Govt strives to improve school infrastructure in rural areas (See 'TOG News') National Waterway - Govt launches outreach campaign (See 'Corpbrief') Jaypee, IBBI ask SC to constitute fresh Committee of creditors (See 'Corpbrief') Govt makes National Pension System mandatory for new govt employees (See 'TOG News') Karnataka Bank launches DigiLocker facility Infosys Foundation inks MoU with Bangalore Metro to build & maintain the Electronics City Station Suzuki Motorcycle to invest Rs 600 cr in its second India plant Govt offers fiscal incentives to achieve 100GW solar power target (See 'TOG News') GST Law Amendments - Will Council make it more taxpayer-friendly? (See 'Cob(Web)' in 'TIOL') Railways' catering sees major overhaul to ensure good quality food (See 'TOG News') IMF predicts India's growth at a fast pace (See 'Corpbrief') Govt sets up mechanism to ease IGST refund claims for exporters (See 'TOG News') BRICS nations to share best practices in airport infrastructure management (See 'TOG News') Cabinet nod for MoU to promote export of pharma products to Indonesia (See 'Corpbrief') Appointment of Authorised Representative for Classes of Creditors u/s 21 (6A) (b) of IBC, 2016 (See 'Dashboard') Atal Pension Yojana - PFRDA Invites EOI for Actuarial Valuation (See 'Corpbrief') HDFC AMC sets IPO price band at Rs 1,095-1,100 Flipkart offers mobile recharge, flight ticket bookings RIL plans to borrow Rs 40,000 cr in consumer push HDFC Bank raises Rs 8,500 cr by issuing equity to parent HDFC SEBI Act - Accidental or unintentional self-trades are not covered under SEBI (PFUTP) Regulations, 2003: SEBI (See 'Legal Desk') Competition Act - In absence of any regulatory trade barriers with regard to participation by contractors in bids floated by PWD of Haryana, and since, same is not in dominant position in relevant market, abused of dominant position cannot be alleged: CCI (See 'Legal Desk') US delegation to discuss impact of sanctions imposed on Iran (See 'TOG News') Steel Ministry accepts Pension Scheme for CPSE Employees (See 'Corpbrief') Govt proposes amending Motor Vehicle Rules to permit digital driving license (See 'TOG News') PNB to receive Rs 2,000 cr capital infusion next week Nestle market cap crosses Rs 1 trillion Payments firm PhonePe buys Zopper Retail Blue Star wins Engineering Facility Management (EFM) orders from Airport & Metro segments L&T Hydrocarbon Engineering wins order for Cracker Furnace Project NBFCs focusing on SME sector for funding opportunities (See 'Corpbrief') OLA inks agreement with Haryana Govt for job creation (See 'Corpbrief') Govt announces slew of measures in Agra to protect Taj Mahal (See 'TOG News') SC defends health warnings on Tobacco products to enable 'informed choice' (See 'TOG News') India & Oman to collaborate in start-ups, SMEs & tourism (See 'TOG News') Place of removal - Valuation under CE & Customs Laws - past and present (See 'TOG INSIGHT') Competition Act - When substantial percentage of country liquor was procured by OPs from two distilleries over other distillers and manufacturers, same proves alleged preferential treatment in favour of such distilleries: CCI (See 'Legal Desk') SEBI - Since trading of share completed only after electronically given consent of client on website of POA holder and Noticee, requirement specified by regulation 42 (3) of DP Regulations stood fulfilled: SEBI (See 'Legal Desk') Consultative Paper on proposed SEBI (Fiduciaries in Securities Market) (Amendment) Regulations (See 'Dashnboard') Customs administration must reduce transaction formalities to ease trade flow: MoS (See 'TOG News') 74% IT decision makers favor using AI in financial services sector: NASSCOM report (See 'TOG News') India urges China to liberalize visa regime for Indian professionals (See 'Corpbrief') NCLAT stays lenders & shareholders meet of GJ NRE Coke (See 'Corpbrief') TCS eyes USD 200 mn in revenue from blockchain in FY19 Flipkart, Amazon cut Google ad spends Bhushan Steel appoints T V Narendran as chairman L&T & BEML ink MoU to address the indigenisation needs of Indian Defence Market BEL inks MoU with Saab, Sweden Lupin's Goa facility gets approval from UK MHRA

 

A.P. (DIR Series)

CIRCULAR NO

04/Dated: July 12, 2018

Exim Bank's Government of India supported Line of Credit of USD 18 million to the Government of the Republic of Zambia

Export-Import Bank of India (Exim Bank) has entered into an agreement dated January 12, 2018 with the Government of the Republic of Zambia for making available to the latter, a Government of India supported Line of Credit (LoC) of USD 18 million (USD Eighteen million only) for the purpose of completion of balance work under the project for establishment of pre-fabricated health posts in the Republic of Zambia. Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Out of the total credit by Exim Bank under this agreement, goods and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.

2. The Agreement under the LoC is effective from June 22, 2018. Under the LoC, the terminal utilization period is 60 months after the scheduled completion date of the project.

3. Shipments under the LoC shall be declared in Export Declaration Form as per instructions issued by the Reserve Bank from time to time.

4. 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 Category- I (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.

5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain full details of the LoC from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in

6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

RBI/2018-19/20

(R K Moolchandani)
Chief General Manager

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