Line of credit availability for eligible exports sets opening and disbursement deadlines, documentary declarations, and commission rules under FEMA. Exim Bank granted a Line of Credit to Bancoldex to finance eligible exports from India, with specified effective, LC opening and disbursement terminal dates. Shipments must be reported on GR/SDF forms. Generally no agency commission is payable, but Reserve Bank may allow up to five per cent commission for exports requiring after sales service payable in Colombia by invoice deduction; in such cases Exim Bank reimburses 90 per cent of the f.o.b./c&f/c.i.f. value net of commission. Exporters may otherwise use own funds or EEFC balances for commission and AD Category I banks must observe prevailing remittance instructions.
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 availability for eligible exports sets opening and disbursement deadlines, documentary declarations, and commission rules under FEMA.
Exim Bank granted a Line of Credit to Bancoldex to finance eligible exports from India, with specified effective, LC opening and disbursement terminal dates. Shipments must be reported on GR/SDF forms. Generally no agency commission is payable, but Reserve Bank may allow up to five per cent commission for exports requiring after sales service payable in Colombia by invoice deduction; in such cases Exim Bank reimburses 90 per cent of the f.o.b./c&f/c.i.f. value net of commission. Exporters may otherwise use own funds or EEFC balances for commission and AD Category I banks must observe prevailing remittance instructions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
