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of <h1>Exim Bank Sets Up $20M Letter of Credit Facility with Iran for Indian Export Financing Until August 2003.</h1> Exim Bank of India has established a Letter of Credit Refinancing Facility of $20 million with the Central Bank of Iran, effective from February 20, 2002, to finance exports of eligible goods and services from India to Iran. The facility is available until August 19, 2003, with a minimum letter of credit value of $100,000. Designated banks in both countries will manage the issuance and negotiation of credits. Exporters must adhere to specified procedures and charges, with compliance under the Uniform Customs and Practice for Documentary Credits. The Reserve Bank of India may approve commission payments for exports requiring after-sales service.
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