Exim Bank's Government of India
supported Line of Credit of USD 150 million to the Government of the Republic
of Ghana
RBI/2018-19/212 June
13, 2019 All Category – I Authorised Dealer
Banks Madam/Sir Exim
Bank's Government of India supported Line of Credit of USD 150 million to the Export-Import Bank of India (Exim
Bank) has entered into an agreement dated April 05, 2019 with the Government
of the Republic of Ghana for making available to the latter, a Government of
India supported Line of Credit (LoC) of USD 150 million (USD One Hundred and
Fifty Million only) for the purpose of financing strengthening of Agriculture
Mechanization Services Centres in the Republic of Ghana. 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 this 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 June 03, 2019. 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 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 (R
K Moolchandani) |
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