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Line of Credit for export finance establishes utilization and disbursement periods and regulates agency commission payments. A Line of Credit was extended by the export credit agency to a foreign bank to finance exports eligible under India's Foreign Trade Policy, effective December 2005, with specified terminal utilization and disbursement periods subject to extension. Shipments must be declared on GR/SDF forms. Reserve Bank may permit agency commission for after sales service up to a capped amount on merit, payable in the borrower's jurisdiction by invoice deduction with corresponding adjustment to reimbursable disbursements; exporters may alternatively pay commission from own resources or EEFC balances and AD banks may allow remittance after realisation, subject to prevailing instructions. Directions are issued under FEMA and are without prejudice to other legal permissions.
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Line of Credit for export finance establishes utilization and disbursement periods and regulates agency commission payments.
A Line of Credit was extended by the export credit agency to a foreign bank to finance exports eligible under India's Foreign Trade Policy, effective December 2005, with specified terminal utilization and disbursement periods subject to extension. Shipments must be declared on GR/SDF forms. Reserve Bank may permit agency commission for after sales service up to a capped amount on merit, payable in the borrower's jurisdiction by invoice deduction with corresponding adjustment to reimbursable disbursements; exporters may alternatively pay commission from own resources or EEFC balances and AD banks may allow remittance after realisation, subject to prevailing instructions. Directions are issued under FEMA and are without prejudice to other legal permissions.
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