11.01 — Denomination of Import Authorisation/Licence/ Certificate/ Permissions

• (a) CIF value of Authorisation / FOB value of export obligation shall be indicated both in Rupees and in freely convertible currency(s) at the exchange rate(s) prevailing on Authorisation issue date.

• (b) Remittance of foreign exchange and discharge of export obligation against Authorisation shall be regulated in freely convertible currency or in Indian Rupees as per para 2.52 and 2.53 of FTP.

• (c) No enhancement in Rupee value shall be necessary if remittance of foreign exchange is covered by CIF value of Authorisation shown in freely convertible currency.

• (d) However, on Advance Authorisation(s), issued for exports to ACU countries, export obligation shall be denominated and discharged in ACU dollars.

• (e) Export obligation in Advance Authorisation for intermediate supply and for deemed export, where supplies are to be made within the country, shall be denominated and discharged in Indian rupees.