Line of Credit conditions require predominant Indian sourcing and specified disbursement timelines under foreign exchange directions. Exim Bank's Line of Credit finances specified projects in the Central African Republic with a sourcing requirement that at least 85 per cent of contract value be supplied from India and up to 15 per cent (excluding consultancy) procured abroad; eligible exports must conform to India's Foreign Trade Policy. The agreement sets distinct deadlines for opening Letters of Credit and disbursements for project and supply contracts, requires GR/SDF declaration of shipments, disallows agency commission under the LOC while permitting exporter-funded commission payments subject to realisation and remittance rules, and directs Authorised Dealer Category I banks to notify exporters, under foreign exchange management provisions.
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Provisions expressly mentioned in the judgment/order text.
Line of Credit conditions require predominant Indian sourcing and specified disbursement timelines under foreign exchange directions.
Exim Bank's Line of Credit finances specified projects in the Central African Republic with a sourcing requirement that at least 85 per cent of contract value be supplied from India and up to 15 per cent (excluding consultancy) procured abroad; eligible exports must conform to India's Foreign Trade Policy. The agreement sets distinct deadlines for opening Letters of Credit and disbursements for project and supply contracts, requires GR/SDF declaration of shipments, disallows agency commission under the LOC while permitting exporter-funded commission payments subject to realisation and remittance rules, and directs Authorised Dealer Category I banks to notify exporters, under foreign exchange management provisions.
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