RBI / 2004/204 IECD No.13 /04.02.01/2003-04
May 18, 2004
The Chairmen/Chief Executives of all commercial
banks
Dear Sir,
Export Credit Interest Rates for Gold Card holder
exporters
Please refer to our circular
IECD.No.10/04.02.01/2003-04 dated April 24, 2004
on Rupee Export Credit interest rates.
2. In partial modification of the
interest rates on post-shipment rupee export credit, it has been decided that
with effect from May 18, 2004, the rate of interest on post-shipment rupee export
credit upto 90 days may be extended to exporters under the Gold Card Scheme
announced by the Reserve Bank of India for a maximum period upto 365 days.
3.Please
acknowledge receipt.
Yours faithfully,
(Smt.R.K.Makhija)
Chief General Manager
Encls : as above
DIRECTIVE DBOD.No.BC. 85 /13.07.01/2003-04
May 18, 2004
Interest Rates on Advances
In exercise of the powers conferred
by Sections 21 and 35A 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 18, 2004 for eligible exporters
under the Gold Card scheme announced by Reserve bank of India, the rate of interest
charged upto 90 days in respect of post-shipment rupee export credit may be
extended for a maximum period upto 365 days.
(P.V. Subba Rao)
Executive Director
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