New Delhi, Mar 14 (KNN) The Directorate General of Foreign Trade (DGFT) has deleted the provision on Irrevocable Letter of Credit from the Handbook of Procedure 2015-20.

The para 2.86 of HBP 2015-20 states that, “In cases where applicant applies for duty credit scrip/ discharge of EO against confirmed irrevocable letter of credit (or bill of exchange which is unconditionally Avalised/ Co-Accepted/ Guaranteed by a bank) and this confirmed and certified by exporter’s bank in relevant Bank Certificate of Export and Realization, payment of export proceeds shall be deemed to have been realized.”

“For Status Holders, irrevocable Letter of Credit will suffice,” it added.

In a notification on March 13, DGFT said, “Para 2.86 of Handbook of Procedure (2015-20) is deleted.” (KNN Bureau)