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of <h1>Exim Bank of India Grants $8M Credit Line to Seychelles for Essential Commodities, Valid Until 2013 under Trade Policy.</h1> Exim Bank of India has established a Line of Credit (LOC) of USD 8 million for the Government of Seychelles, effective April 25, 2007, to finance the purchase of essential commodities eligible for export under India's Foreign Trade Policy. The LOC agreement allows for the opening of Letters of Credit and disbursements within 72 months from the effective date. Exports under this LOC must be declared on GR/SDF Forms as per Reserve Bank guidelines. No agency commission is payable for these exports, but exporters can use their resources for commission payments. Authorized banks must inform exporters about the LOC details.
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