Line of credit facility enables full f.o.b. financing for eligible exports to Vietnam subject to specified approvals and procedures. A government-to-government line of credit of six hundred million rupees to Vietnam permits imports of specified capital goods, consumer durables and consultancy services from India. Each export contract requires approval by both Governments and the Ministry of Finance; Letters of Credit must be opened by the Bank of Foreign Trade of Vietnam, advised to the State Bank of India, and finance the full f.o.b. value with a prescribed reimbursement clause. Contracts, L/Cs and drawdowns must meet specified deadlines, shipments must be declared on GR/SDF/SOFTEX forms with required superscription and certification, import content must be low, and agency commissions are disallowed. Directions are 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 facility enables full f.o.b. financing for eligible exports to Vietnam subject to specified approvals and procedures.
A government-to-government line of credit of six hundred million rupees to Vietnam permits imports of specified capital goods, consumer durables and consultancy services from India. Each export contract requires approval by both Governments and the Ministry of Finance; Letters of Credit must be opened by the Bank of Foreign Trade of Vietnam, advised to the State Bank of India, and finance the full f.o.b. value with a prescribed reimbursement clause. Contracts, L/Cs and drawdowns must meet specified deadlines, shipments must be declared on GR/SDF/SOFTEX forms with required superscription and certification, import content must be low, and agency commissions are disallowed. Directions are issued under FEMA.
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