Interest Rate Ceiling on Rupee Export Credit - ربی - Reserve Bank of India
Interest Rate Ceiling on Rupee Export Credit
RBI/2004/177
Vaishakha 3, 1926 (Saka)
MPD.No. 248 /07.01.279/2003-04
April 23, 2004
To,
All Scheduled Commercial Banks
Dear Sir,
Interest Rate Ceiling on Rupee Export Credit
On September 24, 2001, it was decided to effect reduction in the ceiling of interest rates charged by scheduled commercial banks on pre-shipment and post shipment rupee export credit by one percentage point across the board with effect from September 26, 2001. This dispensation was earlier extended up to April 30, 2004.
2. The validity of the reduction in the interest rates on pre-shipment rupee export credit up to 180 days and post-shipment rupee export credit up to 90 days announced on September 24, 2001 would now remain in force up to April 30, 2005 (Annex).
3. Kindly acknowledge receipt of this letter.
Yours faithfully,
(D.Anjaneyulu)
Principal Monetary Policy Adviser
Encl.: as above.
Annex
| Category |
With effect from May 01, 2004 (up to April 30, 2005) |
|
| Pre-shipment Rupee Export Credit |
||
| (i) |
Up to 180 days |
Not exceeding BPLR minus 2.5 percentage points. |
| (ii) |
Beyond 180 days and up to 270 days |
Free. |
| Post-shipment Rupee Export Credit |
||
| (a) |
On demand bills for transit period (as specified by FEDAI) |
Not exceeding BPLR minus 2.5 percentage points. |
| (b) |
Usance bills |
|
| (i) |
Up to 90 days |
Not exceeding BPLR minus 2.5 percentage points. |
| (ii) |
Beyond 90 days and up to 6 months from the date of shipment. |
Free |
BPLR : Benchmark Prime Lending Rate
Note : Since these are ceiling rates, banks would be free to charge any rate below the ceiling rates.
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