effect, the minimum value for which a letter of credit can be opened shall be $ 5500, (Rs. 41,250/-) and indi- vidual shipments of value less than Rs. 41,250/- shall not be permitted The provi- sions regarding the minimum value of Letters of Credit contained in the Ministry of Commerce Public Notice No 69-ITC(FN)/67, dated the 28th July, 1967 may be deemed to have been amended accordingly.

4 With a view to leduce the total validity period of the bank guarantee, it has been decided to amend the last paragraph ol' the form of bank guarantee el v en in Annexure V to the abovementioned Public Notice to read as follows:— '"Our liabihiy under this bond/guarantee is restricted to Rs.

(plus interest and service charges as aforesaid) and it will remain in force till the . day of

(month) of 19 . Unless claims under the bond/ guarantee are made in writing within six months of this date and unless a suit or action to enforce these claims is commenced within another six months thereafter i.e. upto • —•— -——-all Gov- ernment's rights under this bond/guarantee shall be forfeited and we shall be relieved and discharged from all liability thereunder".

5 The date leferred to in the first sentence of the above revised paragiaph shall be arrived at by adding one month to the date by which the importers expect all payments to suppliers, for the imports in question to be finalised The Letter of Authorisation issued by the Mimstry of Finance for opening the Letters of Ciedit will be valid upto the date of expected finalisation of payments As no Letters of Credit can be opened beyond the date of expected finalisation of pay- ments, the importers should ensure, in their own interests, that the expected date of finalisation of payments is fixed after taking into consideration all the fac- tors that may delay the finalisation of payments, so that the aforesaid date m the Bank Guarantee is fixed initially itself in such a manner as to suit the real requirements of each case

6. As a consequence of the above decision to amend the validity period of the bank guarantee, the following should be added as sub-paragraph (a) d) below sub-paragraph (a) of paragraph (i) in Annexure IV (Form of applica- tion for Letter of Credit authorisation): —

(ai (i) Expected date of finalisation of payments —— —

(To be indicated by importer).

New Delhi, the 22nd January 1968

SUBJECT—hnpott Policy for Registered Exporters for the year April, 1967—March, 1968—nomination of manufacturers of metallic yarn against export of Natural Silk Fabrics, Garments and made up articles.

No. 12-ITC(PN)/G8.—Attention Is invited to the Import Policy for Registered Exporters contained in Part 'B' of Section III of the Import Trade Control Polic\ Book (Red Book) for the year April, 1967—March, 19*8, issued under the Ministry of Commerce Public Notice No 32-ITC(PN)/67 dated 1st May, 1967, as amended from time to time.

,

The following amendments to the entries announced in Public Notice No. 46- ITC(PN)/67 dated 20th June, 1967. as amended by Public Notices No. 119-ITC (PN)/67 dated 13th September. 1967, and No. 196-ITC(PN) /67 dated 18th Decem- h*"r 1 Qfl7 mnv \IP> mnrip ni thia mrnrnnriflt.P nlnnes nq indicated bplOW:

Amendment

Referents

Description of the pood* ond page number of ReJ Book

XIX. Natural Silh Fabrics Garments

and made up Articles

L.No. if a'

272

Substitute the words "permis- sible raw materials used in the manufacture of metallic yam"

Reference Am mi mem

Description of the goods ind page number of Red

Book

nprt^nrig in the existing note t-v i'ic Inllowiug:— •lJo]ytsterfilrn required for the manufacture of metallic yam".

Substitute ihc words "permis- nble t"\\ materials used in thi; manufacture of metallic yarn" appearing in the existing note hy the following: "polyester film required for iht manufacture of metallic yarn."

SUBJECT.--Dutch General Purpose Credit— Licensing conditions applicable there- under for private sector imports.

No 13-ITC(PN)/68—Attention Is invited to the Ministry ol Commerce Public Notice No. 63-ITC(PN)/67, dated 14th July, 1967, notifying the licensing condi- tions for Private Sector imports under the Dutch Credit (General Purpose).

2. It has been decided that the following sentence may be deemed to have been added at the end of condition No. 2 In Appendix to the aforesaid Public Notice: —

"No prior approval of the Dutch authorities is, however, necessary for con- tracts against licences issued for maintenance items under the libera- lised scheme. A photostat copy of the licence may be sent along- with copies of the contract and other necessary Information to the Ministry of Finance 'Department of Economic Affairs)."

P. D. KASBEKAR,

Chief Controller of Imports and Exports

PKIN1EB 7N INDIA EY THE GfKEfHL 51 IN ACER, GOVEHKM!L\T f f zysV-lA PRESS, NEW EELHI AND PUBLISHED EY I HE MANAGER OF PUBLIC ITIC^f., MLHI, 1B68