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of <h1>Exim Bank Sets $10M Credit Line with Russian Bank to Boost Indian Exports; Effective December 15, 2005.</h1> The Export-Import Bank of India (Exim Bank) has established a Line of Credit (LOC) of USD 10 million with a Russian bank, effective from December 15, 2005. This credit is intended to finance exports from India, compliant with India's Foreign Trade Policy. The utilization period is 24 months, and disbursement is 30 months from the agreement's effective date, with possible extensions. Shipments must be declared on GR/SDF Forms. The Reserve Bank may approve agency commission payments up to 5% for exports requiring after-sales service, subject to specific conditions. Authorized banks should inform exporters about this circular.
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