Line of Credit facilitates exports to BOAD member states under FEMA directions, with limited commission rules and deadline controls. Exim Bank's Line of Credit to BOAD finances export of equipment, goods and services from India to BOAD member states, effective April 1, 2004, subject to specified last dates for opening letters of credit and for disbursement. Shipments must be declared on GR/SDF forms. Agency commission is not normally payable, but Reserve Bank may permit up to five percent for exports requiring after sales service, payable in BOAD member states by invoice deduction; Exim Bank's reimbursable payment to the negotiating bank will be ninety percent of the f.o.b./c&f/c.i.f. value minus commission. Approval for commission must be obtained before shipment.
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Provisions expressly mentioned in the judgment/order text.
Line of Credit facilitates exports to BOAD member states under FEMA directions, with limited commission rules and deadline controls.
Exim Bank's Line of Credit to BOAD finances export of equipment, goods and services from India to BOAD member states, effective April 1, 2004, subject to specified last dates for opening letters of credit and for disbursement. Shipments must be declared on GR/SDF forms. Agency commission is not normally payable, but Reserve Bank may permit up to five percent for exports requiring after sales service, payable in BOAD member states by invoice deduction; Exim Bank's reimbursable payment to the negotiating bank will be ninety percent of the f.o.b./c&f/c.i.f. value minus commission. Approval for commission must be obtained before shipment.
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