REGISTERED NO. D (D)-72
The Gazette of India
EXTRAORDINARY
PART I—Section 1
PUBLISHED BY AUTHORITY
No. 149] NEW DELHI, SATURDAY, JULY 36, 1975/SRAVANA 4, 1897
Separate paging is given to this Part in order that it may be filed as a separate compilation
MINISTRY OF COMMERCE
PUBLIC NOTICE
IMPORT TRADE CONTTOL New Delhi, the 26th July 1975
SUBJECT.—Terms and conditions applicable to import licences issued under the Austrian Credit 1975 (both for Public and Private Sector Imports). No. 74-ITC(PN)/75.—The terms and conditions governing the issuance of import licences under the Austrian Credit, 1975 (both for Public and Private Sector Imports) as given in Appendices I and II to this Public Notice are notified for information.
APPENDIX I
CONDITIONS FOR LICENSING PUBLIC SECTOR IMPORTS UNDER THE AUSTRIAN CREDIT, 1975
1. The licence will be issued with a validity period of twelve months but firm orders on C.I.F./C.&F, basis must be placed on the Austrian suppliers and copies of the same furnished to the Ministry of Finance, Department of Economic Affairs within six months from the date of allocation or four months from the dat e of issue of the import licence (whichever is earlier). The term 'firm order' means purchase orders placed by the Indian licencee, on the foreign supplier duly supported by confirmation from the latter or purchase contract duly signed by both the Indian Importer and the foreign supplier. If firm orders cannot be finalised within the time-limit of four months, the licencee should submit to the Chief Controller of Imports and Exports (CCI&E) or other licensing authorities,
as the case may be, a proposal seeking an extension in the ordering period along- witti justification and explanation as to why ordering could not be completed
( 967 )
• <• " .. > v i A MA i u i i n A i. i / j J H A i u. - t i ' A HT I —S E C. I1)
within the initial validity period. Such requests for extension in the ordering period will be considered on the merit of each case by the licensing authorities who may grant extension upto a further maximum .period of 2 mouths, fit however, extension Is sought beyond 6 months from the date of issue of import licence, such proposal should invariably be referred by the licensing authorities to the Department of Economic Affairs, (W.E.III Section), Ministry of Finance. The licence code "S" and "AA" should be indicated in the first and second suffix after the licence No. The correct licence code should be "used in all the shipping documents as well as in the "S" form required, to be furnished to the Indian Bank at the time of rupee deposits.
2. Only capital goods of Austrian origin are eligible for being financed under this credit.
3. The licence will not be valid for remittances from India, Payments to the Austrian suppliers can be made only in accordance with the procedure set forth in paragraph 6—10 below.
4. The contract of supply between the Indian Importer and the Austrian Supplier should, provide for the import being financed out of the Austrian Credit, 1975 in accordance with the procedures set forth in these Licensing Conditions, and should also be made subject to approval by the Government of India. Importers should take special care to inform the Suppliers about this condition, and also incorporate a clause to this effect in the supply contract. Moreover, approved orders should not be cancelled without prior concurrence of the Ministry of Finance, Department of Economic Affairs. (W.E.III Section).
5. The value of the contract should 'be expressed in Austrian Schillings only. The contract should normally provide for cash payment out of the Austrian Credit, 1975 cu, presentation of shipping documents. For any custo- mary performance guarantee, the Suppliers could be asked to furnish a bank guarantee.
6. As soon as possible after the contract is concluded, the importer should request the Ministry of Finance, Department of Economic Affairs, W.E. Ill Section, to obtain, the approval of the Austrian authorities to the contract. This request should be accompanied by four photostat/certified copies of the Contract/Supply order and a photostat copy of the Import Licence. The following- information should also be sent to the Department of Economic Affairs along with the con- tracts/supply order—
(i) Details of the Import Licence:—
(a) Number
(b) Date of issue
(c) Value
(ii) Name and Address of the Importer.
(iii) Name and Address of the Austrian Suppliers,
(iv) Value of the contract/order in Austrian Schillings.
(v) Short description of the goods to be imported.
(vl) Time for delivery (A schedule indicating probable dates and amounts of payments to the supplier may also be given).
