Line of credit conditions require majority India sourcing, set LC/disbursement timelines, and mandate GR/SDF shipment declarations. A Line of Credit to Mongolia finances eligible machinery, equipment, goods and consultancy services for a joint project, requiring at least 65 percent of goods and non consultancy services to be sourced from India and permitting up to 35 percent procurement from outside India; the agreement sets separate timelines for opening Letters of Credit and disbursement for project exports and supply contracts, mandates GR/SDF shipment declarations, disallows agency commission under the LOC while permitting exporter funded commission remittances subject to realization and prevailing rules, and directs AD Category I banks to notify exporters under FEMA authorities.
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 India sourcing, set LC/disbursement timelines, and mandate GR/SDF shipment declarations.
A Line of Credit to Mongolia finances eligible machinery, equipment, goods and consultancy services for a joint project, requiring at least 65 percent of goods and non consultancy services to be sourced from India and permitting up to 35 percent procurement from outside India; the agreement sets separate timelines for opening Letters of Credit and disbursement for project exports and supply contracts, mandates GR/SDF shipment declarations, disallows agency commission under the LOC while permitting exporter funded commission remittances subject to realization and prevailing rules, and directs AD Category I banks to notify exporters under FEMA authorities.
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