https://www.taxtmi.com/circulars?id=1905 Exim Bank's line of credit to Banco Industrial de Venezuela finances approved Indian export contracts denominated in U.S. dollars, requiring Exim Bank approval and an advance by the buyer with the balance payable under an irrevocable letter of credit. Negotiating banks may pay beneficiaries in Indian rupees against compliant documents and Exim Bank reimburses negotiating banks in U.S. dollars for negotiations without reserve; reimbursements for negotiations under reserve require confirmation of document acceptance. Letters of credit must follow UCP rules and shipments must include inspection certificates and prescribed GR/SDF declarations. en-us Mon, 29 Jul 2002 00:00:00 +0530 Fri, 03 Oct 2008 13:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=1905 Exim Bank's line of credit to Banco Industrial de Venezuela finances approved Indian export contracts denominated in U.S. dollars, requiring Exim Bank approval and an advance by the buyer with the balance payable under an irrevocable letter of credit. Negotiating banks may pay beneficiaries in Indian rupees against compliant documents and Exim Bank reimburses negotiating banks in U.S. dollars for negotiations without reserve; reimbursements for negotiations under reserve require confirmation of document acceptance. Letters of credit must follow UCP rules and shipments must include inspection certificates and prescribed GR/SDF declarations. Circulars FEMA Mon, 29 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/circulars?id=1905