(vii) Detailed list of shipping documents, like Bill of Lading, Invoices certi- ficate of Origin, etc., which the Austrian National Bank should demand from the Suppliers before making payment, together with the number of copies of each document required—
(vill) Indian Agent's Commission, if any, included in the contract (Amount or percentage to be indicated). (The Indian Agents Commission will be payable by the Importer in rupees and will not be included in the value of the Letter of Authority).
(ix) Branch of any Nationalised Bank to which the original documents (negotiable) should be sent by the Austrian National Bank.
tPAM I-S£C. 11 THE GAZETTE QP H>JDIA BXIR^WptlMItY yfy
(x) Date upto which the Letter of Authority to the Austrian National Bank
should be valid,
(xi) Special instructions, in any—
7. On receipt of the copies of the contract/supply order, and the information required in paragraph fi above, the Department of Economic Affairs (W.E. Ill Branch) will forward a copy of the contract to the Austrian National Bank, Vienna together with a Letter of Authority (In the form of Annexuire I) authoris- ing payment to the suppliers against shipping documents, who will verify whether these payment orders be affected by contracting the suppliers and, if necessary, from the competent Austrian authories. The contract will become eilective only after the approval of the Austrian National Bank has been received by the Gov- ernment of India and the contract is made effective.
8. Within 10 days ol rei eipt of shipping and other documents from the Austrian National Bank the lmp^-tcrs' Bank shall arrange to deposit into Government Account as indicated in para 9 below, the rupee equivalent of the amount dis- bursed to the Suppliers together with Interest at G per cent p.a. for the period from the date of payment to the Austrian, Suppliers upto the date on which rupee equivalents are deposited. For this purpose the payments made in Austrian Schillings will have to be converted into Rupees as per instructions contained in Public Notice No. 15-ITC(PN)/72 dated 28th January 1972 and Public Notice No. 108-ITC(PN)/72 dated 21st July, 1972. Any change in this rate of conversion will be notified through Public Notice as and when necessary. It will be the responsibility of the bankers to ensure that the amounts due are correctly deposited into Government Account before the import documents ire handed over to the parties. The importer should also ensure that the amounts are correctly deposited into Government' account before taking delivery of the documents from their bankers.
9. The deposit envisaged m para 8 may be made in cash either at the Reserve Bank of India, New Delhi or the State Bank of India, Tis Hazari, Delhi or the amount may he remitted (hiough a demand draft drawn on and in favour of the Agent, State Bank of India, Tis Hazari, Delhi-6 for credit to Government account as contemplated m Public Notice No 2H3-irC(PN)/68 dated the 24th October 1968 and Public Notice No. i:j,2-ITC(PN)/7l dated 5th October, 1971. The head of account to be credited is "K-Deposits and Advances (b) Deposits not bearing interest-843 Civil Deposits—Deposits for purchases, etc. abroad—Purchases under Austrian CreUt, 1075."
In the treasury challans the following particulars should invariably be furnished (vide also Public Notice No, 74-lTC(PN)/74 dated 31st May, 1974) prescribed the revised challan form which should invariably be used for these remittances.
(a) Ministry of Finance Letter of Authority No. & date—Austrian Credit,
1975.
(b) Amount of foreign currency in respect of which rupee deposits are to
be made together with the rate of conversion adopted.
(c) Date of payment to the foreign suppliers. (d) The amount of interest paid and the period for which it has been
calculated,
(e) Total amount deposited.
11. It will be obligatory for the importers to make the requisite rupee deposits through authorised dealers only and also to get the exchange control copy of the licence endorsed by them, as required in Public Notice No. 184-ITC(PN)/68 dated 30th August, 1968. They should also fill in the requisite "S" forms as prescribed by the Reserve Bank of India.
97° T3BB GAZETTE OP INDIA EXTRAORDINARY [PART I—SEC. 1J
12. It should tie understood that the Government of India will not undertake any responsibility for disputes, if any, that may arise between the liconcce 'rind the supplier.
13. The licencee shall promptly comply with any directions. Instructions, or order issued by the Government of India from time to time regarding any and all matters arising from or pertaining to the import licence and for meeting all obligations under the Austrian Credit 1975. They will also furnish a quarterly report (in duplicate) to the Ministry of Finance, Deoartment of Economic Aftaira (W.E. lit Seetion) as per Annexure II and the Controller of Aid Accounts & Audit. Ministry of Finance, Department of Economic Affairs, Jeevan Deep Build- Ing, Parliament Street. New Delhi 110001, as per Annexure III.
