Line of Credit terms: export financing allowed with Indian sourcing, shipment declarations and limited agency commission under FEMA. A Line of Credit from Exim Bank to the Nigerian Export Import Bank finances exports of eligible goods and services from India, requiring at least 85% Indian supply. The facility is time limited for opening Letters of Credit and disbursements; shipments must be declared on GR/SDF forms. Agency commission is generally disallowed but Reserve Bank may permit limited commission for exports needing after sales service subject to prior regional approval and invoice deduction; otherwise exporters may use own funds or EEFC balances. AD Category I banks must inform exporters and obtain full LOC details. 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 terms: export financing allowed with Indian sourcing, shipment declarations and limited agency commission under FEMA.
A Line of Credit from Exim Bank to the Nigerian Export Import Bank finances exports of eligible goods and services from India, requiring at least 85% Indian supply. The facility is time limited for opening Letters of Credit and disbursements; shipments must be declared on GR/SDF forms. Agency commission is generally disallowed but Reserve Bank may permit limited commission for exports needing after sales service subject to prior regional approval and invoice deduction; otherwise exporters may use own funds or EEFC balances. AD Category I banks must inform exporters and obtain full LOC details. Directions are issued under FEMA.
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