Export-Import Bank of India (Exim Bank) has concluded an agreement dated November 15, 2011 with the Nigerian Export-Import Bank , making available to the latter, a Line of Credit (LOC) of USD 20 million (USD Twenty millions) for financing exports of eligible goods and services from India.
1. The Credit Agreement under the LOC is effective from May 10, 2012 and the date of execution of Agreement is November 15, 2011.
2. Shipments under the credit will have to be declared on GR / SDF Forms as per instructions issued by Reserve Bank from time to time.
3. While no agency commission shall be payable in respect of exports financed under the above line of credit, the Reserve Bank may consider, on merit, requests for payment of commission up to a maximum of 5 per cent of the f.o.b. (free on board) / c&f (cost and freight)/c.i.f. (cost, insurance and freight) value in respect of goods exported and which require after sales services.
4. 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 Line of Credit from Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005.
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