https://www.taxtmi.com/circulars?id=2203 Exim Bank provides a foreign currency Line of Credit to PTA Bank to finance exports from India to PTA member countries for goods and services eligible under the Foreign Trade Policy; the agreement is effective from 28 December 2006 with a 36 month terminal date for opening Letters of Credit and 42 month terminal date for disbursements. Shipments under the LOC must be declared on GR/SDF forms. Agency commission is generally not payable, but RBI may allow up to 5% for exports requiring after sales service (paid in PTA countries by invoice deduction), with the reimbursable amount to the negotiating bank specified as 90% of the f.o.b./c&f/c.i.f. value minus the commission. AD Category I banks must inform exporters and may permit commission remittances under prevailing rules; the directions are issued under FEMA. en-us Mon, 05 Feb 2007 00:00:00 +0530 Wed, 01 Oct 2008 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=2203 Exim Bank provides a foreign currency Line of Credit to PTA Bank to finance exports from India to PTA member countries for goods and services eligible under the Foreign Trade Policy; the agreement is effective from 28 December 2006 with a 36 month terminal date for opening Letters of Credit and 42 month terminal date for disbursements. Shipments under the LOC must be declared on GR/SDF forms. Agency commission is generally not payable, but RBI may allow up to 5% for exports requiring after sales service (paid in PTA countries by invoice deduction), with the reimbursable amount to the negotiating bank specified as 90% of the f.o.b./c&f/c.i.f. value minus the commission. AD Category I banks must inform exporters and may permit commission remittances under prevailing rules; the directions are issued under FEMA. Circulars FEMA Mon, 05 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/circulars?id=2203