Indo-Seychelles Credit Agreement dated 24-2-2000 for U.S.$ 2 Million

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Republic of Seychelles for importing from India capital goods of Indian manufacture including original spare parts and accessories purchased alongwith the capital goods and included in the original contract as also consultancy services and consumer durables as mentioned in the Annexure. The contents of the Annexure may be modified by way of additions, deletions or substitutions from time to time as may be mutually agreed to between the two Governments. The credit will not cover third country imports. The export of goods and services from India and their import into Seychelles under the line of credit shall take place through normal commercial channels and will be subject to the laws and regulations in force in both the countries. The bro....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e that the remaining 10% of the amount of the letter of credit is received in U.S. All claims to the State Bank of India for payment of 90% of the f.o.b. value will need to be supported by a certificate of the negotiating bank that the 10% amount directly payable has been received. The Letters of Credit should be supported by a copy of the contract and should contain the following reimbursement clause: " Reimbursement for 90% of the f.o.b. value of the contract shall be provided by the State Bank of India, New Delhi from US$ 2 million credit extended by the Government of the Republic of India to the Government of the Republic of Seychelles.The Letter of Credit is negotiable after State Bank of India has issued an advice that it is operativ....