Line of Credit permits financing of eligible exports with Indian content, shipment declarations and specified commission rules. Exim Bank's LOC finances goods and consultancy services from India for an upgrade project, requiring at least 85 percent of contract value to be supplied from India with up to 15 percent non consultancy inputs procurable abroad, prescribes differing last dates for opening LCs and disbursements depending on contract type, mandates GR/SDF shipment declarations, disallows agency commission under the LOC while permitting exporter funded commission remittances under prevailing rules, and is issued by the Reserve Bank under FEMA without prejudice to other legal permissions.
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 permits financing of eligible exports with Indian content, shipment declarations and specified commission rules.
Exim Bank's LOC finances goods and consultancy services from India for an upgrade project, requiring at least 85 percent of contract value to be supplied from India with up to 15 percent non consultancy inputs procurable abroad, prescribes differing last dates for opening LCs and disbursements depending on contract type, mandates GR/SDF shipment declarations, disallows agency commission under the LOC while permitting exporter funded commission remittances under prevailing rules, and is issued by the Reserve Bank under FEMA without prejudice to other legal permissions.
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