14. Any breach or violation of conditions set forth In the above clauses will result In appropriate action under the Imports and Exports (Control) Act.
ANNEXURE I
No. F.
GOVERNMENT OF INDIA (BHAUAT SARKAR)
MINISTRY OF FINANCE (VITTA MANTRALAYA)
Department of Economic Affairs (Arthlk Karya Vibhag)
Neiv Delhi, the
The Manager, Austrian National Bank, Otto Waagner Platz 3, Vienna—IX (Austria).
Dear Sir,
AUSTRIAN CREDIT 1975—LETTER OF AUTHORITY NO.
We are to invite a reference to the order No dated the . .
a sum not exceeding Austrian Schillings placed by M/p on M/s for Austrian Schillings on account of We hereby authorise you to pay to M/s (Austrian Schillings ) in accordance with the terms and conditions stipulated in the enclosed statement It is requested that the invoices, shipping and other documents presented by M/s be despatched direct to the
(Bank).
2. The amount referred to in paragraph 1 above will be repaid by the Govern- ment of India In accordance with the terms and conditions laid down in Article—-I of the Agreement dated the Gth March 1975 between the Government of India and the Government of the Republic of Austria.
3. The details of payments made against this Letter of Authority may kindly be intimated to the Government of India, Ministry of Finance, Department of Economic Affairs, Economic Aid (Accounts) Branch New Delhi to whom the debit advices along with a copy of the shipping and other stipulated documents may be sent.
4. This authority will remain valid upto the day of
197 .
Yours faithfully,
(
)
Copy forwarded for information to: —
1
(Bank). They should ensure that the rupees equivalent calculated at the comnosite rate prescribed in Public Notice No. 15-ITC(PN)/72, dated 28th January, 1972, Public Notice No. 108-ITC (PN)/72, dated the 21st Julv, 1972 and such other Public Notices that may be issued from time to time together with the interest thereon from the date of payment to the
U*'I—Sue. 1] TS#<}AZETTE Ot INDIA EXTRAORDINARY 971
suppliers to the date of deposit of the amount into Government Account Is deposited 1 iore releasing the original documents to the Importer.
2. 3. 4.
Conditions for payments under Letter of Authority No, hsued
by Ministry of Finance, Department of Economic Affairs, New Delhi to'Austrian
'ational Bank, Vienna, under Austrian-Indian Credit Agreement dated 6th March,
Order of in favour of amount payable against presentation of the following documents:
covering shipment of: Price: 'erm of delivery: (e.g. f.o b., ci.&l, c.i.f.) time for delivery: partial shipments are permitted/prohibited. Special instructions: (for example that not 100 per cent of the invoice amount is to be paid at once).
ANNEXURE II
Form of Utilisation Report in Respect of Austrian Credit, 1975 (to be furnished separately in respect of each licence).
1. Name of the Importer. 2. Number and Date of Import Licence. '.1. Value of the Import Licence. 4. Value of orders placed. 5. Value of orders yet to be placed. 6. Payments made against the orders already placed. 7. Payments yet to be made (with a quarterly estimate of payments with value and anticipated dates of payment).
8. Surrenders, if any.
Signature of the authorised officer of the Importer.
ANNEXURE III
Statement .Showing Quarterly Report on Utilisation Under Austrian Credit, 1975
1. Name of Importer. 2. No. and date of Import Licence. 3. Value of Import Licence. 4. Letter of Authority No. and date. 5. Amount of Letter of Authority. 6. Date of validity of Letter of Authority. 7. Value of orders placed. 8. Amount utilised during the quarter. A. Sch. 9. Total amount utilised. A. Sch.
10. Total Amount deposited into Government Account. Rs. HI, Payment expected to be made during the subsequent' quarters [give figures—(Quarter-wise)].
12. Surrenders, if any.
972 THE GAZffTTH) OF INDIA EXTRAORDINARY [PABT I—SEC. 11
APPENDIX II
CONDITIONS FOR LICENSING PRIVATE SECTOR IMPORTS UNDER Tm AUSTRIAN CREDIT, 1975.
