What changed
Previously, exporters had to submit forms DPX1, PEX-1, and TCS-1 to the Approving Authority (AD Bank, Exim Bank, or Working Group) within 15 days of entering into a contract. Now, the deadline has been doubled to 30 days. All other PEM instructions remain unchanged.
What it means for you
Banks acting as Approving Authorities will have a longer window to receive and process post-award approval applications from exporters. This reduces pressure on both exporters and AD banks to rush documentation, potentially lowering compliance errors. However, banks must update their internal systems and customer advisories to reflect the new 30-day timeline.
What you must do
- Update internal checklists and systems to reflect the new 30-day submission deadline for DPX1, PEX-1, and TCS-1 forms.
- Communicate the revised timeline to exporter customers and relevant branches handling project export approvals.
- Ensure staff are trained on the change and continue to follow all other PEM instructions as before.
Who it affects
Authorised Dealer Category-I Banks, Exporters undertaking project exports and service contracts, Exim Bank and Working Group members
What forms are affected by this circular?
The forms DPX1, PEX-1, and TCS-1, which are submitted for post-award approval of project exports and service contracts.
Does this change affect any other PEM instructions?
No. All other instructions in the PEM, as per the earlier circular of October 28, 2003, remain unchanged.