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The Government of the United States of America may utilize rupees in India to pay for goods and services, including international transportation needed in connection with market development and other agricultural projects and activities in India and other countries.
( 2 )
The rupee equivalent of $63.8 million, but not more than 5 percent of the currencies received under the Agreement will be used for loans to be made by the Export-Import Bank of Washington under Section 104 ( E ) of the Agricultural Trade Development and Assistance Act, as amended ( hereinafter referred to as the Act ), and for administrative expenses of the Export-Import Bank of Washington in India incident thereto.
It is understood that: ( A )
Such loans under Section 104 ( E ) of the Act will be made to United States business firms and branches, subsidiaries, or affiliates of such firms in India for business development and trade expansion in India and to United States firms and to Indian firms for the establishment of facilities for aiding in the utilization, distribution, or otherwise increasing the consumption of and markets for United States agricultural products.
In the event the rupees set aside for loans under Section 104 ( E ) of the Act are not advanced within six years from the date of this Agreement because the Export-Import Bank of Washington has not approved loans or because proposed loans have not been mutually agreeable to the Export-Import Bank of Washington and the Department of Economic Affairs of the Government of India, the Government of the United States of America may use the rupees for any purpose authorized by Section 104 of the Act.
( B )
Loans will be mutually agreeable to the Export-Import Bank of Washington and the Government of India acting through the Department of Economic Affairs of the Ministry of Finance.
The Secretary, Department of Economic Affairs, or his designate, will act for the Government of India, and the President of the Export-Import Bank of Washington, or his designate, will act for the Export-Import Bank of Washington.
( C )
Upon receipt of an application which the Export-Import Bank is prepared to consider, the Export-Import Bank will inform the Department of Economic Affairs of the identity of the applicant, the nature of the proposed business, the amount of the proposed loan, and the general purposes for which the loan proceeds would be expended.
( D )
When the Export-Import Bank is prepared to act favorably upon an application, it will so notify the Department of Economic Affairs and will indicate the interest rate and the repayment period which would be used under the proposed loan.
The interest rate will be similar to those prevailing in India on comparable loans and the maturities will be consistent with the purposes of the financing.
( E )
Within sixty days after the receipt of notice that the Export-Import Bank is prepared to act favorably upon an application the Department of Economic Affairs will indicate to the Export-Import Bank whether or not the Department of Economic Affairs has any objection to the proposed loan.
Unless within the sixty-day period the Export-Import Bank has received such a communication from the Department of Economic Affairs it shall be understood that the Department of Economic Affairs has no objection to the proposed loan.
When the Export-Import Bank approves or declines the proposed loan, it will notify the Department of Economic Affairs.
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