https://www.taxtmi.com/circulars?id=55730 A Government of India supported Line of Credit from Exim Bank to the Republic of Senegal finances bus procurement, requiring at least 75% of contract value supplied from India and permitting 25% foreign procurement; the LOC is effective from February 16, 2017 with a 60 month terminal utilization period. Shipments must be declared on the Export Declaration Form. No agency commission is payable under the LOC, though exporters may use own resources or EEFC balances for commission payments subject to realisation and applicable rules; AD Category I banks must notify exporters and may allow remittances accordingly. The directions are issued under the Foreign Exchange Management Act. en-us Thu, 02 Mar 2017 00:00:00 +0530 Thu, 02 Mar 2017 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=55730 A Government of India supported Line of Credit from Exim Bank to the Republic of Senegal finances bus procurement, requiring at least 75% of contract value supplied from India and permitting 25% foreign procurement; the LOC is effective from February 16, 2017 with a 60 month terminal utilization period. Shipments must be declared on the Export Declaration Form. No agency commission is payable under the LOC, though exporters may use own resources or EEFC balances for commission payments subject to realisation and applicable rules; AD Category I banks must notify exporters and may allow remittances accordingly. The directions are issued under the Foreign Exchange Management Act. Circulars FEMA Thu, 02 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/circulars?id=55730