Line of Credit local sourcing requirement: exporters must supply majority of contract value from India; EDF/SDF declarations required. Notification of a government backed Line of Credit by Exim Bank for a Mali power transmission project sets sourcing rules requiring at least 75% of goods and services (excluding consultancy) to be supplied from India, prescribes EDF/SDF shipment declarations, disbursement and letter of credit cut off timelines, and disallows agency commission under the LOC while permitting exporters to use own funds or EEFC balances for commission subject to AD Category I bank realization and prevailing instructions; directions issued under sections 10(4) and 11(1) of FEMA.
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Provisions expressly mentioned in the judgment/order text.
Line of Credit local sourcing requirement: exporters must supply majority of contract value from India; EDF/SDF declarations required.
Notification of a government backed Line of Credit by Exim Bank for a Mali power transmission project sets sourcing rules requiring at least 75% of goods and services (excluding consultancy) to be supplied from India, prescribes EDF/SDF shipment declarations, disbursement and letter of credit cut off timelines, and disallows agency commission under the LOC while permitting exporters to use own funds or EEFC balances for commission subject to AD Category I bank realization and prevailing instructions; directions issued under sections 10(4) and 11(1) of FEMA.
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