Exim Bank’s Letter of Credit Refinancing Facility of US $ 20 million to Bank Markazi Jomhouri Islami Iran

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..... 3, 2002 To All Authorised Dealers in Foreign Exchange Madam/Sirs, Exim Bank's Letter of Credit Refinancing Facility of US $ 20 million to Bank Markazi Jomhouri Islami Iran Export Import Bank of India (Exim Bank) has concluded an agreement with Bank Markazi Jomhouri Islami Iran (The Central Bank of the Islamic Republic of Iran) on February 20, 2002, making available to the latter a Le .....

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..... a period of 18 months i.e. upto August 19, 2003. b. The contract shall be expressed in US Dollars. c. The minimum value of each letter of credit under the facility will be US $ 1,00,000/- (U.S. Dollar one lakh only). 3. Bank Markazi has designated Bank Mellat, Bank Melli Iran, Bank Sepah, Bank Saderat Iran and Bank Tejarat as issuing banks for the above arrangement. Exim Bank has designa .....

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..... e facility are as follows : i. Following the receipt of the letter of credit from the issuing bank and upon receipt of the copy of the approval letter from Exim Bank, the advising bank shall advise the letter of credit to the beneficiary. ii. Upon negotiation of the letter of credit conforming documents by the advising bank, it will confirm negotiation without reserve and shall forward a set .....

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..... e dealt with in accordance with the Uniform Customs and Practice relating to Documentary Credits (UCP 500), edition 1993. 5. Shipments under the credit will have to be declared on GR/SDF/SOFTEX Forms as usual. All copies of the GR/SDF/SOFTEX Forms should bear a prominent superscription reading 'Export under Exim Bank's Letter of Credit Refinancing facility dated February 20, 2002 extended to Ban .....

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..... n by deduction from the invoice value of the relevant shipment and the reimbursable amount by the Exim Bank to the claiming bank will be the contract value minus the commission paid. Approval for payment of commission should be obtained before the relevant shipment is effected. 7. Authorised Dealers may bring the contents of this circular to the notice of their exporter constituents concerned. .....

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