Date: |
06-08-2015
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Notification No: |
RBI//2015-16/146 A.P. (DIR Series) Circular No.7
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Issuing Authority: |
RBI
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Type: |
A.P.D.(Series) Circulars
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File No: |
RBI//2015-16/146 |
Subject: |
Exim Bank's GoI supported Line of Credit of USD 18.08 million to the Government of Republic of Chad
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RBI//2015-16/146
A.P. (DIR Series) Circular No. 7
August 06, 2015
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Exim Bank's GoI supported Line of Credit of USD 18.08 million to the
Government of Republic of Chad
Export-Import Bank of India (Exim Bank) has entered into an agreement on
August 6, 2014 with the Government of Republic of Chad, for making available to
the latter, a line of credit (LOC) of USD 18.08 million (USD Eighteen Million
and Eighty Thousand) for financing veterinary pharmaceutical manufacturing plant
in the Republic of Chad. The goods, machinery, equipment and services including
consultancy services from India for exports under this agreement are those which
are eligible for export under the Foreign Trade Policy of the Government of
India and whose purchase may be agreed to be financed by the Exim Bank under
this agreement. Out of the total credit by Exim Bank under this agreement, the
goods and services including consultancy services of the value of at least 75%
of the contract price shall be supplied by the seller from India and the
remaining 25% goods and services (other than consultancy services) may be
procured by the seller for the purpose of the eligible contract from outside
India.
- The credit agreement under the LOC is effective from June 30, 2015 and the
date of execution of agreement is August 6, 2014. The last date for opening of
letters of credit and disbursement will be 48 months from the scheduled
completion date[s] of contract[s] in the case of project exports and 72 months
from the execution date of the credit agreement in the case of other supply
contracts.
- Shipments under the LOC will have to be declared on EDF/ SDF Forms as per
instructions issued by the Reserve Bank from time to time.
- No agency commission is payable under the above LOC. However, if required,
the exporter may use his own resources or utilize balances in his Exchange
Earners’ Foreign Currency Account for payment of commission in free foreign
exchange. Authorised Dealer Category- l (AD Category-l) banks may allow such
remittance after realization of full payment of contract value subject to
compliance with the prevailing instructions for payment of agency commission.
- AD Category-I banks may bring the contents of this circular to the notice of
their exporter constituents and advise them to obtain full details of the Line
of Credit from the Exim Bank’s office at Centre One, Floor 21, World Trade
Centre Complex, Cuffe Parade, Mumbai 400 005 or log on to www.eximbankindia.in.
- The Directions contained in this circular have been issued under sections
10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999)
and are without prejudice to permissions / approvals, if any, required under any
other law.
Yours faithfully,
(A. K. Pandey)
Chief General Manager
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