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Export credit conditions: Exim Bank line of credit to Senegal mandates majority Indian sourcing and timeline-bound LC and disbursement rules. Exim Bank's Line of Credit to Senegal finances eligible goods, equipment and consultancy services from India for hospital supplies, requiring the majority of contract value to be sourced from India with a limited portion permitted from abroad. The Agreement prescribes distinct timelines for opening Letters of Credit and disbursements for project and supply contracts, mandates shipment declaration on GR/SDF forms, disallows agency commission under the LOC while permitting exporter-funded commission payments subject to realization and remittance rules, and directs AD Category-I banks to inform exporters and obtain LOC particulars from Exim Bank. Directions are issued under the Foreign Exchange Management Act.
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Export credit conditions: Exim Bank line of credit to Senegal mandates majority Indian sourcing and timeline-bound LC and disbursement rules.
Exim Bank's Line of Credit to Senegal finances eligible goods, equipment and consultancy services from India for hospital supplies, requiring the majority of contract value to be sourced from India with a limited portion permitted from abroad. The Agreement prescribes distinct timelines for opening Letters of Credit and disbursements for project and supply contracts, mandates shipment declaration on GR/SDF forms, disallows agency commission under the LOC while permitting exporter-funded commission payments subject to realization and remittance rules, and directs AD Category-I banks to inform exporters and obtain LOC particulars from Exim Bank. Directions are issued under the Foreign Exchange Management Act.
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