The Reserve Bank of India issued directions to Category I authorised dealer banks for exports financed through an INR 48.5 billion Export-Import Bank of India line of credit to the Government of Maldives. The facility, supported by the Government of India and effective from Aug. 27, 2026, will finance approved development projects and eligible exports of Indian goods and services. At least 75% of each applicable contract price must comprise goods, works and services supplied from India, while up to 25% may be procured from other countries. Individual credit agreements must have a minimum value of INR 5 billion and will be signed after projects are identified and approved. Disbursements may continue until 48 months after each contract’s scheduled completion date. Exporters must declare shipments through the applicable export declaration form or shipping bill. The credit line does not cover agency commission, although authorised dealer banks may permit exporters to pay commission from their own resources or foreign currency account balances after the full eligible export value has been realized and subject to existing requirements.
2026-09-23Reserve Bank of India
Reserve Bank of India sets export rules for INR 48.5 billion Maldives development credit line
The Reserve Bank of India set export rules for an INR 48.5 billion Export-Import Bank of India credit line financing development projects in Maldives. At least 75% of applicable contract value must be supplied from India, and individual credit agreements must be worth at least INR 5 billion. The facility became effective on Aug. 27, 2026.