Line of Credit compliance: Exim Bank LOC to Seychelles imposes shipment declarations, agency commission limits and FEMA based rules. Exim Bank's Line of Credit to the Government of Seychelles, effective April 25, 2007, finances eligible commodity purchases; the last date for opening Letters of Credit and disbursements is seventy two months from that effective date. Shipments must be declared on GR/SDF Forms. No agency commission is payable under the LOC, though exporters may use their own resources or EEFC balances for commission after realisation and subject to prevailing instructions. AD Category I banks must notify exporters and obtain LOC details; directions issued under FEMA sections 10(4) and 11(1).
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Provisions expressly mentioned in the judgment/order text.
Line of Credit compliance: Exim Bank LOC to Seychelles imposes shipment declarations, agency commission limits and FEMA based rules.
Exim Bank's Line of Credit to the Government of Seychelles, effective April 25, 2007, finances eligible commodity purchases; the last date for opening Letters of Credit and disbursements is seventy two months from that effective date. Shipments must be declared on GR/SDF Forms. No agency commission is payable under the LOC, though exporters may use their own resources or EEFC balances for commission after realisation and subject to prevailing instructions. AD Category I banks must notify exporters and obtain LOC details; directions issued under FEMA sections 10(4) and 11(1).
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