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Corporate Laws Central Ministry of Finance Foreign Exchange Management Act, 1999

Export-Import Bank of India Government of India - supported Line of Credit of USD 23.37 mn to the Government of the Co-operative Republic of Guyana for procurement of two Hindustan 228-201 aircraft from Hindustan Aeronautics Ltd.

11-Jun-2024 | RBI/2024-2025/42 A.P. (DIR Series) Circular No.10

RBI has issued circular on Export-Import Bank of India (Exim Bank)'s Government of India-supported Line of Credit of USD 23.37 mn to the Government of the Co-operative Republic of Guyana (GO-GUY), for procurement of two Hindustan 228-201 aircraft from Hindustan Aeronautics Ltd.

By virtue of the circular, agreement under the Line of Credit (LoC) is effective from April 08, 2024. Under the LoC, the last date for disbursement will be 48 months after scheduled completion date of the project.

No agency commission is payable for export under the above LoC. However, 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 (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.

AD Category - I banks may bring the attached 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 400 005 or from their website www.eximbankindia.in

For more information refer the attachment.

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