Line of Credit conditions require majority India-sourced supplies and specified letter of credit and disbursement timelines. Exim Bank's Line of Credit to Cote d'Ivoire finances eligible exports from India for a rice production programme, requiring at least 85% of contract value to be supplied from India and permitting up to 15% of goods and services (excluding consultancy) to be procured abroad. The Credit Agreement is effective from late 2010 and sets separate deadlines for opening Letters of Credit and disbursements for project and supply contracts. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may use own funds or EEFC balances to remit commission in free foreign exchange after realization, subject to prevailing rules. Directions are issued under FEMA.
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Provisions expressly mentioned in the judgment/order text.
Line of Credit conditions require majority India-sourced supplies and specified letter of credit and disbursement timelines.
Exim Bank's Line of Credit to Cote d'Ivoire finances eligible exports from India for a rice production programme, requiring at least 85% of contract value to be supplied from India and permitting up to 15% of goods and services (excluding consultancy) to be procured abroad. The Credit Agreement is effective from late 2010 and sets separate deadlines for opening Letters of Credit and disbursements for project and supply contracts. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may use own funds or EEFC balances to remit commission in free foreign exchange after realization, subject to prevailing rules. Directions are issued under FEMA.
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