1. The licence will be Issued with a validity period of twelve months but firm orders on C. I. F./C. & F. basis must be placed on the Austrian suppliers and copies of the same furnished to the Ministry of Finance, Department of Economic Affairs within four months from the date of issue of the import licence The term -firm order' means purchase orders placed by the Indian licensee on the foreign supplier duly supported by confirmation from the latter or purchase con- tract duly signed by both the Indian Importer and the foreign supplier. If firm orders cannot be finalised within the time limit of four months the licensee should submit to the Chief Controller of Imports and Exports (C.C.I.&E ) or other licensing authorities, as the case may be, a proposal seeking an extension in the ordering period alonjjwith justification and explanation as t
2. Only capital goods of Austrian origin are eligible for being financed under this credit.
3. The licence will not be valid for remittances from Indlal. Payments to the Austrian Suppliers can be made only in accordance with the procedure set forth in paragraph 6—10 below.
4. The contract of supply between the Indian Importer and the Austrian Sup- plier should provide for the Import being financed out of the Austrian Credit, 1975, in accordance with the procedures set forth in these Licensing Conditions, and should also be made subject to approval by the Government of Indigt Im- porters should take special care to inform the Suppliers about this condition and also incorporate a clause to this effect in the supply contract. Moreover, approved orders should not be cancelled without prior concurrence of the Ministry of Finance, Department of Economic Affairs.
5. The value of the contract should be expressed in Austrian Schillings only. The contract should normally provide for cash payment out of the Austrian Credit, 1975 on presentation of shipping documents. For any customary performance guarantee, the Suppliers could be asked to furnish a bank guarantee.
6 As soon as possible after the contract is concluded, the importer should renu'est the Ministry of Finance. Department of Economic Affairs, (W.E. Ill Sec- tion), to obtain, the approval of the Austrian authorities to the contract. This reauest should be accompanied by four photostat/certified copies of the contract/ SITDDIV Order; a photostat copy of the Import Licence and Bank Guarantee from an a/proved 'scheduled bank in the form attached (Annexure-IV) agreeing to detwslt the amount's specified in paragraph. 8 below. The foot note under the S G u a r a n t ee form should be noted for strict compliance. The following K m aC should ™so be sent to the Department of Economic Affairs (W.E. I ll Section) alonR with the contract/Supply order— (i) Details of the Import Licence-
fa) Number (b) Date of issue i (c) Value
(ii) Name and Address of the Importer
(Hi) Name and Address of the Austrian Supplier
[PART I—SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 973
(iv) Value of the contract/order in Austrian Schillings (v) Short description of the goods to be imported (vi) Time for delivery (A Schedule indicating probable dates and amounts of payments to the supplier may also be .given).
(vii) Detailed list of shipping documents, like Bill of Lading, Invoices, certi- ficate of Origin, etc., which the Austrian National Bank should demand from the Suppliers before making payment, together with the number of copies of each document required
(viii) Indian Agents' Commission, if any, including in the contract (Amount or percentage to be indicated). (The Indian Agents' Commission will be payable by the Importers in rupees and will not be included in the value of the Letter of Authority).
(ix) Name of the Importers' Bank in India . . .. (x) Special instructions, if any.
7. On receipt of the copies of the contract/supply order the Bank Guarantee and the Information required In paragraph 6 above, the Department Of Economic Affairs will forward a copy of the contract to the Austrian National Bank together with a Letter of Authority. (In the form at Annexure—I), authorising payment to the suppliers againust shipping documents who will verify whether these payment orders are to be effected by contacting the suppliers and, if necessary, from the competent Austrian authorities. The contract will become effective only after the approval of the Austrian National Bank has been received by the Govern- ment of India and the contract is made effective.
8. Within 10 days of receipt of shipping and other documents from the Austrian National Bank the importers' bank shall arrange to deposit into Government account as indicated in para 9 below, the rupee equivalent of the amount dis- bursed to the Suppliers together with interest at 6 per cent p.a. for the period from the iate of payment to the Austrian Suppliers upto the date on which rupee equivalents are deposited. For this purpose, the payments made in Austrian Schillings will have to be converted into Rupees as per instructions contained in Public Notice No. 15-ITC(PN)/72 dated 28th January, 1972 and Public Notice No. 108-ITC(PN)/72 dated 21st July, 1972. Any change in this rate of conversion will be notified through Public Notice as and when necessary. The importer should furnish a Bank Guarantee from an approved Scheduled Bank in the form in Annexure—IV agreeing to deposit the amount. The rate of exchange to be adopted for working out the amount of the Bank Guarantee should be the same as indicated on the import licence. The foot note under the Bank Guarantee form should be noted for strict compliance. It will be the responsibility of the banhers to ensure that the amounts due are correctly deposited into Government Account before the import documents are handed over to the parties. The im- porter should also ensure that' the amounts are correctly deposited into Govern- ment account before taking delivery of the documents from their bankers.
