April
17, 2007
All
Scheduled Commercial Banks
(excluding
RRBs)
Dear
Sir,
Rupee
Export Credit Interest Rates
Please
refer to our circular DBOD.Dir.(Exp.)No.37/04.02.01/2006-07
dated October 20, 2006 on the captioned subject.
The
validity of the interest rates on rupee export credit indicated in the above circular
would now remain in force upto October 31, 2007. In this connection, you may please
refer to RBI circular No.MPD.BC.291/07.01.279/2006-07 dated April 12, 2007. The
rates of interest applicable have been incorporated in the Annexure
to the Directive DBOD.No.BC.79/04.02.01/2006-07 dated April 17, 2007
enclosed to this circular.
Yours
faithfully,
(P.Vijaya
Bhaskar)
Chief
General Manager
DBOD.Dir.(Exp).BC.No.
79 /04.02.01/2006-07
April
17, 2007
Interest
Rates on Advances
In
exercise of the powers conferred by Sections 21 and 35 A of the Banking Regulation
Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and
expedient in the public interest so to do, hereby directs that, with effect from
May 01, 2007 the interest rates on rupee export credit would be as indicated in
the Annex enclosed to this Directive.
(Anand
Sinha)
Executive Director
ANNEX
Interest
Rates on Rupee Export Credit of
Scheduled
Commercial Banks
Interest
Rates effective from May 1, 2007 to October 31, 2007 will be not exceeding BPLR
minus 2.5 percentage points per annum for the following categories of Export Credit.
| |
Categories
of Export Credit |
| 1. |
Pre-shipment
Credit |
| | (a)
Up to 180 days |
| |
(b)Against
incentives receivable from Government covered by ECGC Guarantee up to 90 days |
| 2. |
Post-shipment
Credit |
| | (a)
On demand bills for transit period (as specified by FEDAI) |
| | (b)
Usance bills (for total period comprising usance period of export bills, transit
period as specified by
FEDAI, and grace period, wherever applicable) |
| | i)
Up to 90 days
ii)
Up to 365 days for exporters under the Gold Card Scheme. |
| | (c)
Against incentives receivable from Govt. (covered by ECGC Guarantee) up to 90
days |
| | (d)
Against undrawn balances (up to 90 days) |
| | (e)
Against retention money (for supplies portion only) payable within one year
from
the date of shipment (up to 90 days) |
|
BPLR
Benchmark Prime Lending Rate
Note:
1. Since these are ceiling rates, banks would be free to charge any rate below
the ceiling rates.
2.
Interest rates for the above-mentioned categories of export credit beyond the
tenors as prescribed
above are deregulated and banks are free to decide the
rate of interest, keeping in view the BPLR
and spread guidelines. |