Line of Credit to Sri Lanka conditions financing on India sourcing, shipment reporting and prescribed disbursement timelines. A concessional Line of Credit of USD 416.39 million to Sri Lanka funds specified railway track-laying projects and related goods, services and consultancy, requiring at least 85% of contract value to be sourced from India and permitting up to 15% non-consultancy imports. The Credit Agreement, effective January 24, 2011, sets Letter of Credit and disbursement timelines, mandates GR/SDF shipment reporting, disallows agency commission under the LOC (while permitting exporter-funded commission subject to remittance rules), and instructs Authorised Dealer Category-I banks to notify exporters and ensure compliance under FEMA powers.
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Provisions expressly mentioned in the judgment/order text.
Line of Credit to Sri Lanka conditions financing on India sourcing, shipment reporting and prescribed disbursement timelines.
A concessional Line of Credit of USD 416.39 million to Sri Lanka funds specified railway track-laying projects and related goods, services and consultancy, requiring at least 85% of contract value to be sourced from India and permitting up to 15% non-consultancy imports. The Credit Agreement, effective January 24, 2011, sets Letter of Credit and disbursement timelines, mandates GR/SDF shipment reporting, disallows agency commission under the LOC (while permitting exporter-funded commission subject to remittance rules), and instructs Authorised Dealer Category-I banks to notify exporters and ensure compliance under FEMA powers.
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