Trade Marks Act, 1999 - Use of word DISH is not generic to trade of DTH services and its part use by Doordarshan for its DD FREE DISH is not protected by section 17 : HC (See 'Legal Desk') IBC, 2016 - Pendency of criminal trial against officials of YES BANK filed by shareholder of corporate debtor is not sufficient ground to dismiss application u/s 7 - NO: NCLAT (See 'Legal Desk') Amendments in Companies Act - IBC time span hiked to 270 days; Unspent money to be transferred to National CSR Fund (See 'Corpbrief') GST - Fake Invoices - Mega Hole in Treasury; Time for Punitive Legislative Measures! (See 'THE COB(WEB)' in TIOL) Cabinet okays extension of XV Fin Com's term till Nov 30, 2019 Cabinet okays amendment to IBC; bankruptcy resolution allowed maximum 330 days Wipro records 12.6% rise in Q1 profits at Rs 2388 C Yes Bank Q1 profits slump 91% at Rs 114 Cr Only 407 tariff lines restricted for import: Puri (See 'Corpbrief') National policy on retail trade in pipeline: MoS (See 'Corpbrief') Closure of pharma PSUs - Cabinet approves amendment in norms for sale of land (See 'Corpbrief') Modification of circular; Format for compliance report on Corporate Governance to be submitted to Stock Exchange (s) by Listed Entities (See 'Dashboard') Copyright Act -Copying of content including photographs and images from one domain name to other warrants grant of permanent injunction in favour of original proprietor specially in pharmaceuticals business : HC (See 'Legal Desk') Trade Marks Act, 1999 - Part use of word MAX in respect of MAXCURE healthcare services which by prior use is commonly associated with MAX hospitals is non distinctive and hence not protected by partial immunity granted u/s 17 : HC (See 'Legal Desk') HDFC AMC Q1 net profit rises by 42% Govt slashes interest rate on General Provident Fund Commercial vehicles worst hit in auto industry slowdown MCA seeks InterGlobes's response on Gangwal's charges of corporate governance lapses KVIC bags Rs 7 Cr order from Oil India Ltd (See 'Corp Brief') Raksha Mantri's Awards for Excellence - Private players now eligible for prize (See 'Corp Brief') India, UK ready to deepen trade relations post Brexit: Goyal (See 'Corpbrief') Patent Act, 1970 - Formation of opinion on three elements of injunction must be discernible from language of interim order in pharma patent case: HC (See 'Legal Desk') Various measures taken to ease textile sector's issues: Gadkari (See 'Corpbrief') Sahibganj MMT to open up sea trade for Bihar & Jharkhand: MoS (See 'Corprbrief') CAG's Audit Report on Entertainment Sector - An Overview (See 'THE TOG INSIGHT' in Taxongo.com) SARFAESI Act - No proposal for further amendment: Thakur (See 'Corpbrief' ) Mutual funds - 47 warning letters issued this fiscal for non-compliance: MoS (See 'Corpbrief') Arbitration and Conciliation Act, 1996 - Govt does not get differential treatment under Order XXVII of CPC whenever application for stay of arbitral award is filed u/s 36 and provision of CPC does not override the special purpose for which Arbitration Act is enacted : SC (See 'Legal Desk') OMCs issued Letter of Intent for 344 plants for production & supply of Compressed Bio Gas till June 2019: Pradhan Shipping Ministry's Sagarmala project created over 10000 jobs in 3 years: MoS

 

AP (DIR Series)

CIRCULAR NO

02/Dated: July 11, 2019

All Category - I Authorised Dealer Banks

Exim Bank's Government of India supported Line of Credit of USD 24.50 million to the Government of the Republic of Senegal

Export-Import Bank of India (Exim Bank) has entered into an agreement dated August 20, 2018 with the Government of the Republic of Senegal for making available to the latter, a Government of India supported Line of Credit (LoC) of USD 24.5 million (USD Twenty Four Million and Five Hundred Thousand only) for the purpose of financing up-gradation and rehabilitation of Health Care System in the Republic of Senegal. 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 the agreement, goods and services of the value of at least 65 per cent of the contract price shall be supplied by the seller from India and the remaining 35 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India. The purchase of equipment should be from Indian manufacturers with provision for 3 years warranty plus 10 to 12 years of comprehensive maintenance contract, so as to ensure proper functioning for adequate period. Further, the drugs (preferably generic) should also be sourced from Indian manufacturers.

2. The Agreement under the LoC is effective from June 26, 2019. Under the LoC, the terminal utilization period is 60 months after the scheduled completion date of the contract.

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 complete details of the LoC from the Exim Bank's office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005 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/2019-20/15]

(R K Moolchandani)
Chief General Manager

TIOL CORP SEARCH

TIOL GROUP WEBSITES