Supreme Court: Second Bail Order Must Record Changed Circumstances or Fresh Grounds  ||  SC: Severity of Injury Alone Cannot Prove Attempt to Murder Without Intent to Cause Death  ||  SC: Promissory Estoppel Cannot Be Used to Claim Unintended Benefits, Lays Down Principles  ||  Kerala High Court: No Unrestricted RTI; DPDP Act Strengthens Privacy Framework  ||  Allahabad High Court: Juvenile Offence Case Does Not Bar Govt Job In Adulthood  ||  Gauhati HC: Burden Of Proving Citizenship Stays With Proceedee and Does Not Shift At Any Stage  ||  Delhi HC: Property Disputes Between In-Laws and Daughter-In-Law are Not Exclusively For Family Court  ||  Delhi High Court: After Probate is Granted, A Will Does Not Require Fresh Proof under Section 68  ||  Ker HC: Periodic Replacement and Maintenance of Prosthetic Limb Must Be Included in Compensation  ||  Madras High Court: DNA Test Not Required For Mother to Donate Kidney to Her Son    

Exim Bank's Government of India supported Line of Credit of USD 310 million to the Government of the Republic of Zimbabwe- (Reserve Bank of India) (08 Oct 2020)

MANU/APDR/0025/2020

Banking

1. Export-Import Bank of India (Exim Bank) has entered into an agreement dated February 24, 2020 with the Government of the Republic of Zimbabwe, for making available to the latter, Government of India supported Line of Credit (LoC) of USD 310 million (USD Three Hundred and Ten million only) for the purpose of financing repowering of Hwange Thermal Power Station in the Republic of Zimbabwe. Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India, and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.

2. The Agreement under the LoC is effective from September 30, 2020. Under the LoC, the terminal utilization period is 60 months after the scheduled completion date of the project.

3. Shipments under the LoC shall be declared in Export Declaration Form as per instructions issued by the Reserve Bank from time to time.

4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners' Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer Category- I (AD Category- I) banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for 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 complete details of the LoC from the Exim Bank's office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website.

6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

Tags : SUPPORT   CREDIT   ZIMBABWE  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved