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        Case ID :
        FEMA

        The Export-Import Bank of India (Exim Bank) provided a...

        Exim Bank of India provides $23.37 mn LoC to Guyana for aircraft procurement. 75% of goods from India. No agency commission.

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                          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.
                                The Export-Import Bank of India (Exim Bank) provided a Government of India-supported Line of Credit (LoC) of USD 23.37 mn to the Government of the Co-operative Republic of Guyana (GO-GUY) for purchasing two aircraft from Hindustan Aeronautics Ltd. The agreement, effective from April 08, 2024, requires at least 75% of goods and services to be supplied from India. The LoC allows for disbursement up to 48 months after project completion. Shipments must be declared as per RBI instructions. No agency commission is payable under this LoC. AD Category-I banks must inform exporters about the LoC details. The circular was issued u/s 10(4) and 11(1) of FEMA, 1999.
                                Note: It is a system-generated summary and is for quick reference only.
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