Line of credit for export finance sets shipment declaration and conditional agency commission rules requiring prior approval. A Line of Credit from Exim Bank to the Eastern African Development Bank finances eligible exports to member countries, with defined effective and terminal dates and shipment declarations required on GR/SDF forms. Agency commission is generally disallowed under the facility but may be permitted up to a prescribed ceiling for exports requiring after sales service subject to prior approval and invoice deduction, with Exim Bank reimbursing the negotiating bank on a specified basis. Otherwise exporters must fund commissions from their own resources or EEFC balances, and AD Category I banks may allow remittance after full realisation subject to prevailing rules; directions are issued under FEMA.
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 for export finance sets shipment declaration and conditional agency commission rules requiring prior approval.
A Line of Credit from Exim Bank to the Eastern African Development Bank finances eligible exports to member countries, with defined effective and terminal dates and shipment declarations required on GR/SDF forms. Agency commission is generally disallowed under the facility but may be permitted up to a prescribed ceiling for exports requiring after sales service subject to prior approval and invoice deduction, with Exim Bank reimbursing the negotiating bank on a specified basis. Otherwise exporters must fund commissions from their own resources or EEFC balances, and AD Category I banks may allow remittance after full realisation subject to prevailing rules; directions are issued under FEMA.
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