Line of credit conditions require majority Indian sourced supplies and FEMA governed remittance and declaration rules for exports. Exim Bank's LOC finances eligible goods, services and consultancy from India for a rail upgrade, requiring at least 85 per cent Indian sourced supplies per contract and permitting up to 15 per cent non Indian procurement for non consultancy items; shipments must be declared on GR/SDF forms, no agency commission is payable under the LOC though exporters may remit commission from own funds or Exchange Earners' Foreign Currency balances after realisation, and AD Category I banks must notify exporters and facilitate compliance under FEMA directions.
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 conditions require majority Indian sourced supplies and FEMA governed remittance and declaration rules for exports.
Exim Bank's LOC finances eligible goods, services and consultancy from India for a rail upgrade, requiring at least 85 per cent Indian sourced supplies per contract and permitting up to 15 per cent non Indian procurement for non consultancy items; shipments must be declared on GR/SDF forms, no agency commission is payable under the LOC though exporters may remit commission from own funds or Exchange Earners' Foreign Currency balances after realisation, and AD Category I banks must notify exporters and facilitate compliance under FEMA directions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
