Madam
/ Sir,
Exim
Bank's Line of Credit of USD 10 million to the Government of Mauritius
The
Export-Import Bank of India (Exim Bank) has concluded an agreement with the
Government of Mauritius making available to the latter a Line of Credit (LOC)
up to an aggregate sum of USD 10 Million (US Dollar Ten million only). The credit
agreement has become effective on August 11, 2006. The credit is available for
financing export from India of equipment, goods and services which are eligible
for export under the Foreign Trade Policy of Government of India for construction
of Baie du Tombeau Sewerage Project in Mauritius.
2. The
terminal dates for opening Letters of Credit will be August 10, 2008 (24 months
from the effective date of Credit Agreement) and disbursement will be February
10, 2009 (30 months from the effective date of Credit Agreement).
3. Shipments
under the credit will have to be declared on GR / SDF Forms as per instructions
issued by Reserve Bank 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 have 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