TaxTMI 
TaxTMI 
Export of goods and services against repayment of State Credit in U.S. Dollars granted by Russian Federation for financing long-term projects in the field of technical co-operation and for purchasing special equipment
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....DIA EXCHANGE CONTROL DEPARTMENT CENTRAL OFFICE MUMBAI - 400 001 A.D.(G.P. Series) Circular No.2 February 8, 2000 To All Authorised Dealers in Foreign Exchange Dear Sirs, Export of goods and services against repayment of State Credit in U.S. Dollars granted by Russian Federation for financing long-term projects in the field of technical co-operation and for purchasing spe....
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....ISED (a) For contracts under which advance payments were made in full before 30^th June 1994. Five per cent of the cost of equipment shall be paid within 30 days after the signing of the respective contract. Another five per cent shall be paid within 30 days from the date of notification to the Indian side about the readiness of the equipment for despatch. The balance ninety per ....
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.... in which the relevant credit was utilised. The advance payments and balance amounts alongwith interest mentioned at (a) & (b) above shall be paid in denominated U.S. dollars. Advance payments shall be credited directly to the existing U.S. dollar Escrow account of the Russian bank/organisation. The balance amount and interest shall be credited to the Central account denominated in non-repatria....
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....opriate contract. The balance seventy five per cent and interest thereon shall be paid in equal annual instalments within 7 years starting from the year immediately following the year of utilisation of the relevant part of the credit. The advance payment and repayment of credit alongwith interest shall be made by the Government of India in free convertible U.S. dollars by crediting the amount t....