9911796707
TMI BlogExim Bank’s Line of Credit of US$ 5 million to Eastern and Southern African Trade and Development Bank (PTA Bank)X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank) on November 12, 2001 making available to the latter, a line of credit upto an aggregate sum of US$ 5 million (U.S. Dollar Five Million only). The credit has become effective from December 12, 2001, and is available for financing Indian export of eligible goods (listed in the Annexure) and related services to buyers in the PTA Bank member countries viz. Burundi, Comoros, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Malawi, Mauritius, Rwanda, Somalia, Sudan, Tanzania, Uganda, Zambia and Zimbabwe. The eligible goods will also include initial spares, drawings and designs together with services related thereto. The export of goods from India and their import into the borrowers' countries shall be subject to the laws and regulations in force ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to time by Exim Bank in consultation with the PTA Bank. The letter of credit shall be subject to the Uniform Customs and Practice for Documentary Credits (1994 edition) published by the International Chamber of Commerce (Publication No.500) and shall be irrevocable and if required by a seller, be also divisible and transferable. 4. Upon presentation of documents by the beneficiary to the negotiating bank, the negotiating bank shall pay to the beneficiary an amount being not more than 90 percent of f.o.b./c f/c.i.f. contract value, apportionable to the relative shipment, in equivalent Indian Rupee at the spot rate of exchange of the negotiating bank, provided the documents presented are in order and are in conformity with the relevant let ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s should bear a prominent superscription reading 'Export under Exim Bank line of credit dated November 12, 2001, extended to Eastern and Southern African Trade and Development Bank (PTA Bank).' The number and date of this circular should be recorded in the space provided for. On receipt of full payment of the bills in the manner stated above, authorised dealer should certify the duplicate copy/ies of the relative GR/SDF Form/s and forward them to the concerned Regional Office of the Reserve Bank, in the usual manner. 10. No agency commission shall be payable in respect of exports financed under the above line of credit. However, Reserve Bank may consider on merit, requests for payment of commission upto a maximum extent of 5 per cent of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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