REGISTERED NO. D(D)-72

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

360 GI/77

(173)

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

MINISTRY 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

PRINTED BY THE MANAQBK, OOVT. OF IMHA PRESS, RING ROAD, NEW DELHI-110064

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