What changed
Previously, post-award approval data for project exports was maintained separately by each approving authority, making consolidated data unavailable. Now, AD Category-I banks are required to send a copy of every post-award approval they grant for project export or deferred payment supply contracts to EXIM Bank, along with the data in XLS format via email.
What it means for you
This move centralizes project export data, giving RBI and EXIM Bank a clearer picture of India's project export pipeline. For banks, it adds a reporting step but reduces fragmentation, potentially improving policy coordination and risk assessment for large export contracts.
What you must do
- Set up a process to send a copy of each post-award approval for project export or deferred payment supply contracts to EXIM Bank immediately after granting it.
- Ensure the data is also emailed in XLS format as per the annex to EXIM Bank at the specified address.
- Inform your constituents and customers about this new reporting requirement.
- Review your current approval tracking system to ensure compliance with the USD 100 million delegation threshold.
Who it affects
AD Category-I banks, Export-Import Bank of India (EXIM Bank), Indian exporters and project exporters
What is the threshold for post-award approval delegation to banks?
Banks and EXIM Bank can accord post-award approval for projects not exceeding USD 100 million, subject to conditions in the PEM. Proposals above USD 100 million are considered by the Working Group.
Where do we send the approval copies and data?
Send the approval copy to Export-Import Bank of India, Centre-I, 21st Floor, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005, and email the data in XLS format to EXIM Bank.
Does this circular override any existing permissions?
No, it is issued under FEMA Sections 10(4) and 11(1) and is without prejudice to any other approvals required under other laws.