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Clarification on chater hire payments to Indian ship-owners / Bidders who exercised Right of First Refusal [RoFR] in the quoted currency, in cases where contracts have been awarded under International Competitive Bidding (ICB) tenders.
Applicable to:
Indian ship-owners, charterers, and bidders
Effective Date:
2019-02-26
Superseded Circulars:
None
Key Changes and Requirements
1. Clarification on Charter Hire Payments — Exchange Rate Clarification
The DGS has clarified that Indian ship-owners/bidders can quote and receive charter hire payments in foreign currency, even after exercising the Right of First Refusal (RoFR), under International Competitive Bidding (ICB) tenders.
- Key Points:
- Payment can be made in the quoted foreign currency.
- This applies even if Indian ship-owners/bidders have exercised RoFR.
II/4 Clarification Circular
Important Note
This clarification supersedes the previous Shipping Development Circular 02 of 2018 dated 18.04.18.
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