Patna HC: Disciplinary Authority Cannot Impose Major and Minor Penalties in a Single Order  ||  Calcutta HC: Landlord Decides His Residential Needs; Courts Cannot Set Living Standards in Eviction  ||  Orissa HC: Second Marriage During Subsistence of First Remains Invalid Even After First Wife's Death  ||  Karnataka HC: Appeals Against Acquittal in Bailable Offences Lie Only Before High Court  ||  Supreme Court: Stamp Duty on an Agreement to Sell is Leviable Only if Possession is Transferred  ||  SC: Motive Becomes Irrelevant When Direct Evidence Such as a Dying Declaration is Available  ||  Supreme Court Issues Directions to CoC in Builder Insolvency Cases To Protect Homebuyers’ Interests  ||  MP High Court: Women Retain Reservation Benefits After Marriage if Caste is Recognized in Both States  ||  Allahabad HC: Police Must Prosecute Informants of False Firs, and IOs May Face Contempt if They Fail  ||  MP HP: Over-Age Candidate Cannot Claim Age Relaxation Due to Delay in Earlier Recruitment    

Exim Bank's Government of India supported Line of Credit of USD 100 million to the Government of the Republic of Mauritius- (Reserve Bank of India) (12 Aug 2021)

MANU/APDR/0015/2021

Banking

Export-Import Bank of India (Exim Bank) has entered into an agreement dated February 19, 2021 with the Government of the Republic of Mauritius, for making available to the latter, Government of India supported Line of Credit (LoC) of USD 100 million (USD One hundred million only) for procurement of defence items from India. 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 July 22, 2021. 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 (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 : EXIM BANK   AGREEMENT   LOC  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved