Line of Credit conditions require majority Indian-sourced goods and set timelines, documentation and commission remittance rules for exporters. Exim Bank provided a Line of Credit to finance exports for a Rural Electrification Project in Togo, requiring that a substantial majority of contract value be supplied from India while a limited portion (excluding consultancy) may be procured abroad; the Credit Agreement prescribes timelines for opening Letters of Credit and disbursement. Shipments must be declared on GR/SDF forms. No agency commission is payable under the Line of Credit, though exporters may use own funds or Exchange Earners' Foreign Currency balances to pay commission in free foreign exchange subject to realization and prevailing instructions. Authorized Dealer banks must inform exporters and obtain details from Exim Bank. Directions issued under FEMA.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Line of Credit conditions require majority Indian-sourced goods and set timelines, documentation and commission remittance rules for exporters.
Exim Bank provided a Line of Credit to finance exports for a Rural Electrification Project in Togo, requiring that a substantial majority of contract value be supplied from India while a limited portion (excluding consultancy) may be procured abroad; the Credit Agreement prescribes timelines for opening Letters of Credit and disbursement. Shipments must be declared on GR/SDF forms. No agency commission is payable under the Line of Credit, though exporters may use own funds or Exchange Earners' Foreign Currency balances to pay commission in free foreign exchange subject to realization and prevailing instructions. Authorized Dealer banks must inform exporters and obtain details from Exim Bank. Directions issued under FEMA.
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