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Exim Bank's USD 15 Million Line of Credit to Senegal

No longer current — withdrawn, no replacement on file yet

Source: Reserve Bank of India · RBI/2004-05/391 · issued 07 Mar 2005 · ~1 min read

Quick answerRBI notifies a USD 15 million Exim Bank line of credit to Senegal for financing Indian exports of goods and services, targeting rural SMEs and agricultural machinery. Banks must inform exporters and ensure GR/SDF form compliance.

What changed

Exim Bank signed a credit agreement with Senegal on December 10, 2004, effective February 9, 2005, for a USD 15 million line of credit. The credit supports Indian exports for rural SME development and agricultural machinery. Letters of credit must be opened by February 8, 2007, and disbursements completed by August 8, 2007.

What it means for you

Indian exporters can leverage this credit to secure payments for eligible exports to Senegal, reducing default risk. Authorised dealers must facilitate documentation and advise clients on Exim Bank's terms. No agency commission is allowed unless exporters use own resources, impacting fee structures.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Inform exporter clients about the line of credit and direct them to Exim Bank for full details.
Ensure all shipments under this credit are declared on GR/SDF forms as per existing instructions.
Remind exporters that no agency commission is payable from credit proceeds; they may use own funds if needed.
Monitor that letters of credit are opened before February 8, 2007, and disbursements by August 8, 2007.

Who it affects

Authorised dealer banks handling foreign exchange, Indian exporters of eligible goods and services to Senegal, Exim Bank

❓ Common questions

Regulatory timeline

Stated effective date effective February 9, 2005
Decoded by BankPulse 2026-06-19 21:12 IST
Status change: withdrawn 10 Jul 2026, 04:01 IST

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

What is the purpose of this line of credit?

It finances Indian exports of eligible goods and services to Senegal, specifically for rural small and medium enterprises and agricultural machinery.

What are the key deadlines for this credit?

Letters of credit must be opened by February 8, 2007, and all disbursements completed by August 8, 2007.

Can exporters pay agency commission under this credit?

No, agency commission is not ordinarily payable. Exporters may use their own resources if such payments are necessary.

📜 Read the original circular — full text as issued by RBI

RBI/2004-05/391

 A.P. (DIR Series) Circular No. 36 

 March 7, 2005

 To

 All Banks Authorised to Deal in Foreign Exchange

 Madam /Sirs,

 Exim Bank's Line of Credit of USD 15 million to Government 
 of Senegal 

 The Export-Import Bank of India (Exim Bank) has concluded an 
 agreement with the Government of the Senegal on December 10, 2004 making available 
 to the latter a Line of Credit (LOC) upto an aggregate sum of USD 15 million 
 (US Dollar fifteen million only). The credit is available for financing export 
 of eligible Indian goods and services to Senegal for development of rural small 
 and medium enterprises and agricultural machinery and equipment from India to 
 buyers in Senegal. 

 2. The credit agreement has become effective on February 9, 
 2005. The last dates for opening letters of credit and disbursement of credit 
 are February 8, 2007 and August 8, 2007 respectively.

 3. Shipments under the credit will have to be declared on GR/SDF 
 Forms as per instructions issued from time to time.

 4. No agency commission is ordinarily payable under the above 
 line of credit. However, if necessary, the exporters can use their own resources 
 for such payments.

 5. Authorised Dealer 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 or its website.

 6. The direction contained In this circular has been issued under Sections 
 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA) 1999 (42 of 
 1999) and is without prejudice to permissions / approvals, if any, required 
 under any other law. 

 Yours faithfully,

 F.R. Joseph

 Chief General Manager

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2004-05/391 · issued 07 Mar 2005. The plain-English explanation above is BankPulse’s own independent summary.

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BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2154&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.