CIR. NO. 36/2006-07-RB, DT. 05/04/2007
- Document type
- Circular
- Dated
- Category
- A.P. (DIR Series) Circulars
Exim Bank's Line of Credit (LOC) of USD 7.50 million to the Government of Jamaica
Exim Bank's Line of Credit (LOC) of USD 7.50 million to the Government of Jamaica
2. The credit agreement under the LOC is effective from March 2, 2007. The terminal date for opening of Letters of Credit will be March 1, 2009 (24 months from the effective date) and the terminal date for disbursement will be January 18, 2013 (72 months from the date of execution of the Credit Agreement i.e. January 19, 2007)
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 shall be payable in respect of exports financed 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 - I (AD Category - I) banks may allow such remittance after realisation of full payment of contract value subject to compliance of 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-in-Charge