Export Credit Line: India Supports Mongolia's Crude Oil Refinery Project with $700M Financing Under FEMA Guidelines

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....Exim Bank, supported by GOI, established a USD 700 million Line of Credit (LOC) for Mongolia to finance a Crude Oil Refinery Plant construction. The agreement, effective May 06, 2025, permits export of eligible goods and services from India under specific conditions. Disbursement is permitted within 48 months after the contract's scheduled completion date. Shipments must be declared in Export Declaration Form/Shipping Bill, with no agency commission payable. The circular is issued under FEMA, 1999, sections 10(4) and 11(1), providing regulatory framework for international financial transactions between India and Mongolia.....