| Date: |
25-01-2018
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| Notification No: |
A.P. (DIR Series) Circular No. 17
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2017-18/125 A.P. (DIR Series) Circular No. 17 |
| Subject: |
Exim Bank's Government of India supported Line of Credit of USD 71.40 million to the Government of Côte d’Ivoire
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RBI/2017-18/125
A.P. (DIR Series) Circular No.17
January 25th, 2018
All Category – I Authorised Dealer Banks
Madam/Sir,
Exim Bank's Government of India supported Line of Credit of USD 71.40 million
to the Government of Côte d’Ivoire
Export-Import Bank of India (Exim Bank) has entered into an Agreement on May
22, 2017 with the Government of Côte d'Ivoire for making available to the
latter, a Government of India supported Line of Credit (LoC) of USD 71.4 million
(USD Seventy one million four hundred thousand only) for the purpose of
financing the Upgradation of four Military Hospitals in Abidjan Korhogo, Bouake
and Daloa regions’ in Côte d’Ivoire. Under the arrangement, financing export of
eligible goods and services from India would be allowed 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. The
goods include plant, machinery and equipment and services include consultancy
services. Out of the total credit by Exim Bank under this agreement, goods and
services of the value of at least 75 per cent of the contract price shall be
supplied by the seller from India and the remaining 25 per cent of goods and
services may be procured by the seller for the purpose of the eligible contract
from outside India.
2. The Agreement under the LoC is effective from
December 15, 2017. Under the LoC, the terminal utilization period is 60 months
after the scheduled completion date of the project.
3. Shipments under
the LoC will have to be declared on Export Declaration Form as per instructions
issued by Reserve Bank from time to time.
4. No agency commission is
payable for export under the above LoC. However, if required, the exporter may
use its own resources or utilize balances in its Exchange Earners’ Foreign
Currency Account for payment of commission in free foreign exchange. Authorised
Dealer Category- I (AD Category- I) banks may allow such remittance after
realization of full eligible value of export subject to compliance with the
extant 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 LoC from the Exim
Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005 or from their website 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
J K Pandey
Chief General Manager
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