Line of Credit sets sourcing, documentation and commission remittance conditions for Gabon housing exports under FEMA directions. Exim Bank provided a USD 14.50 million Line of Credit to Gabon for a housing project requiring at least 65 per cent of contract value supplied from India and up to 35 per cent (excluding consultancy) procured abroad. The LOC is effective January 1, 2009; LCs and disbursements must cease 48 months after the project's scheduled completion. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC; exporters may remit commission from their own funds or EEFC balances in free foreign exchange subject to AD Category I bank and prevailing instructions. Directions issued under FEMA sections 10(4) and 11(1).
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 sets sourcing, documentation and commission remittance conditions for Gabon housing exports under FEMA directions.
Exim Bank provided a USD 14.50 million Line of Credit to Gabon for a housing project requiring at least 65 per cent of contract value supplied from India and up to 35 per cent (excluding consultancy) procured abroad. The LOC is effective January 1, 2009; LCs and disbursements must cease 48 months after the project's scheduled completion. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC; exporters may remit commission from their own funds or EEFC balances in free foreign exchange subject to AD Category I bank and prevailing instructions. Directions issued under FEMA sections 10(4) and 11(1).
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
