Exim Bank credit to Myanmar – RBI instructions
The Exim Bank has concluded an agreement with the Myanma Foreign Trade Bank extending a Line of Credit for USD 20 Million for financing export of goods and services from India, including consultancy services, for renovation of the Thanlyin Refinery in Myanmar. RBI informs that the agreement is effective from October 23, 2006 and
++ Shipments under the credit will have to be declared on GR / SDF Forms as per instructions issued by Reserve Bank from time to time.
++ No agency commission is payable under the above line of credit. However, if required the exporter may use his own resources or utilise balances of 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.
CIRCULAR NO. 19/RBI., Dated: December 6, 2006