Line of Credit enables Indian export finance for ECOWAS public projects with specified utilisation periods and FEMA compliance. Exim Bank extended a Line of Credit to EBID to finance exports from India to EBID member countries under the Foreign Trade Policy. The Credit Agreement is effective October 17, 2006, with utilisation periods of 48 months from project completion for project contracts and 72 months from execution for supply contracts. The LOC is available only for public sector projects; EBID must forward project proposals to the Ministry of External Affairs before Exim Bank approval. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may use own funds or EEFC balances for commission after realisation, subject to prevailing instructions.
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Provisions expressly mentioned in the judgment/order text.
Line of Credit enables Indian export finance for ECOWAS public projects with specified utilisation periods and FEMA compliance.
Exim Bank extended a Line of Credit to EBID to finance exports from India to EBID member countries under the Foreign Trade Policy. The Credit Agreement is effective October 17, 2006, with utilisation periods of 48 months from project completion for project contracts and 72 months from execution for supply contracts. The LOC is available only for public sector projects; EBID must forward project proposals to the Ministry of External Affairs before Exim Bank approval. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may use own funds or EEFC balances for commission after realisation, subject to prevailing instructions.
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