https://www.taxtmi.com/circulars?id=1906 A foreign currency line of credit to a foreign bank finances specified Indian exports and related services listed in the Annexure, subject to laws of both countries. Each contract requires prior approval, finances up to 90% of the f.o.b./c.&f. price with contract prices in U.S. dollars and a minimum contract size, requires a 10% buyer advance and the balance under an irrevocable letter of credit, and mandates pre-shipment inspection with an inspection certificate. Letters of credit are advised through designated negotiating bank offices, governed by UCP (1994), and negotiating banks are reimbursed in U.S. dollars subject to documentary compliance and reserve conditions. en-us Mon, 29 Jul 2002 00:00:00 +0530 Fri, 03 Oct 2008 14:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=1906 A foreign currency line of credit to a foreign bank finances specified Indian exports and related services listed in the Annexure, subject to laws of both countries. Each contract requires prior approval, finances up to 90% of the f.o.b./c.&f. price with contract prices in U.S. dollars and a minimum contract size, requires a 10% buyer advance and the balance under an irrevocable letter of credit, and mandates pre-shipment inspection with an inspection certificate. Letters of credit are advised through designated negotiating bank offices, governed by UCP (1994), and negotiating banks are reimbursed in U.S. dollars subject to documentary compliance and reserve conditions. Circulars FEMA Mon, 29 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/circulars?id=1906