Line of Credit for export projects requires predominant Indian content, GR/SDF reporting, and prohibits bank-paid agency commissions. Export Import Bank of India has extended a Line of Credit to the Government of Mozambique to finance export of Indian goods and services for electrification projects; eligible supplies must be at least 85 per cent Indian-origin and shipments are to be declared on GR/SDF forms. The Credit Agreement fixes utilisation periods and disallows agency commission under the LOC, though exporters may use own funds or EEFC balances for commission after full realisation. AD Category I banks must notify exporters and obtain full LOC details from Exim Bank. The directions are issued under sections 10(4) and 11(1) of FEMA.
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Provisions expressly mentioned in the judgment/order text.
Line of Credit for export projects requires predominant Indian content, GR/SDF reporting, and prohibits bank-paid agency commissions.
Export Import Bank of India has extended a Line of Credit to the Government of Mozambique to finance export of Indian goods and services for electrification projects; eligible supplies must be at least 85 per cent Indian-origin and shipments are to be declared on GR/SDF forms. The Credit Agreement fixes utilisation periods and disallows agency commission under the LOC, though exporters may use own funds or EEFC balances for commission after full realisation. AD Category I banks must notify exporters and obtain full LOC details from Exim Bank. The directions are issued under sections 10(4) and 11(1) of FEMA.
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