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Interest Rate Ceiling on Rupee Export Credit

RBI/2009-10/197
MPD.BC.326 /07.01.279/2009-10

October 28, 2009
Kartika 5, 1931(S)

All Scheduled Commercial Banks

Dear Sir/Madam,

Interest Rate Ceiling on Rupee Export Credit

Please refer to our circular No. MPD.BC.323/07.01.279/2008-09 dated April 28, 2009 in terms of which the ceiling on interest rates on pre-shipment rupee export credit up to 270 days and post-shipment rupee export credit up to 180 days has been stipulated at BPLR minus 2.5 per cent, valid up to October 31, 2009.

2.   It has been decided to extend the validity of the above dispensation up to April 30, 2010 (Annex).

3.   Kindly acknowledge receipt.

Yours faithfully,

(Janak Raj)
Adviser-in-Charge

Encl: as above.


Annex

Category

With effect from November 1, 2009
(up to April 30, 2010)

Pre-shipment Rupee Export Credit

Up to 270 days

 

Not exceeding BPLR minus 2.5 percentage points

Post –shipment Rupee Export Credit

(a)   On demand bills for transit period (as specified by FEDAI)

(b)    Usance bills up to 180 days

 

Not exceeding BPLR minus 2.5 percentage points


Not exceeding BPLR minus 2.5 percentage points.

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 beyond the tenors as prescribed above are free.

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