Exim Bank's GoI supported Line of
Credit of USD 35.00 million to the Government of the Republic of Guinea
RBI/2016-17/175 December
08, 2016 Madam / Sir, Exim
Bank's GoI supported Line of Credit of USD 35.00 million to the Government of
the Republic of Guinea Export-Import Bank of India (Exim
Bank) has entered into an Agreement dated September 9, 2015 with the
Government of the Republic of Guinea for making available to the latter, a
Government of India supported Line of Credit (LOC) of USD 35.00 million (USD
Thirty Five million) for construction and up gradation of regional hospitals
at Kankan and Nzerekore in Guinea. The goods, machinery, equipment, and
services including consultancy services from India for exports under this
Agreement are those which are 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 this Agreement, the goods and services including consultancy
services of the value of at least 75% of the contract price shall be supplied
by the seller from India and the remaining 25% goods and services may be
procured by the seller for the purpose of the eligible contract from outside
India. 2. The credit agreement under the
LOC is effective from November 21, 2016 and the date of execution of
agreement is September 9, 2015. Under the LOC, the last date for opening of
Letter of Credit and Disbursement will be 48 months for Project Export Contracts
from the schedule completion date(s) of contract(s) and 72 months for supply
contracts, from the date of execution of the Agreement. 3. Shipments under the LOC will
have to be declared on EDF/ SDF Forms as per instructions issued by the
Reserve Bank from time to time. 4. No agency commission is payable
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- l (AD Category-l) banks may allow such remittance after realization
of full payment of contract value subject to compliance with the prevailing
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 full details of the Line of Credit from the Exim
Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe
Parade, Mumbai 400 005 or log on to www.eximbankindia.in. 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. Yours
faithfully, (Shekhar
Bhatnagar) |
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