| Export Credit Refinance Facility: Relaxation |
RBI/2008-09/284
Ref.
MPD. No. 310 /07.01.279/2008-09 November
15, 2008
Kartika 24, 1930 (S) To All Scheduled Banks [excluding
Regional Rural Banks (RRBs)] Dear Sir/Madam, Export
Credit Refinance Facility: Relaxation Please
refer to paragraph No. 4(vii) of the Reserve Bank’s Press Release dated November
15, 2008 on the above-mentioned subject. As indicated therein, the eligible limit
of export credit refinance (ECR) facility has been enhanced from the existing
level of 15 per cent of the outstanding rupee export credit eligible for refinance
as at the end of the second preceding fortnight to 50 per cent. The rate of interest
charged on the ECR facility will continue to be the prevailing repo rate under
the liquidity adjustment facility (LAF) of the Reserve Bank which is currently
7.5 per cent. 3. Part A of the reporting format appearing
in Annex III of the Master Circular Ref.No.MPD.302/07.01.279/2008-09
dated July 1, 2008 is accordingly modified and enclosed. Yours
faithfully (M.D. Patra)
Adviser-in-Charge
Annex
III Reporting Formats Form
DAD 389
| Name
of the Bank _______________________________________________ |
| Statement
showing the Export Credit Refinance Limit for the Fortnight ended_________________________________
| |
PART – A |
| (Rs.
in lakh) | | 1. |
Outstanding Export Credit as on the
last Friday of the second preceding reporting fortnight * |
____________
| |
2. |
Export Credit Refinance Limit (50
percent of item no. 1) |
____________
|
* Outstanding Export Credit for the purpose of working out
refinance limits will be aggregate outstanding export credit minus export
bills rediscounted with other banks/Exim Bank/Financial Institutions, export credit
against which refinance has been obtained from NABARD/Exim Bank, pre-shipment
credit in foreign currency (PCFC), export bills discounted/rediscounted under
the scheme of 'Rediscounting of Export Bills Abroad', overdue rupee export credit
and other export credit not eligible for refinance. |
|