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of <h1>India Extends $10M Credit to Laos for Indian Goods Import; Contracts Finalized by Dec 2003, Drawdown by Dec 2004.</h1> The Government of India has extended a USD 10 million line of credit to the Government of the Lao People's Democratic Republic under an agreement dated November 6, 2002. This credit is intended for the import of Indian-manufactured capital goods, spare parts, accessories, consultancy services, and consumer durables. The credit covers 90% of the f.o.b. value, with the remaining 10% to be paid by the importer in foreign currency. Contracts must be approved by both governments and finalized by December 31, 2003, with full drawdown by December 31, 2004. The Reserve Bank of India may allow a commission of up to 5% for certain capital goods.
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