9. The deposit envisaged in para 8 may be made in cash either at the Reserve Bank of India, New Delhi or the- State Bank of India, Tis Hazar^ Delhi or the amount may be remitted through a Demand Draft drawn on and in favour of the Agent, State Bank of India, Tis Hazari, Delhi-fl for credit to Government ac- count as contemplated in Public Notice No. 233-ITC(PN)/68 dated 24th October, 1968 and Public Notice No. 132-ITC(PN)/71 dated the 5th October, 1971. The head of account to be credited is "K-Deposits and Advances (b) Deposits not bearing Interest-843-Civil Deposits—Deposits for purchases etc. abroad—Purchases under Austrian Credit, 1975."
In the treasury challans, the following particulars should invariably be furnish- ed (vide also Public Notice No. 74-ITC(PN)/74 dated 31st May, 1974) prescribing the revised challan form which should invariably be used for these remittances,
(a) Ministry of Finance Letter of Authority No & Date
Austrian Credit 1975.
(b) Amount of foreign currency in respect of which rupee deposits are to, be made together with the rate of conversion adopted
(c) Date of payment to the foreign suppliers.
THE GAZETTE OF INDIA EXTRAORDINARY [PART I—SEC. 1]
(d) The amount of Interest paid and the period for which it has been cal-
culated.
(e) Total amount deposited.
aJcuJa*ed ioL thc Peri°d from the date of payment to the sup- +
i Ke st /S iS hl c pliers upto the date of deposit of rupee equivalents into Government Account). ", 1 (L0 I!y °i t h^. Challan from the Reserve Bank of India, New Delhi or the State Bank of India, Tis Hazari, Delhi.6 or intimation regarding the sub- mission of Demand Draft to the State Bank of India, Tis Hazari, Delnl-G should be sent by Importer's Bank, which has issued the Bank Guarantee to the Con. trailer of Aid Accounts and Audit, Department of Economic Affairs, Ministry of Finance Jeeyen Deep Building, Parliament Street, New Delhi-110001 alongwith a forwarding letter, givine full details of the Advice Notes received from the Aus- trian National Bank.
11. It will be obligatory for the importers to make the requisite rupee deposits through authorised dealers only and also to get the exchange control copy of the licence endorsed by them, as required in Public Notice No. 184-ITC(PN)/68 dated 30th August, 1968. They should also fill in the requisite "S" forms as prescribed by the Reserve Bank; of India.
12. After the imports under a licence are completed and the Importer's bankers have deposited into Government Account all the amounts due, details of "we import received and the rupee deposits made should be furnished to the Controller of Aid Accounts and Audit Ministry of Finance, Department of Econo- mic Affairs, New Delhi-110001 in the proforma prescribed in Annexure V to enable the Ministry of Finance to verify and arrange for release of the Bank Guarantee furnished by the importers wherever necessary. The importers will also toe responsible to furnish a utilisation report in the form in Annexure III quarterly to the Ministry of Finance, Department of Economic Affairs. (W.E, III Section )and the Controller of Aid Accounts and Audit, Ministry of Finance, Department of Economic Affairs, New Delhi-110001.
13. It should be understood that the Government of India will not undertake any responsibility for disputes, if any, that may arise between the licensee and the supplier.
14. The licensee shall promptly comply with any directions, instructions, or order issued by the Government of India from time to time regarding any and all matters arising from or pertaining to the Import licence and for meeting all obligations under the Austrian Credit, 1975 They will also furnish a quarterly report (In duplicate) to the Ministry of Finance. Department of Economic Affairs (W.E. Ill Section), as per Annexure III attached.
15. Any breach or violation of conditions set forth in the above clauses will result In appropriate action under the Imports and Exports (Control) Act.
ANNKXUHE I No. F. GOVERNMENT OF INDIA (BHAKAT SARKAH) MINISTRY OF FINANCE (VITT MANTRALAYA)
Department of Economic Affairs (Arthik Karya Vibhag)
New Delhi, the
The Manager, Austrian National Bank, Otto Waagner Platz 3, Vienna-IX (Austria).
