SEZ INSTRUCTION NO. 41 dated November, 2009 - Clarification on calculation of NFE as per Rule 53 of the SEZ Rules, 2006

Clarification on calculation of NFE as per Rule 53 of the SEZ Rules, 2006

INSTRUCTION NO. 41

F.No.C.6/9/2009-SEZ

Government of India

Ministry of Commerce & Industry

Department of Commerce

Udyog Bhawan, New Delhi

Dated the November, 2009

To

All Development Commissioners

Sub: Clarification on calculation of NFE as per Rule 53 of the SEZ Rules, 2006

Sir/Madam,

I am directed to say that references have been received in this department seeking clarification on the currency in which NFE is to be calculated. The matter has been examined in this department and it is clarified that NFE is to be calculated in rupee terms only. In case a unit is NFE negative and claims that it is due to foreign exchange fluctuation, the Approval Committee may consider such cases provided that the unit gets the computations certified by the Authorised Bank, on a case to case, basis.

This issues with the approval of AS(SEZ).

Yours faithfully,

Sd/-

(R.K.Pandey)

Under Secretary to the Government of India