Exim Bank's Line of Credit of USD 10 million to Hungarian Export - Import Bank Ltd., Hungary

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..... port Bank of India (Exim Bank) has concluded an agreement with Hungarian Export-Import Bank Ltd., Hungary on November 07, 2003, making available to the latter a Line of Credit (LOC) upto an aggregate sum of USD 10 million (US Dollar ten million only). The credit agreement has become effective from July 22, 2004. The credit is available for financing export of capital and engineering goods, technol .....

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..... e amount by the Exim Bank to the negotiating bank will be 85 per cent of the f.o.b./c f/c.i.f. value minus commission paid. Approval for the payment of commission should be obtained before the relevant shipment is effected. In other cases (i.e. exports not involving after sales service), if the exporter is required to pay agency commission, he will have to use his own resources for such payments .....

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