Dear Sir, A U g T R l AN C R E D IT i9 7^LE T T ER OF AUTHORITY NO.
We are to Invite a reference to the Order No dated t h e^ . ^^
x ART I—SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY C75
2. The amount referred to In paragraph 1 above will be repaid by the Govern- ment of India in accordance with the terms and conditions laid down in Artlcle-I of the Agreement dated the 6th March, 1975 between the Government of India and the Government of the Republic of Austria.
3. The details of payments made against this Letter of Authority may kindly be intimated to the Government of India, Ministry of Finance (Department of Economic Affairs), Economic Aid (Accounts) Branch, New Delhi to whom the debit advices along with a copy of the shipping and other stipulated documents may be sent.
4. This authority will remain valid upto the day of
197
Yours faithfully,
(
).
Conditions for payments under Letter of Authority No Issued by Ministry of Finance, Department of Economic Affairs, New Delhi to Austrian. National Bank, Vienna, under Austrian—Indian Credit Agreement dated the 6th ^arch, 1975. Order of In favour of amount payable against presentation of the following documents:
Covering shipment: Price: Term of delivery (i.e.. f.o.b., c.&f., c.i.f.) time for delivery: partial shipments are permitted/prohibited; Special instructions:
(for example that not 100 per cent of the invoice amount is to be paid at once).
ANNEXURE II
Form of Utilisation Reyort in respect of Austrian Credifl, 1975. (To be furnished separately in respect of each licence)
1. Name of the Importer. 2- Number and Date of Import Licence. 3. Value of the Import Licence. 4. Value of orders placed. 5. Value of orders yet to be placed. 6. Payments made against the orders already placed. 7 Payments yet to be made (with a quarterly estimate of payments with values and anticipated dates of payment).
8. Surrenders, if any.
Signature of the authorised
Officer of the Importer.
ANNEXURK III
Statement Showing Quarterly Report on Utilisation Under Austrian Credit, 1975.
1. Name of Importer. 2. No. and date of Import Licence. 3. Value of Import Licence. 4. Letter of Authority No. & Date. 5. Amount of Letter of Authority. 6. Date of validity of Letter of Authority. 7. Value of orders placed.
976 TUB GAZETTE OF INDIA EXTRAORDINARY [PART I—Stec 11
8. Amount utilised during the quarter. A Sch. 9. Total amount utilised. A. Sch.
10. Total Amount deposited into Government Account, Rs. 11. Payment expected to be made during the subsequent quarters (give
figures—Quarter-wise).
12. Surrenders, if any.
ANNEXURK IV
GUARANTEE BOND
(To be furnished by Banks under the Procedure for the import of goods under the Austrian Credit, 1975)
To
The President of India,
by
issued on
In consideration of the President of India (hereinafter called 'the Government') having agreed to arrange for payment in Austrian Schillings for the import of (hereinafter called for impoTter) under the terms and conditions of the Austrian Credit, 1975 and In pursuance of Import Licence No in favour of the Importer against the above agreement, we (Bank) at the request of the importer hereby undertake to arrange to deposit the amounts of the disbursements made by the Austrian National Bank converted at the pre- vailing composite rate of exchange calculated as per instructions Issued by the Government in the matter from time to time within ten days of the receipt of advice of payment for credit to the Government account in the manner and against the appropriate Heads of Account as indicated by Government of India under the said credit together with Interest at the rate of six per cent per annum on the amounts disbursed to the supplier from the date of payment to the Austrian supplier to the date of payment of rupee equivalent for credit to the Government Account. The negotiable set of import documents received from the Austrian National Bank will be released to the importer only after the rupee deposits con- templated above has been made.
2. We, the
(Bank) also undertake to indemnify and keep indemnified the Government against any default in payment by the Importer of any sum that may be due and payable from time to time by the Importer to the Government at such place and in such manner as the Government may from time to time direct such sum not exceeding Rs or any part thereof for the time being due and payable by the importer. The decision of the Govern- ment as to any default in the said payment by the Importer or on his part and in regard to the amount payable to the Government by us (Bank), shall be final and binding on us
(Bank).
