State credit reimbursement procedure requires rupee LCs, RBI confirmation and nominated bank claims within prescribed working days. Exports to Russia may be settled by rupee denominated Letters of Credit annotated 'Reimbursement against repayment of State Credits' issued or confirmed by BFEA; nominated banks must obtain RBI confirmation of reimbursement conditioned on availability of funds in BFEA's Central Account and matching LC details, register LCs via a designated Mumbai Link Branch, and submit claims in the prescribed format within the stipulated working day limit, while repayments must be used solely to finance exports to the Russian Federation.
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.
State credit reimbursement procedure requires rupee LCs, RBI confirmation and nominated bank claims within prescribed working days.
Exports to Russia may be settled by rupee denominated Letters of Credit annotated "Reimbursement against repayment of State Credits" issued or confirmed by BFEA; nominated banks must obtain RBI confirmation of reimbursement conditioned on availability of funds in BFEA's Central Account and matching LC details, register LCs via a designated Mumbai Link Branch, and submit claims in the prescribed format within the stipulated working day limit, while repayments must be used solely to finance exports to the Russian Federation.
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