November
15, 2008
All Scheduled Commercial Banks
(excluding
RRBs)
Dear Sir,
Rupee Export
Credit Interest Rates-Extension of period of credit
Please
refer to our circular DBOD.Dir.(Exp.)No.68/04.02.01/2008-09
dated October 24, 2008 on the captioned subject.
2.
In view of the difficulties faced by exporters on account of the weakening of
external demand , it has been decided that the prescribed interest rate of BPLR
minus 2.5 percentage points as applicable on Pre-shipment Rupee Export Credit
may be extended up to 270 days (as against existing up to 180 days) with effect
from November 15, 2008.
3. The revised period of credit
has been incorporated in the Annexure to the Directive DBOD.Dir.(Exp).BC.No.79/04.02.01/2008-09
dated November 15, 2008 enclosed to this circular.
(Vinay
Baijal)
Chief General Manager
DBOD.Dir.(Exp).BC.No.79/04.02.01/2008-09
November
15, 2008
Rupee Export Credit Interest
Rates-Extension of period of credit
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
15, 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 15, 2008 to April 30, 2009 will not be exceeding
BPLR minus 2.5 percentage points per annum for the following categories of Export
Credit.