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CHEMEXCIL
Basic Chemicals, Cosmetics & Dyes Export Promotion Council
(Set-up by Ministry of Commerce and Industry, Govt of India)
Jhansi Castle, 4th Floor, 7 Cooperage Road, Mumbai - 400 001.India.
Tel : +91 22 22021288 / * Fax : +91 22 22026684
email : info@chemexcil.gov.in Web : https://chemexcil.in
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EPC/LIC/EGYPT
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13th May 2022
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TO
ALL THE MEMBERS OF THE COUNCIL
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Advisory about New import rules take effect in Egypt
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Dear Members,
You might be aware that on 12th February 2022, the Central Bank of Egypt had issued a new guideline mandating importers to use letters of credit instead of a cash-against-documents. The move was to guarantee import operations through covering risks associated with issuing letters of credit (L/Cs) from banks. The council had also sent its circular to the members in this regard.
However, as per recent Egyptian Government directive, production inputs and raw materials will be exempt from L/C route which was announced in February 2022. Raw materials to be exempted from new importation measures.
Council had also written to the Second Secretary(Com), Embassy of India in Cairo, Egypt for confirmation and have received a reply in affirmative (copy enclosed).
Members are requested to take note of this change in import rules/ payments in Egypt and do the needful accordingly.
Feed-backs, if any may also be sent to the council on e-mail ids: - dg@chemexcil.in, pw@chemexcil.in, rodelhi@chemexcil.in, robengaluru@chemexcil.in, rd.ahd@chemexcil.in for records/ further deliberations, if required.
Thanking You,
Yours faithfully,
Deepak Gupta
Acting Executive Director
CHEMEXCIL
https://chemexcil.in/uploads/files/Egypt_Payment_Advisory.pdf
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