REGISTERED No.

D(D)-72

The Gazette of India

EXTRAORDINARY

PART I—Section 1

PUBLISHED BY AUTHORITY

No. 15] NEW DELHI, SATURDAY, JANUARY 21, 1978/MAGHA 1, 1899

Separate paging is given to this Part in order that It may be filed as a separate

compilation

214 GI/77

(35)

36

THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. I]

MINISTRY OF COMMERCE

(Import Trade Control)

PUBLIC NOTICE NO. 8-ITC(PN)/7S

New Delhi, the 21st January, 1978

SUBJECT.—The Trade and Payments Agreement

with (he Hungarian People's

Republic envisaging trade and payment transactions between India

and Hungary in any freely convertible currency from January 1,

1978.

No. IPC/51(7)/Rupee/77-78.—A new Trade Agreement with the Hungarian

People'a Rc-public has come into force on January I, 1978 and will remain

valid initially for a period of three years upto December 31, 1980.

2. The Trade Agreement envisages thut all trade and payments transactions

between India and Hungary from January 1, 1978 shall be concluded and settled

in any freely convertible currency mutually agreed upon between the individual

contracting parties in accordance with the foreign exchange laws, rules und

regulations of the two countries. However, payments falling due- after December

31, 1977 in respect of all export/import contracts /agreements and all other

contracts/agreements concluded between India und Hungary before Jumiary 1,

37

1978 will continue to be implemented in non-convertible Indian rupees in ac-

cordance with the terms of the relevant contracts/agreements ; provided that

payments in respect of. contracts, other than those on deferred payment terms,

shall be completed before December 31, 1979. 11' some contracts/agreements

concluded before January 1, 1978 still ictnain unsettled on December¹ 31, 1979,

the two Governments may mutually agree on the dates by which these contracts/

agreements will be settled.

3, The repayment of principal and payment of interest chaiges on credits

obtained in pursuance of the Agreement on Economic Cooperation dated June 15,

1966 between the Government of India and the Government of the Hungarian

People's Republic shall continue to be made in non-converlibic Indian rupees

on the due dales.

K. V. SESHADRI, Chief Controller.

PRINTED BV THE MANAGER, COVT. OF INDIA PRESS, RING ROAD, NEW DELHI-110064

AND PUnUSHED BY THE CONTROLLER OF PUBLICATIONS, DELHI-110054, 1978