The Government of India supported Line of Credit (LoC) of USD 180 mn (USD One Hundred Eighty Million Only) for procurement of 4 Offshore Patrol Vessels (OPV) 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=12780&Mode=0
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