4.33

An application for grant of DFRC may be made to the licensing authority concerned in the form given in Appendix-10-D alongwith the documents prescribed therein. An application for DFRC shall be filed only after realisation of export proceeds. However, in case of exports against irrevocable Letter of Credit, application may be filed after exports. The CIF value of DFRC shall be arrived at after discounting 25% from the FOB value of exports. The FOB value shall be calculated on the basis of the Bank Realisation Certificate.

However in case of exports of gold/ silver/ platinum jewellery and articles thereof, the CIF value would be computed from the FOB value as per the value addition given in paragraph 4.56.1 of the Handbook.

(Above sentence at the end of this para has been added vide PN No. 17/2002, Dt. 05/06/2002)