Exim Bank's Line of Credit of USD 17 million
to the Government of Niger
The Export-Import Bank of India (Exim Bank)
has concluded an agreement with the Government of Niger making available to
the latter a Line of Credit (LOC) up to an aggregate sum of USD 17 Million (US
Dollar Seventeen million only). The credit agreement has become effective on
August 30, 2006. The credit is available for financing of export of goods and
services from India which are eligible for export under the Foreign Trade Policy
of Government of India.
2. The utilization period under the LOC will
expire at the end of 48 months from scheduled completion date of contract in
case of project exports and February 7, 2012 (72 months from the date of execution
of the Credit Agreement) in case of supply contracts.
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 payable under
the above line of credit. However, if required, the exporter may use his own
resources or utilize balances in his EEFC account for payment of commission
in free foreign exchange. Authorised Dealer Category I (AD Category I) banks
may allow such remittance after realisation of full payment of contract value
subject to compliance of prevailing instructions on 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 Exim Bank's office at Centre
One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400
005.
6. The directions 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,
(M. Sebastian)
Chief General Manager