Line of credit conditions require majority India sourced supplies, specified letter of credit and disbursement timelines and reporting. Exim Bank's LOC to the Government of the Republic of Gambia finances eligible exports for an electrification project, requiring at least 75 percent of each contract's goods and services to be supplied from India and permitting up to 25 percent foreign procurement. The agreement prescribes distinct timelines for opening Letters of Credit and disbursement, mandates EDF/SDF reporting for shipments, disallows agency commission under the LOC while permitting exporter-funded commission from permitted forex balances subject to AD Category I bank oversight, and is issued under sections 10(4) and 11(1) of FEMA, 1999.
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 India sourced supplies, specified letter of credit and disbursement timelines and reporting.
Exim Bank's LOC to the Government of the Republic of Gambia finances eligible exports for an electrification project, requiring at least 75 percent of each contract's goods and services to be supplied from India and permitting up to 25 percent foreign procurement. The agreement prescribes distinct timelines for opening Letters of Credit and disbursement, mandates EDF/SDF reporting for shipments, disallows agency commission under the LOC while permitting exporter-funded commission from permitted forex balances subject to AD Category I bank oversight, and is issued under sections 10(4) and 11(1) of FEMA, 1999.
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