The RBI has notified Export-Import Bank of India’s GOI-supported Line of Credit of USD 120 mn to the Government of the Socialist Republic of Vietnam (GO-VNM) for procurement of High-Speed Guard Boats in the Borrower’s Country.
The following has been stated Government of India supported Line of Credit (LoC) of USD 120 mn (USD One Hundred Twenty Million Only) for procurement of High-Speed Guard Boats in the Borrower’s Country.The Agreement under the LoC is effective from January 20, 2025. Under the LoC, the last date for disbursement will be 60 months after the scheduled completion date of the project.
No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer (AD) Category- I banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12781&Mode=0
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