https://www.taxtmi.com/circulars?id=8407 A foreign credit agreement provides a Line of Credit to finance specified project and supply contracts, requiring that at least 75 per cent of eligible contract value be supplied from India while up to 25 per cent of non consultancy goods may be sourced abroad. The agreement sets deadlines for opening Letters of Credit and disbursement, requires shipment declarations on prescribed forms, disallows agency commission under the LOC but permits exporter-funded commission subject to remittance rules, and directs Authorised Dealer Category I banks to notify exporters; directions are issued under foreign exchange law. en-us Fri, 03 Dec 2010 00:00:00 +0530 Fri, 03 Dec 2010 22:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8407 A foreign credit agreement provides a Line of Credit to finance specified project and supply contracts, requiring that at least 75 per cent of eligible contract value be supplied from India while up to 25 per cent of non consultancy goods may be sourced abroad. The agreement sets deadlines for opening Letters of Credit and disbursement, requires shipment declarations on prescribed forms, disallows agency commission under the LOC but permits exporter-funded commission subject to remittance rules, and directs Authorised Dealer Category I banks to notify exporters; directions are issued under foreign exchange law. Circulars FEMA Fri, 03 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8407