RBI/2008-09/250
DBOD.Dir.(Exp).BC.No.
68 /04.02.01/2008- 09 October
24 , 2008 All Scheduled Commercial
Banks
(excluding RRBs) Dear
Sir, Rupee Export Credit
Interest Rates Please
refer to our circular DBOD.Dir.(Exp.)No.77/04.02.01/2007-08
dated April 28, 2008 on the captioned subject. 2.
The validity of the interest rates on rupee export credit indicated in the above
circular would now remain in force up to April 30, 2009. In this connection, you
may please refer to RBI
circular No.MPD.BC. 307 /07.01.279/2008-09 dated October 24, 2008. The rates
of interest applicable have been incorporated in the Annexure to the Directive
DBOD.Dir.(Exp).BC.No. 67 /04.02.01/2008-09 dated October 24, 2008
enclosed to this circular. Yours
faithfully, (P.Vijaya Bhaskar)
Chief General Manager
DBOD.Dir.(Exp).BC.No.
67 /04.02.01/2008-09 October 24 , 2008 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 November 01, 2008 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 November 1, 2008 to April 30, 2009 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. | |
|