Line of Credit establishes India-origin supply requirement and specified letter-of-credit and disbursement timelines for project exports. Exim Bank's Line of Credit for the Mozambique IT Park requires the bulk of contract value to be supplied from India while permitting limited non-consultancy procurement abroad; it prescribes specific cut-off periods for opening Letters of Credit and disbursement, mandates declaration of shipments on GR/SDF forms, disallows agency commission under the LOC except from exporter resources or EEFC balances in free foreign exchange subject to realisation and prevailing remittance rules, and directs AD Category-I banks to inform exporters and allow compliant remittances, with Directions issued under FEMA.
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Provisions expressly mentioned in the judgment/order text.
Line of Credit establishes India-origin supply requirement and specified letter-of-credit and disbursement timelines for project exports.
Exim Bank's Line of Credit for the Mozambique IT Park requires the bulk of contract value to be supplied from India while permitting limited non-consultancy procurement abroad; it prescribes specific cut-off periods for opening Letters of Credit and disbursement, mandates declaration of shipments on GR/SDF forms, disallows agency commission under the LOC except from exporter resources or EEFC balances in free foreign exchange subject to realisation and prevailing remittance rules, and directs AD Category-I banks to inform exporters and allow compliant remittances, with Directions issued under FEMA.
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