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of <h1>Exim Bank Extends $2.5M Credit to Madagascar for Fertilizer Plant, 75% Sourcing Required from India Under FEMA 1999.</h1> Exim Bank, supported by the Government of India, has extended a USD 2.5 million Line of Credit (LoC) to the Government of Madagascar to finance the completion of a fertilizer plant project. This agreement, effective from October 16, 2018, mandates that at least 75% of goods and services under the contract be sourced from India, with the remainder potentially sourced internationally. The LoC has a utilization period of 60 months post-project completion. Exporters must comply with Reserve Bank instructions for shipment declarations and may pay agency commissions using their own resources. The circular is issued under the Foreign Exchange Management Act, 1999.
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