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of <h1>Exim Bank of India Sets $20M Credit Line for Myanmar Petrochemical Upgrade Under FEMA 1999.</h1> Export-Import Bank of India has established a USD 20 million Line of Credit (LOC) with Myanma Foreign Trade Bank for upgrading the Thanbayakan Petrochemical Complex in Myanmar. This credit facilitates the export of eligible Indian goods and services, with at least 85% of the contract value supplied from India. The agreement, effective from June 15, 2009, allows for Letters of Credit and disbursement within 48 to 72 months, depending on the contract type. No agency commission is payable, but exporters may use their resources for commission payments. The circular falls under the Foreign Exchange Management Act, 1999.
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