EXIM Bank has entered into an agreement dated December 10, 2020 with the Government of Republic of Uzbekistan to make available to it, Government of India supported Line of Credit (LoC) of USD 448 million (USD Four Hundred and Forty-Eight Million Only) for the purpose of financing the social infrastructure and other development projects. Export of eligible goods and services from India would be allowed subject to their eligibility under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India, and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India. Under the LoC, the terminal utilization period is 60 months after the scheduled completion date of the Project. Shipments shall be declared in Export Declaration Form / Shipping Bill and no agency commission is payable for such export. The agreement under the LoC is effective from September 12, 2022 and applicable to all Category – I Authorised Dealer Banks and they may bring the contents of this circular to the notice of their exporter constituents.
Link: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12387&Mode=0
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