Line of Credit for export finance: regulatory terms, documentation and conditional agency commission under FEMA provisions. A foreign credit facility is notified whereby Exim Bank has made a Line of Credit available to a Moroccan bank to finance eligible exports under India's Foreign Trade Policy; the LOC is subject to specified deadlines for L/C opening and final disbursement, shipment declaration on GR/SDF forms, a general prohibition on agency commission under the LOC, and procedures allowing commission payment from exporter resources or EEFC balances with prior authorisation and Reserve Bank discretion to permit commission for after sales service exports. The direction is issued under sections 10(4) and 11(1) of FEMA.
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Provisions expressly mentioned in the judgment/order text.
Line of Credit for export finance: regulatory terms, documentation and conditional agency commission under FEMA provisions.
A foreign credit facility is notified whereby Exim Bank has made a Line of Credit available to a Moroccan bank to finance eligible exports under India's Foreign Trade Policy; the LOC is subject to specified deadlines for L/C opening and final disbursement, shipment declaration on GR/SDF forms, a general prohibition on agency commission under the LOC, and procedures allowing commission payment from exporter resources or EEFC balances with prior authorisation and Reserve Bank discretion to permit commission for after sales service exports. The direction is issued under sections 10(4) and 11(1) of FEMA.
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