RBI/2004/137

Ref.No.MPD.BC.247/07.01.279/2003-04

April 07, 2004

 

All Scheduled Banks (excluding Regional Rural Banks [RRBs])

Dear Sirs

 

Standing Liquidity Facilities for Banks for Export Credit: Rationalisation

Please refer to our circular No.Ref.No.MPD.BC.246/07.01.279/2003-04 dated March 25, 2004 on the captioned subject. Since standing liquidity facility limits under 'normal' and 'back-stop' facilities are now merged into a single facility available at the reverse repo rate with effect from March 29, 2004, Part 'A' of the existing proforma of the fortnightly return submitted to MPD for arriving at the refinance limit has been revised. As already advised, the current Reverse Repo Rate, effective March 29, 2004 is at 6.0 per cent.

2. Accordingly, you are advised to submit the fortnightly statement on export credit refinance limit in the enclosed revised proforma in respect of Part 'A' of the statement. Existing proforma under Part 'B' and Part 'C' of the fortnightly statement remain unchanged.

3. The above statement should be submitted within 5 days after the date to which the export credit outstanding relates.

4.Kindly acknowledge the receipt.

Yours faithfully,

(Deepak Mohanty)

Adviser

Encl: as above.

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PROFORMA

Name of the Bank ------------------------------------------------------------------------

Statement showing the Export Credit Refinance Limit for the fortnight from ------------ to -------------

 

PART - A

(Rs. in lakh)

1. Outstanding Export Credit (as redefined) as on @ * -----------------

2. Export Credit Refinance Limit -----------------

(15 per cent of Item No.1)

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@ Export Credit outstanding as on the last Friday of the second preceding reporting fortnight.

* Outstanding Export Credit for the purpose of working out refinance limits will be aggregate outstanding export credit minus Pre-shipment Credit in Foreign Currency (PCFC), Export Bills discounted/rediscounted under the Scheme of 'Rediscounting of Export Bills Abroad', overdue Rupee export credit and other export credit not eligible for refinance, but including Export Bills rediscounted with other Banks/EXIM Bank/Financial Institutions and Export Credit against which refinance has been obtained from NABARD/EXIM Bank.