Export of goods and services against repayment of state credits granted by erstwhile Soviet Union

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....detailed. Consequent upon signing of an Addendum to the Banking Arrangement dated 6th September 1993, by Reserve Bank and the Bank For Foreign Economic Affairs (BFEA), Moscow the settlement procedure will undergo a change and the revised procedure which will come into effect from 1st July 1999 will be as under - (i) BFEA will issue Letters of Credit (LCs) or confirm LCs issued by other banks in Russia by order of Russian importers denominated in Rupees in favour of Indian exporters of goods and services carrying the reference "Reimbursement against repayment of State Credits" and send the same to the Nominated bank in India and advise Reserve Bank of India (DAD) the details of LCs including the distinctive serial number of the LC, ....

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....as per enclosed format (Annexure II). On receipt of claims from the Nominated banks for payment against LCs opened by BFEA or other banks in Russia where confirmation has been obtained from Reserve Bank in terms of paragraph (ii) above, Reserve Bank will make payment including commission and bank charges, if any, to the Nominated banks provided such claims are received in Reserve Bank not later than the 37th working day, viz. excluding the days on which Reserve Bank, Mumbai is closed, from the date of expiry of the LC. (vi) Subject to availability of balances in the Central Account of BFEA with the Reserve Bank, after earmarking of the same against LCs opened by BFEA and banks in Russia and advised to it as at (ii) above, RBI will ....

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.... N.A. 10. Corporation Bank 11. Credit Lyonnais SA 12. Deutsche Bank AG 13. Indian Overseas Bank 14. IndusInd Bank Limited 15. Punjab National Bank 16. State Bank of Bikaner and Jaipur 17. State Bank of Hyderabad 18. State Bank of India 19. The Karnataka Bank Limited 20. Union Bank of India 21. United Bank of India Notice to Exporters No. 1 of 1999 For implementation of the provisions of the Letters exchanged between the Government of India and Russian Federation, Reserve Bank of India (RBI) and the Bank for Foreign Economic Affairs of the USSR, Moscow (BFEA) have concluded a Banking Arrangement. As per the Arrangement repayment of State Credits will be made by way of exports of any goods and service....