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TMI BlogIndo-Lao Credit Agreement dated November 6, 2002, for USD 10 MillionX X X X Extracts X X X X X X X X Extracts X X X X ..... rnment of the Lao People's Democratic Republic, (Lao PDR), for importing from India capital goods of Indian manufacture including original spare parts and accessories purchased along with the capital goods and included in the original contract as also consultancy services and consumer durables as mentioned in the Annexure. The contents of Annexure may be modified by way of additions, deletions or substitutions from time to time as may be mutually agreed to, between the two Governments. The credit will not cover third country imports. The export of goods and services from India and their import into Laos under the line of credit shall take place through normal commercial channels and will be subject to the laws and regulations in force in bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing payments under letters of credit will be adopted to ensure that the remaining 10 per cent of the amount of letter of credit is received in US Dollars. All claims to the State Bank of India for payment of 90 per cent of the f.o.b. value will need to be supported by a certificate of the negotiating bank that the 10 per cent amount directly payable has been received. Each letter of credit should be supported by a copy of the contract and should contain the following reimbursement clause :- "Reimbursement for 90 per cent of the f.o.b. value of the contract shall be provided by the State Bank of India, New Delhi from USD 10 million credit extended by the Government of India to the Government of the Lao PDR. The letter of credit is negotiab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... space provided therefor. On receipt of the full payment of the bills in the manner indicated above, authorised dealers should certify duplicate copies of the relative GR/SDF/SOFTEX Forms. 4. Ordinarily, no agency commission shall be payable in respect of exports financed under the line of credit. However, Reserve Bank may consider on merit, requests for payment of commission upto a maximum extent of 5 per cent of the f.o.b. value in respect of capital goods which require after sales service. In such cases, commission will have to be paid in Laos by deduction from the invoice value of the relevant shipment and the reimbursable amount will be 90 per cent of the f.o.b. value minus the commission paid. Approval for payment of commission shoul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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