Line of credit conditions: India-sourced content requirement enforced for export financing, with shipment declarations and commission rules. A Line of Credit was made available to finance eligible goods, machinery, equipment and consultancy services for agriculture and irrigation development, requiring at least 75 percent of contract value to be supplied from India and up to 25 percent to be procured outside India. The Credit Agreement prescribes distinct LC and disbursement timelines for project and other supply contracts. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC; exporters may use own funds or Exchange Earners' Foreign Currency balances for commission payments after realization, subject to prevailing remittance rules.
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Provisions expressly mentioned in the judgment/order text.
Line of credit conditions: India-sourced content requirement enforced for export financing, with shipment declarations and commission rules.
A Line of Credit was made available to finance eligible goods, machinery, equipment and consultancy services for agriculture and irrigation development, requiring at least 75 percent of contract value to be supplied from India and up to 25 percent to be procured outside India. The Credit Agreement prescribes distinct LC and disbursement timelines for project and other supply contracts. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC; exporters may use own funds or Exchange Earners' Foreign Currency balances for commission payments after realization, subject to prevailing remittance rules.
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