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GST - Sushil Modi further sensitises Infosys; EDIT facility for returns to be activated soonGovt sets up Second National Judicial Pay CommissionImpact of Moody's rating upgrade - NHAI projects become less riskyIT infra missing at many Customs stations - CBEC Chairperson asks for speeding up installation of netwrok equipmentsIncome Tax seizes cash to tune of Rs 11 Crore from NSE brokerAustralians support same-sex marriage in national surveyDigital economy to the fore again (See 'TII EDIT')Renewable Energy - Challenge is research in storage technologyICAO Audit finds safety system in placeI-T - Interest received towards late payment following award passed by District Court is taxable income: HCPM reviews performance of key infra projectsCX – Blinds are in nature of curtains and cannot be said to become immovable properties when they are mounted on wall: CESTATGST Administration facing acute manpower shortage at Group 'A' level; About 1900 posts remain vacant against over 5800 posts in CBECJD(U) election symbol - EC verdict out; Nitish faction defeats Sharad Yadav splinter groupSEBI bans Swarnabhumi Agritech India & its Directors for four yearsGST - MRP - additional stickers allowed upto Dec 31, 2017CBDT invites comments of stakeholders for conversion of Indian branches of foreign banks to Indian subsidiary companyMoody's upgrade India's credit rating to Baa2CBDT issues transfer order of 7 DC/ACITsBudget 2018 - MoF invites suggestions from Industry and TradeCommerce Minister to participate in Shanghai Cooperation Organization meetingGST - CBEC clarifies on refund of unutilised ITC of GST paid on inputs by fabric exportersCBDT issues transfer order of 8 Addl / JCITsGST - FICCI steps up demand for inclusion of natural gasRevenue Secretary welcomes Moody’s upgraded rating; GST gets full creditGST receipts - Agency commission to banks - Mumbai office of RBI to settle all claimsTaxability of High Sea Sales under Customs & GST - A detailed analysisSiliguri DRI seizes over 7 kg gold worth Rs 2.3 Crore smuggled from Bhutan & MyanmarCabinet sanctions posts of Chairman & Members of National Anti-Profiteering AuthorityUnion Cabinet extends aid to strengthen infra for judiciaryCBEC notifies new Customs exchange rates effective from November 17, 2017
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A.P. (DIR Series)

CIRCULAR NO

13/RBI., Dated: November 16, 2017

Exim Bank's Government of India supported Line of Credit of USD 81 million to the Government of the Republic of Rwanda

Export-Import Bank of India (Exim Bank) has entered into an Agreement on May 24, 2017 with the Government of the Republic of Rwanda for making available to the latter, a Government of India supported Line of Credit (LoC) of USD 81 million (USD Eighty one million only) for the purpose of financing establishment of ten Vocational Training Centers and four Business Incubation Centers in the Republic of Rwanda. Under the arrangement financing export of eligible goods and services from India would be allowed which are 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. The goods include plant, machinery and equipment and services include consultancy services. 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 November 01, 2017. Under the LoC, the terminal utilization period is 60 months after the scheduled completion date of the project.

3. Shipments under the LoC will have to be declared on 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 its own resources or utilize balances in its 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/2017-18/93

(J K Pandey)
Chief General Manager

A.P. (DIR Series)

CIRCULAR NO

12/RBI., Dated: November 16, 2017

Exim Bank's Government of India supported Line of Credit of USD 500 million to the SBM (Mauritius) Infrastructure Development Company Ltd

Export-Import Bank of India (Exim Bank) has entered into an Agreement on May 27, 2017 with the SBM (Mauritius) Infrastructure Development Company Ltd. for making available to the latter, a Government of India supported Line of Credit (LoC) of USD 500 million (USD Five hundred million only) for the purpose of financing its participation through Redeemable Preference Shares in public sector entities to implement infrastructure or other projects in Mauritius. Under the arrangement financing export of eligible goods and services from India would be allowed which are 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. The goods include plant, machinery and equipment and services include consultancy services. 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 October 03, 2017. Under the LoC, the terminal utilization period is 60 months after the scheduled completion date of the project.

3. Shipments under the LoC will have to be declared on 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 its own resources or utilize balances in its 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/2017-18/92

(J K Pandey)
Chief General Manager