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Export of goods
or services on deferred payment terms or in execution of a turnkey project or a
civil construction contract requires prior approval of the approving authority.
The structure of
Working Group (consisting of representatives
from Exim Bank, ECGC & RBI), which was earlier permitted to consider such projects
for contracts exceeding USD 100 Million has been dispensed with.
AD banks / Exim
Bank have now been permitted to consider awarding post-award approvals without
any limit and permit subsequent changes in the terms of approval.
As it has been
advised by the Government of India that
i) The ‘OCCI’
has been renamed as ‘Project Export Promotion Council’ (PEPC) and
ii) Civil construction contracts may include turnkey engineering
contracts, process and engineering consultancy services and Project
construction items (excluding steel & Cement) along with civil construction
contracts,
It has been
decided to make the necessary changes in Memorandum of Instructions on Project
and Service Exports (PEM) accordingly.
Based on RBI Circular dt 14/01/16. Please visit www.rbi.org.in for any further clarification if required….. Poppy
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