Letter of credit refinancing facility enables export financing to designated Iranian banks with no agency commission payable. Exim Bank made a 24 month refinancing facility available to the Central Bank of Iran from Feb 28, 2004 to Feb 27, 2006 to finance exports; specified Iranian banks are designated as Issuing Banks and certain Indian banks as advising/negotiating banks. Shipments must be declared on GR/SDF forms. No agency commission is payable under the credit and exporters must fund any required commission themselves. Authorised Dealers must notify exporters and refer them to Exim Bank for details. The directions rest on the Foreign Exchange Management Act, 1999.
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Provisions expressly mentioned in the judgment/order text.
Letter of credit refinancing facility enables export financing to designated Iranian banks with no agency commission payable.
Exim Bank made a 24 month refinancing facility available to the Central Bank of Iran from Feb 28, 2004 to Feb 27, 2006 to finance exports; specified Iranian banks are designated as Issuing Banks and certain Indian banks as advising/negotiating banks. Shipments must be declared on GR/SDF forms. No agency commission is payable under the credit and exporters must fund any required commission themselves. Authorised Dealers must notify exporters and refer them to Exim Bank for details. The directions rest on the Foreign Exchange Management Act, 1999.
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