Policy Circular No.45 (RE-98)/98-99 Dated 15-10-98

Export Made Under Escrow Account-DEPB Benefits Granted

Sub: Grant of DEPB benefit for exports made under Escrow Account.

Attention is invited to policy circular No.12(RE-98)/98-99 dated 5th June 1998 wherein vide paragraph 5, it was clarified that exports made under counter trade agreement and export proceeds realised through "Escrow Accounts " in US $ is entitled for DEPB benefits.

Representations were received and the matter was referred to Ministry of commerce again. Ministry of commerce has consulted RBI in the matter again.

In modification of earlier clarification, it is clarified that exports made under counter trade agreement and export proceeds realised through "Escrow Accounts" in US $ are entitled for DEPB benefits.

This issues with the approval of DGFT.

Sd/-
Ajai Sahai)
Dy.DGFT

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