Date: |
09-03-2015
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Notification No: |
RBI//2014-15/492 A.P. (DIR Series) Circular No.82
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Issuing Authority: |
RBI
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Type: |
A.P.D.(Series) Circulars
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File No: |
RBI//2014-15/492 |
Subject: |
Exim Bank's Line of Credit of USD 34.54 million to the Government of the Republic of Niger
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RBI//2014-15/492
A.P. (DIR Series) Circular No.82
March 09, 2015
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Exim Bank's Line of Credit of USD 34.54 million to the Government of the
Republic of Niger
Export-Import Bank of India (Exim Bank) has entered into an Agreement dated
September 12, 2013 with the Government of the Republic of Niger for making
available to the latter, a Line of Credit (LOC) of USD 34.54 million (USD Thirty
Four Million and Five Hundred and Forty Thousand) for financing solar
electrification of 30 villages (USD 9.84 million) and for setting up of solar
photo voltaic system of 5 Megawatt (USD 24.70 million) in the Republic of Niger.
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 per cent of the contract price
shall be supplied by the seller from India and the remaining 25 percent goods
and services may be procured by the seller for the purpose of eligible contract
from outside India.
- The Credit Agreement under the LOC is effective from February 18,
2015. Under the LOC, the last date for opening of letters of credit and
disbursement will be 48 months from the scheduled completion date of
contract in the case of project exports and 72 months (September 11, 2019)
from the execution date of the Credit Agreement in the case of 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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