Ten Million Dollars LOC to Angola – RBI instructions
The Export-Import Bank of India (Exim Bank) has concluded an agreement with the Government of the Republic of Angola making available to the latter, a Line of Credit (LOC) for USD 10 million. The credit is available for financing export of 'SAME' brand of tractors manufactured by SAME Deutze –Fahr India (Pvt) Ltd., related implements, spares and services from India, which are eligible for export under the Foreign Trade Policy of the Government of India.
The credit agreement is effective from October 27, 2006 and under the LOC , the terminal date for opening Letters of Credit will be October 26, 2008 (24 months from the effective date of Credit Agreement) and terminal date for disbursements will be April 26, 2009 (30 months from the effective date of Credit Agreement).
Shipments under the credit will have to be declared on GR / SDF Forms as per instructions issued by Reserve Bank.
No agency commission is payable. However, if required the exporter may use his own resources or utilize balances of his EEFC account for payment of commission in free foreign exchange.
CIRCULAR NO. 16/RBI., Dated: November 30, 2006