Line of Credit export financing permits limited agency commission for after sales service with prior RBI approval and specific disbursement deadlines. A Line of Credit from Exim Bank to Republic Bank, Trinidad and Tobago finances exports of eligible Indian goods and services, subject to specified deadlines for letters of credit and disbursement and mandatory GR/SDF shipment declarations. No agency commission is ordinarily payable, but the Reserve Bank may permit up to 5 per cent commission for exports requiring after sales service; such commission must be paid in the buyer's jurisdiction by deduction from invoice, reimbursement will be 90 per cent of invoice value minus commission, and prior approval is required.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Line of Credit export financing permits limited agency commission for after sales service with prior RBI approval and specific disbursement deadlines.
A Line of Credit from Exim Bank to Republic Bank, Trinidad and Tobago finances exports of eligible Indian goods and services, subject to specified deadlines for letters of credit and disbursement and mandatory GR/SDF shipment declarations. No agency commission is ordinarily payable, but the Reserve Bank may permit up to 5 per cent commission for exports requiring after sales service; such commission must be paid in the buyer's jurisdiction by deduction from invoice, reimbursement will be 90 per cent of invoice value minus commission, and prior approval is required.
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