POL CIR NO. 49(RE-98)/1998-1999 Dated 2-11-1998

Factoring agencies can issue Bank Certificate of Exports & Realisation

Sub:

Agencies authorised to issue Bank Certificate of Export and Realisation - Appendix 25 of handbook of Procedures, 1997-2002

Sir

Representations have been received from various firms' seeking clarification whether agencies / financial institutions in the business of export factoring, who have already been issued A.D. Codes by the Reserve Bank of India, can also issue Bank Certificate of Export & Realisation.

This issue has been considered in consultation with the Reserve Bank of India, who have clarified that the following firms have been authorised to handle GR forms and related export documents and to certify the realisation of export proceeds in an approved manner:

i) M/s. Foremost Factors Ltd.
Pawan House, Zamrudpur Community Centre,
Kailash Extension, New Delhi - 110 048.

ii) M/s SBI factors & Commercial Services Ltd.
172, Maker Tower `F' ( 17th Floor ),
Cuffe Parade, Mumbai - 400 005.

iii) M/s Integrated Finance Co. Ltd.
P. B. No. 480, Vairams, 112, Thyagaraja Road,
T. Nagar, Chennai - 600 017.

In the light of above clarification from Reserve Bank of India, it is clarified that above stated factoring agencies can issue Bank Certificate of Exports & Realisation as given in the Appendix 25 of Handbook of Procedures (Vol.1 ), 1997 - 2002

This issues with the approval of Director General of Foreign Trade.

Sd/-
(L.B. Singhal)
Jt. Director General of Foreign Trade

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