Rupee Export Credit Interest Rates - ಆರ್ಬಿಐ - Reserve Bank of India
Rupee Export Credit Interest Rates
IECD No.5 /04.02.01/2003-04
October 31, 2003
The Chairmen/Chief Executives of all commercial banks
Dear Sir,
Rupee Export Credit Interest Rates
Please refer to our circular IECD.No.18/04.02.01/2002-03 dated April 30, 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, 2004. In this connection, you may please refer to circular No.MPD 240/O7.01.279/2003-04 dated October 31, 2003. The rates of interest applicable have been incorporated in the Annexure to the Directive DBOD No.BC. 41/13.07.01/2003-04 dated October 31, 2003 enclosed to this circular.
3. Please acknowledge receipt.
Yours faithfully,
(Smt.R.K.Makhija)
Chief General Manager
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.41 /13.07.01/2003-04
October 31, 2003
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 November 1, 2003 the interest rates on rupee export credit would be as indicated in the Annexure enclosed to this Directive.
(Shyamala Gopinath)
Executive Director
ANNEXURE
Interest Rates on Rupee Export Credit of Scheduled Commercial Banks
(Per cent per annum)
Categories of export credit |
Interest Rates @ |
|
Existing upto October 31, 2003) |
Effective from November 1, 2003 to April 30, 2004 |
|
1. Pre-Shipment Credit |
||
|
Not exceeding PLR minus 2.5 percentage points |
Not exceeding PLR minus 2.5 percentage points |
|
ii) Beyond 180 days and upto 270 days |
Free* |
Free* |
|
Not exceeding PLR minus 2.5 percentage points |
Not exceeding PLR 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 PLR 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)
|
|
|
c) Against incentives receivable from Government covered by ECGC guarantee upto 90 days |
Not exceeding PLR minus 2.5 percentage points |
Not exceeding PLR minus 2.5 percentage points |
d) Against undrawn balances (upto 90 days) |
Not exceeding PLR minus 2.5 percentage points |
Not exceeding PLR 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 PLR 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* |
@ 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 PLR and spread guidelines.
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