Line of credit requires majority financing of eligible Indian goods and compliance with LC and disbursement deadlines. Exim Bank provided a Line of Credit to Guyana to finance an Indian company's traffic signalling project; the LOC funds exports of goods and services eligible under India's Foreign Trade Policy and mandates that a substantial majority finance purchase of Eligible Indian Goods. The credit has specified terminal dates for opening Letters of Credit and for final disbursements. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may pay commission from their own resources or EEFC balances after realisation, subject to prevailing rules and AD Category - I bank compliance.
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 requires majority financing of eligible Indian goods and compliance with LC and disbursement deadlines.
Exim Bank provided a Line of Credit to Guyana to finance an Indian company's traffic signalling project; the LOC funds exports of goods and services eligible under India's Foreign Trade Policy and mandates that a substantial majority finance purchase of Eligible Indian Goods. The credit has specified terminal dates for opening Letters of Credit and for final disbursements. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may pay commission from their own resources or EEFC balances after realisation, subject to prevailing rules and AD Category - I bank compliance.
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