RBI/2004/137
Ref.No.MPD.BC.247/07.01.279/2003-04
April 07, 2004
All Scheduled Banks (excluding Regional Rural Banks
[RRBs])
Dear Sirs
Standing Liquidity Facilities
for Banks for Export Credit: Rationalisation
Please refer to our circular
No.Ref.No.MPD.BC.246/07.01.279/2003-04 dated
March 25, 2004 on the captioned subject. Since standing liquidity facility limits
under 'normal' and 'back-stop' facilities are now merged into a single facility
available at the reverse repo rate with effect from March 29, 2004, Part 'A'
of the existing proforma of the fortnightly return submitted to MPD for arriving
at the refinance limit has been revised. As already advised, the current Reverse
Repo Rate, effective March 29, 2004 is at 6.0 per cent.
2. Accordingly, you are advised
to submit the fortnightly statement on export credit refinance limit in the
enclosed revised proforma in respect of Part 'A' of the statement. Existing
proforma under Part 'B' and Part 'C' of the fortnightly statement remain unchanged.
3. The above statement should
be submitted within 5 days after the date to which the export credit outstanding
relates.
4.Kindly acknowledge the receipt.
Yours faithfully,
(Deepak Mohanty)
Adviser
Encl: as above.
PROFORMA
Name of the Bank ------------------------------------------------------------------------
Statement showing the Export
Credit Refinance Limit for the fortnight from ------------ to -------------
PART - A
1. Outstanding Export Credit (as redefined)
as on @ * -----------------
2. Export Credit Refinance Limit -----------------
(15 per cent of Item No.1)
@ Export Credit outstanding as
on the last Friday of the second preceding reporting fortnight.
* Outstanding Export Credit
for the purpose of working out refinance limits will be aggregate outstanding
export credit minus 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, but including Export Bills rediscounted with other Banks/EXIM
Bank/Financial Institutions and Export Credit against which refinance has been
obtained from NABARD/EXIM Bank.