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RBI/2015-16/421
A.P. (DIR Series) Circular No. 75
June 09, 2016
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Exim Bank's GoI supported Line of Credit of USD 24.00
million to the Government of the Republic of Cote d’Ivoire
Export-Import Bank of India (Exim Bank) has entered into an Agreement dated
September 22, 2015 with the Government of the Republic of Cote d’Ivoire for
making available to the latter, a Government of India supported Line of Credit
(LOC) of USD 24.00 million (USD Twenty Four million) for financing Electricity
Interconnection Project between Cote d’Ivoire and Mali. 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 may be procured by
the seller for the purpose of the eligible contract from outside India.
2. The credit agreement under the LOC is effective from May 26, 2016. Under
LOC, the last date for disbursement will be 60 months after the scheduled
completion date of the project.
3. 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.
4. 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.
5. 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.
6. The Directions contained in this circular have been issued under section
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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