Exim Bank's LOC of USD 8 million to Seychelles
Export-Import Bank of India (Exim Bank) has concluded an agreement dated July 10, 2006 with Government of Seychelles, making available to the latter, a Line of Credit (LOC) for USD 8 million, for financing purchase of essential commodities, which are eligible for export under the Foreign Trade Policy of the Government of India and the purchase of which goods may be agreed to be financed by Exim Bank under this Agreement.
The Credit Agreement under the LOC is effective from April 25, 2007. Under the LOC, the last date for opening Letter of Credit / Disbursements is 72 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 from time to time.
No agency commission shall be payable in respect of exports financed under the above line of credit. 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.
RBI Circular No. 69/2007, Dated June 05, 2007