Line of Credit conditions require majority Indian sourcing, prescribed disbursement timelines, shipment declarations and FEMA compliance. Exim Bank's LOC to Zimbabwe finances eligible Indian goods, services, machinery and consultancy, requiring at least 75 per cent of contract value to be supplied from India and permitting up to 25 per cent sourced abroad. The Agreement is effective from July 25, 2013, with specified LC/disbursement timelines for project and supply contracts, mandatory GR/SDF shipment declarations, prohibition of agency commission under the LOC (subject to exporter-funded remittance rules), and compliance and notification obligations for Authorised Dealer Category-I banks under sections 10(4) and 11(1) of 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 conditions require majority Indian sourcing, prescribed disbursement timelines, shipment declarations and FEMA compliance.
Exim Bank's LOC to Zimbabwe finances eligible Indian goods, services, machinery and consultancy, requiring at least 75 per cent of contract value to be supplied from India and permitting up to 25 per cent sourced abroad. The Agreement is effective from July 25, 2013, with specified LC/disbursement timelines for project and supply contracts, mandatory GR/SDF shipment declarations, prohibition of agency commission under the LOC (subject to exporter-funded remittance rules), and compliance and notification obligations for Authorised Dealer Category-I banks under sections 10(4) and 11(1) of FEMA.
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