Line of credit for export finance establishes procurement, content and disbursement conditions for a Mozambique project. Exim Bank made a Line of Credit to Mozambique for the Rural Drinking Project Extension, requiring that eligible goods, services and consultancy qualifying under India's Foreign Trade Policy supply at least 75% of the contract value from India (up to 25% from outside). The Credit Agreement effective October 4, 2013 prescribes disbursement cut offs: 48 months from scheduled project completion for project exports and 72 months from agreement execution for supply contracts; shipments must be declared on GR/SDF Forms. No agency commission is payable under the LOC; exporters may use own funds or EEFC balances for commission remittance after realisation. AD Category I banks must inform exporters; directions issued under FEMA sections 10(4) and 11(1).
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Provisions expressly mentioned in the judgment/order text.
Line of credit for export finance establishes procurement, content and disbursement conditions for a Mozambique project.
Exim Bank made a Line of Credit to Mozambique for the Rural Drinking Project Extension, requiring that eligible goods, services and consultancy qualifying under India's Foreign Trade Policy supply at least 75% of the contract value from India (up to 25% from outside). The Credit Agreement effective October 4, 2013 prescribes disbursement cut offs: 48 months from scheduled project completion for project exports and 72 months from agreement execution for supply contracts; shipments must be declared on GR/SDF Forms. No agency commission is payable under the LOC; exporters may use own funds or EEFC balances for commission remittance after realisation. AD Category I banks must inform exporters; directions issued under FEMA sections 10(4) and 11(1).
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