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of <h1>Exim Bank Establishes $10M Credit Line with Seychelles for Indian Exports, Effective June 2013.</h1> The Export-Import Bank of India (Exim Bank) has established a USD 10 million Line of Credit (LOC) with the Government of Seychelles, effective from June 10, 2013. This agreement, executed on December 18, 2012, finances the import of eligible goods, services, machinery, and equipment from India for projects funded by the Development Bank of Seychelles. At least 75% of the contract value must involve Indian exports, with a possible 10% relaxation for civil construction projects. The LOC allows for shipment declarations and excludes agency commissions, though exporters may use their resources for commission payments. Compliance with the Foreign Exchange Management Act (FEMA) is required.
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