The Gazette of India
EXTRAORDINARY
PART I—Section 1
PUBLISHED BY AUTHORITY
No. 45] NEW DELHI, TUESDAY, FEBRUARY 21, 1978/PHALGUNA 2,1899
Separate paging is given to this Part in order that it may be filed as a separate
compilation
174 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. UMINISTRY OF COMMERCE
(Import Trade Control)
PUBLIC NOTICE NO. 19-ITC(PN)/78
New Delhi, the 21st February, 1978
SUBJECT : Trade Agreement between India and the Democratic People's Republic of Korea providing for payments in freely convertible currency in respect of Indo-DPRK Trade with effect from March 1,
1978.
F. No. IPC/51(8)/Rupeti/77-78.—A new Trade Agreement between the Government of India and the Government of the Democratic People's Republic of Korea (DPRK) was signed on February 3, 1978. The Trade Agreement will come into force from March 1, 1978 and will remain valid initially for a period of two years upto February 29, 1980.
2. The Trade Agreement provides that all trade and payments transactions between India and the Democratic People's Republic of Korea, with effect from March 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 and regulations of the two countries. However, payments falling due after February 28, 1978 in respect of all export/import contracts and all other contracts concluded between India and the Democratic People's Republic of Korea before March 1, 1978, will continue to be settled in non-convertible Indian Rupees in accordance with the terms of the relevant contracts ; provided that payments in respect of these contracts shall be completed latest by December 31, 197S, If some contracts concluded before March 1, 1978 still remain unsettled after December 31, 1978, the two Govern- ments may mutually agree on the dates by which those contracts will be settled.
K. V. SESHADRI, Chief Controller