RBI/2004-05/391
A.P. (DIR Series) Circular No. 36
March 7, 2005
To
All Banks Authorised to Deal in Foreign Exchange
Madam /Sirs,
Exim Bank's Line of Credit of USD 15 million to Government
of Senegal
The Export-Import Bank of India (Exim Bank) has concluded an
agreement with the Government of the Senegal on December 10, 2004 making available
to the latter a Line of Credit (LOC) upto an aggregate sum of USD 15 million
(US Dollar fifteen million only). The credit is available for financing export
of eligible Indian goods and services to Senegal for development of rural small
and medium enterprises and agricultural machinery and equipment from India to
buyers in Senegal.
2. The credit agreement has become effective on February 9,
2005. The last dates for opening letters of credit and disbursement of credit
are February 8, 2007 and August 8, 2007 respectively.
3. Shipments under the credit will have to be declared on GR/SDF
Forms as per instructions issued from time to time.
4. No agency commission is ordinarily payable under the above
line of credit. However, if necessary, the exporters can use their own resources
for such payments.
5. Authorised Dealer 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 Exim Bank's office or its website.
6. The direction contained In this circular has been issued under Sections
10(4) and 11(1) of the Foreign Exchange Management Act (FEMA) 1999 (42 of
1999) and is without prejudice to permissions / approvals, if any, required
under any other law.
Yours faithfully,
F.R. Joseph
Chief General Manager