Export of goods and services against repayment of State Credit in U.S. Dollars granted by Russian Federation for financing long-term projects in the field of technical co-operation and for purchasing special equipment
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State credit repayment in US dollars requires structured advance payments and multi-year instalment repayments under amended protocols. Repayment of Russian State credit in US dollars requires staged advance payments and the balance plus interest to be paid in equal annual instalments over seven years beginning the year after utilisation. Advance payments must be credited to the Russian bank's US dollar escrow account; balance repayments and interest credited to a central non repatriable US dollar account of the Bank for Foreign Economic Affairs maintained with the Reserve Bank, to be used for exports from India to Russia. Authorised dealers must remit repayments in freely convertible US dollars with Ministry authorisation and full credit arrangement details.
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 repayment in US dollars requires structured advance payments and multi-year instalment repayments under amended protocols.
Repayment of Russian State credit in US dollars requires staged advance payments and the balance plus interest to be paid in equal annual instalments over seven years beginning the year after utilisation. Advance payments must be credited to the Russian bank's US dollar escrow account; balance repayments and interest credited to a central non repatriable US dollar account of the Bank for Foreign Economic Affairs maintained with the Reserve Bank, to be used for exports from India to Russia. Authorised dealers must remit repayments in freely convertible US dollars with Ministry authorisation and full credit arrangement details.
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