4.15.1

Back to Back Inland Letter of Credit (L/C)

(a) Before opening the L/C, bank will ensure that necessary BG / LUT has been executed by Advance Authorisation / Non Transferable DFIA holder and an endorsement to that effect has been made on the Authorisation.

(b) However, execution of BG / LUT shall not be required against transferable DFIA. After opening inland L/C, bank shall make following endorsement on Exchange Control and Customs copy of Advance Authorisation / DFIA:

Value of this Advance Authorisation / DFIA stands reduced by a sum of Rs. ________ , being value of inland L/C No.________ opened today by authorisation holder in favour of M/s ____________________ (name and address of indigenous supplier).