Line of Credit for export finance mandates predominant sourcing from India and regulatory compliance under FEMA. A Line of Credit of USD 7.50 million from Export-Import Bank of India to the Government of Jamaica finances purchase of water pumps by the National Water Commission, requiring at least 85% procurement from India. The credit is effective from March 2, 2007; Letters of Credit must be opened by March 1, 2009, and disbursements completed by January 18, 2013. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may use own resources or EEFC balances for commission payment subject to AD Category-I bank compliance. Directions are issued under FEMA and do not obviate other statutory approvals.
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Provisions expressly mentioned in the judgment/order text.
Line of Credit for export finance mandates predominant sourcing from India and regulatory compliance under FEMA.
A Line of Credit of USD 7.50 million from Export-Import Bank of India to the Government of Jamaica finances purchase of water pumps by the National Water Commission, requiring at least 85% procurement from India. The credit is effective from March 2, 2007; Letters of Credit must be opened by March 1, 2009, and disbursements completed by January 18, 2013. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may use own resources or EEFC balances for commission payment subject to AD Category-I bank compliance. Directions are issued under FEMA and do not obviate other statutory approvals.
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