Export Credit Interest Rate-Clarifications - RBI - Reserve Bank of India
Export Credit Interest Rate-Clarifications
RESERVE BANK OF INDIA IECD.No. 12/04.02.01/1999-2000 March 15, 2000 The Chairmen/Chief Executives Dear Sir, Export Credit Interest Rate-Clarifications As banks are aware, Reserve Bank vide its circular IECD.No.6/04.02.01 /1999-2000 dated October 29,1999 read with Directive DBOD.No.Dir.BC.106/ 13.03.00.99 dated October 29,1999 on 'Interest Rates on Advances' has indicated that the banks will have the freedom with effect from the aforesaid date to decide the appropriate rate of interest in respect of the category of export credit viz. 'Export Credit Not Otherwise Specified'(ECNOS) at post-shipment stage. In the light of the feedback received by the 'Monitoring Group on Export Credit' about different perceptions of banks in implementing the Directive it has been considered necessary to issue a few clarifications relating to ECNOS as stated hereafter.
and
Banks are hereby advised specifically to instruct their branches to refund excess amounts charged to exporters on any of the above counts. Please acknowledge receipt.
Yours faithfully, (V.G.Damle) |