CIR. NO. 08/2007-08-RB, DT. 21/09/2007
- Document type
- Circular
- Dated
- Category
- A.P. (DIR Series) Circulars
Exim Banks Line of Credit (LOC) of USD 30 million to Government of the Republic of Honduras
Exim Banks Line of Credit (LOC) of USD 30 million to Government of the Republic of Honduras
2. The Credit Agreement under the LOC is effective from August 21, 2007. Under the LOC, the last date of opening of Letters of Credit will be 48 months from scheduled completion date(s) of contract(s) in case of project exports and 72 months from execution of the Credit Agreement in case of supply contracts (August16, 2012).
3. Shipments under the credit will have to be declared on GR / SDF Forms as per instructions issued by Reserve Bank from time to time.
4. No agency commission is payable under the above line of credit. However, if required, the exporter may use his own resources or utilise balances of his EEFC account for payment of commission in free foreign exchange. Authorised Dealer Category - l (AD Category - l) banks may allow such remittance after realization of full payment of contract value subject to compliance with the prevailing instructions on payment of agency commission.
5. AD Category - I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain full details of the Line of Credit from Exim Bank's office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005.
6. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(Salim Gangadharan)
Chief General Manager