Indo-Mauritius Credit Agreement dated May 4, 2001, for US$ 100 million

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....4, 2001. The credit of US$ 100 million shall be available to the Government of Mauritius for importing from India computer equipment, software, resource persons and related infrastructure equipment, broadly categorised as capital goods, consumer durables and consultancy as mentioned in the Annexure, for CyberCity and IT Education projects in Mauritius. The contents of the Annexure may be modified by way of additions, deletions or substitutions, from time to time, as may be mutually agreed upon between the two Governments. The credit will not cover third country imports. The export of goods and services from India and their import into Mauritius under the line of credit shall take place through normal commercial channels and will be subject ....

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....pect of advising payments under letters of credit will be applicable. All claims to the State Bank of India for payment of 90 per cent of the f.o.b. value will need to be supported by a certificate of the negotiating bank that the 10 per cent 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 per cent of the f.o.b. value of the contract shall be provided by the State Bank of India, New Delhi from US$ 100 million credit extended by the Government of the Republic of India to the Government of the Republic of Mauritius. The letter of credit is negotiable after the State Bank of India has issued an advice ....

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....e concerned office/s of Reserve Bank in the usual manner. 5. Ordinarily, no agency commission shall be payable in respect of exports financed under the line of credit. However, Reserve Bank may consider on merit, requests for payment of commission upto a maximum extent of 5 per cent of the f.o.b. value in respect of capital goods which require after sales service. In such cases, commission will have to be paid in Mauritius by deduction from the invoice value of the relevant shipment and the reimbursable amount will be 90 per cent of the f.o.b. value minus the commission paid. Approval for payment of commission should be obtained before the relevant shipment is effected. 6. Authorised dealers may bring the contents of this circular to ....