Para 19.6.2 — CAM

19.6.2 The Ministries/Departments now have the facility of opening an irrevocable LC with authorized agency banks on payment of the commission charges on the basis of the services rendered without depositing funds with them in advance. Quotation on the commission charges payable would be called from banks including accredited bank of the Ministry/Departments. The bank would be selected based on the quotation received for commission charges. The accredited bank to follow the procedure of directly debiting the amount to the government account through scrolls. However, the banks other than the accredited banks will get reimbursement from the RBI for the Foreign LC payment made on the basis of debit mandate receipt from the concerned Government Ministries/Departments.