Line of credit facilitates stipulated exports under approved contracts, via letters of credit and FEMA issued directions. A government-to-government line of credit to Sri Lanka finances eligible exports from India-capital goods, consultancy services, consumer durables and specified food items-on 100% f.o.b. basis through letters of credit opened by Sri Lankan banks and advised to State Bank of India, New Delhi, containing a prescribed reimbursement clause; contracts require bilateral approval and submission to the Ministry of Finance, and shipments must be declared on prescribed export forms. These directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act.
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Provisions expressly mentioned in the judgment/order text.
Line of credit facilitates stipulated exports under approved contracts, via letters of credit and FEMA issued directions.
A government-to-government line of credit to Sri Lanka finances eligible exports from India-capital goods, consultancy services, consumer durables and specified food items-on 100% f.o.b. basis through letters of credit opened by Sri Lankan banks and advised to State Bank of India, New Delhi, containing a prescribed reimbursement clause; contracts require bilateral approval and submission to the Ministry of Finance, and shipments must be declared on prescribed export forms. These directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act.
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