3. We,
(Bank) further agree that in case of increase in the value of import or incre-a.se in the value of unfulfilled deliveries under the contract as a result of change In the composite rate of exchange mentioned in para 1 above, the amount of this guarantee bond will be adjusted as on the date when the change takes place in proportion to this change.
4. We
(Bank) further agree that the guarantee herein contained shall remain in full force and effect during the period that would be taken for the performance of the said agreement/contract and that It shall con- tinue to be enforceable till all the dues to the Government under or by virtue of this guarantee have been fully paid and its claims satisfied or discharged.
5. The guarantee heroin contained shall not be effected by any change in the constitution of the Importer or the (Bank), and the Government shall have the fullest liberty without affecting the guarantee to postpone for any time and from time to time any of the powers exerciseable by it against the importer and either to enforce payment by the importer of any of the amounts the payment whereof is intended to be hereby secured and the (Bank), shall not be released from its liability under the guarantee by any exer- cise by the Government of the liberty with reference to the matters aforesaid or
tf*ART 1—Skc. 1] I^ffi &AZSETFE Off INDIA EXTHXOIOOBfAHST 9 77
lw reason of time being given to the importer or any other forbearance, act or omission on the part of the Government or any indulgence by the Government, to the Importer or by any matter or thing whatsoever which under the law relating, to surities shall, but for this provision, have the effect of so releasing the (Bank), from its such liability.
6. We,
(Bank) undertake not to revoke this guarantee during its currency except with previous consent of the Government in writing.
7. We,
(Bank), hereby undertake to make additional deposits in terms of Public Notice No. 15-ITC(PN)/72 dated the 28th January, 1972 and No. 108-ITC(PN)/72 dated the 21st July, 1972 and such other Public Notices that may be issued from time to time hereafter.
8. Our liability under this guarantee is restricted to Ks (plus, interest and commission charges, if any, not expected tot exceed one per cent of the guaranteed amount) and this guarantee shall remain in force till the day* of (month), 19 Unless claims under this 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 Government's rights under this guarantee shall be for- feited and we shall be relieved and discharged from all liability thereunder.
Dated, the day of For (Bank).
Accepted for and on behalf of the President of India by Shri Name and Designation Signature
•This date shall be arrived at by adding one month to the date by which all payments to the suppliers are expected to be finalised.
NOTE.—The value of the stamped paper on which this guarantee is to be executed, is to be adjudicated by the Collector of Stamps,
ANNEXTJBE V
Proforma,
1. Name and full address of the importer/licensee on whose behalf the Bank Guarantee was furnished:
2. The import licence number & date and value, 3. Number, date and amount of the guarantee furnished. 4. Particulars of the Letter of Authority obtained from the Ministry of Finance:
(a) Number and date of the Letter of Authority; (b) Amount of the Letter of Authority (in Austrian Schillings).
5. Particulars of Imports effected and rupee deposits made:
(a) Name of supplier(s). (b) Amount in Austrian Schillings actually paid to the Supplier (s) men- tinned at (a) above.
(c) Date of payment to the Supplier by the Austrian National Bank. (d) Amount of rupee deposit:—
(1) Rupee equivalent of Austrian Schilling amount paid to the supplier
(ii) Interest paid. (iii) Period for which the interest has been calculated from
to
(iv) Total deposit made. (v) Date and place of deposit.
9 78 TIffi GAZETTE OF INDIA EXTRAORDINARY [PART I—SEC 1]
(vi) Number and date of the Treasury Challan (to be enclosed). If the; Treasury Challan has already been sent, reference to the letteij^ number and date with which it was sent may be quoted, (vii) If the rupee deposit mentioned in (d), (iv) above was made by means of Demand Draft, the number, date, and amount of the draf,t and particulars of your letter with which it was sent to the Accountant General, Central Revenues, to bo indicated. 6. Amount utilised and balance unutilised (in Austrian Schillings) against
each Letter of Authority:—.
7. A certificate that the balance indicated in 6 above, has not been utilised and no shipment has been made thereof, and the same may be treated as lapsed.
Authorised signature:
B. D. KUMAR,
Chief Controller of Imports and Exports.
1>ART I-^SBC 1] 4WE GAZETTE OF INDIA BXTftAORBlNARY 979,
.980 TCffB GAZETTE Or INDJA WRIJRAPfiJ^ARy CPART I^-SKC. il
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