Line of Credit terms set sourcing requirements, disbursement timelines and FEMA compliance for Mozambique electrification project. Exim Bank's Line of Credit to Mozambique finances eligible goods, machinery and consultancy from India for rural electrification, requiring at least 85 per cent India-sourced supply and permitting up to 15 per cent foreign procurement (excluding consultancy). The Credit Agreement is effective from December 13, 2010; LC opening and disbursement deadlines are 48 months from project completion for project exports and 72 months from execution for supply contracts. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may pay commission from own resources or EEFC balances after realization, and AD Category I banks must notify exporters. Directions issued under FEMA sections 10(4) and 11(1).
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Line of Credit terms set sourcing requirements, disbursement timelines and FEMA compliance for Mozambique electrification project.
Exim Bank's Line of Credit to Mozambique finances eligible goods, machinery and consultancy from India for rural electrification, requiring at least 85 per cent India-sourced supply and permitting up to 15 per cent foreign procurement (excluding consultancy). The Credit Agreement is effective from December 13, 2010; LC opening and disbursement deadlines are 48 months from project completion for project exports and 72 months from execution for supply contracts. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may pay commission from own resources or EEFC balances after realization, and AD Category I banks must notify exporters. Directions issued under FEMA sections 10(4) and 11(1).
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