Exim Bank's Government of India
supported Line of Credit of USD 92.18 million to the Government of Tanzania
RBI/2016-17/247 March
09, 2017 To Madam / Sir, Exim
Bank's Government of India supported Line of Credit of USD 92.18 Export-Import Bank of India (Exim
Bank) has entered into an agreement on July 10, 2016 with the Government of
Tanzania for making available to the latter, a Government of India supported
Line of Credit (LOC) of USD 92.18 million (USD Ninety two million one hundred
eighty thousand only) for financing rehabilitation and improvement of water
supply system in Zanzibar in Tanzania. The goods including plant, 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, goods 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 credit agreement under the
LOC is effective from February 20, 2017. Under the LOC, the terminal
utilization period is 60 months after the scheduled completion date of the
project. 3. Shipments under the LOC will
have to be declared on Export Declaration Form 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 its own
resources or utilize balances in its 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 payment of contract value 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 full 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 eximbankindia.in 6. The directions contained in
this circular have been issued under Section 10(4) and Section 11(1) of the
Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice
to permissions / approvals, if any, required under any other law. Yours
faithfully, (J.
K. Pandey) |
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