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of <h1>Exim Bank Offers $95M Credit to Mozambique for Railway Stock; 75% Sourcing from India Required under FEMA 1999.</h1> Exim Bank, supported by the Government of India, has extended a USD 95 million Line of Credit to the Government of Mozambique to finance the procurement of railway rolling stock, including locomotives, coaches, and wagons. The agreement, effective from June 3, 2019, mandates that at least 75% of goods and services must be sourced from India. Shipments must be declared in accordance with Reserve Bank instructions, and no agency commission is payable. Authorized banks are instructed to inform exporters and guide them to obtain detailed information from Exim Bank. The circular is issued under the Foreign Exchange Management Act, 1999.
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