December 2020
Intermediate to advanced
857 pages
42h 3m
English
Content preview from Business Environment, 4th Edition by Pearson
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Liberalization | 509
on 20August 1994. In respect of the travellers proceeding abroad, the entitlement in
currency notes was raised from US$100 to US$500 and later to US$2,000 in August
1994. Exporters are eligible for forex that is not exceeding 12.5percent of the invoice
value by way of agency commission. They are also entitled to settlement of quality
claims not exceeding 15 per cent of the invoice value, and for sundry personal-
and commercial remittances not exceeding US$100 for any purpose. Thus, the
liberalization process has been backed by liberalised forex regulations.
Memorandum to IMF
To tide over the forex problem that arose due ...
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