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of <h1>Exim Bank of India Offers $10M Credit Line to Russia's Vnesheconombank for Indian Exports; Utilization by July 2003 Required.</h1> Exim Bank of India has established a US$ 10 million line of credit with Vnesheconombank, Russia, effective from January 30, 2002. This credit is designated for financing Indian exports of specified goods and services to Russia, subject to approval by Exim Bank. Contracts must be valued at a minimum of US$ 50,000, with 90% financed by the credit and the remaining 10% paid by the buyer upfront. An irrevocable letter of credit is required for the balance. The credit must be utilized by July 29, 2003, and transactions are governed by the Foreign Exchange Management Act, 1999.
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