Notifications

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Rupee Export Credit Interest Rates

RBI / 2004/ 180

IECD No.10 /04.02.01/2003-04

April 24, 2004

The Chairmen/Chief Executives of all commercial banks

Dear Sir,

Rupee Export Credit Interest Rates

Please refer to our circular IECD.No.5/04.02.01/2002-03 dated October 31, 2003 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 upto April 30, 2005. In this connection, you may please refer to circular No.MPD 248/O7.01.279/2003-04 dated April 23, 2004. The rates of interest applicable have been incorporated in the Annex to the Directive DBOD No.BC.81 /13.07.01/2003-04 dated April 24, 2004 enclosed to this circular.

3. Please acknowledge receipt.

Yours faithfully,

 

(Smt.R.K.Makhija)

Chief General Manager

Encls : as above


 

Telegrams : `BANKCHALAN’

Post Box No.6089

Mumbai

 

RESERVE BANK OF INDIA

CENTRAL OFFICE

DEPARTMENT OF BANKING OPERATIONS AND DEVELOPMENT

CENTRE 1, WORLD TRADE CENTRE,

CUFFE PARADE, COLABA

MUMBAI-400005

 

DIRECTIVE DBOD.No.BC.81 /13.07.01/2003-04

 

April 24, 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 1, 2004 the interest rates on rupee export credit would be as indicated in the Annex enclosed to this Directive.

(P.V.Subba Rao)

Executive Director

 

Encl : as above


 

ANNEX

Interest Rates on Rupee Export Credit of Scheduled Commercial Banks

(Per cent per annum)

Categories of export credit

Interest Rates @

 

Existing upto

April 30, 2004

Effective from May 1, 2004 to April 30, 2005

1. Pre-Shipment Credit

   
  1. i) Upto 180 days

 

Not exceeding PLR minus 2.5 percentage points

Not exceeding BPLR minus 2.5 percentage points

ii) Beyond 180 days and upto 270 days

Free*

Free*

b) Against incentives receivable from Government covered by ECGC guarantee upto 90 days

Not exceeding PLR minus 2.5 percentage points

Not exceeding BPLR minus 2.5 percentage points

2. Post-Shipment Credit

   

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

Not exceeding PLR minus 2.5 percentage points

Not exceeding BPLR minus 2.5 percentage points

b) Usance Bills (for total period comprising usance period of export bills, transit period as specified by FEDAI and grace period wherever applicable)

i) Upto 90 days

 

 

 

 

ii) Beyond 90 days and upto 6 months from the date of shipment

 

 

Not exceeding PLR minus 2.5 percentage points

 

 

 

Free*

 

 

Not exceeding BPLR minus 2.5 percentage points

 

 

 

Free*

c) Against incentives receivable from Government covered by ECGC guarantee upto 90 days

Not exceeding PLR minus 2.5 percentage points

Not exceeding BPLR minus 2.5 percentage points

d) Against undrawn balances (upto 90 days)

Not exceeding PLR minus 2.5 percentage points

Not exceeding BPLR minus 2.5 percentage points

e) Against retention money (for supplies portion only) payable within one year from the date of shipment (upto 90 days)

Not exceeding PLR minus 2.5 percentage points

Not exceeding BPLR minus 2.5 percentage points

3. Deferred Credit

 

 

Deferred credit for the period beyond 180 days

Free*

Free*

4. Export Credit Not Otherwise specified(ECNOS)

   

a) Pre-shipment credit

Free*

Free*

b) Post-shipment credit

Free*

Free*


BPLR : Benchmark Prime Lending rate

@ Note : Since these are ceiling rates, banks would be free to charge any rate below the ceiling rates.

*Free : The banks are free to decide the rate of interest to be charged, keeping in view the BPLR and spread guidelines.



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