Pointing out that some fraudulent transactions have come to its notice, the Centre on Monday said it will not allow any wheat for export for which an irrevocable Letter of Credit (LC) has been opened after May 13, the day export was banned by India.
In a trade notice, the Directorate General of Foreign Trade said, “Information has been received from sources that fraudulent backdated LCs showing date of issuance as on or prior to May 13, 2022, are being submitted by some unscrupulous exporters for the issue of RCs. But as per LC’s message exchange date between Indian and foreign banks and Swift message show it has been done after May 13.”
So, it said both the LC and message exchange date between Indian and foreign banks should be “on or prior to May 13, 2022” .