| Date: |
11-03-2002
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| Notification No: |
RBI Notification No 212/2002
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| Issuing Authority: |
RBI
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| Type: |
Notification
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| File No: |
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| Subject: |
Interest rate ceilings on rupee export credit
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Interest rate ceilings on rupee export credit
MPD.
212 / 07.01.279/2001- 02 dated 11th March 2002
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. It was also mentioned that this dispensation is
valid upto March 31, 2002.
2. Considering subsequent developments, this
facility is extended for a further period of six months. Thus, the validity of
the reduction in the interest rates on export credit announced on September 24,
2001, would remain in force up to September 30, 2002.
A communication to banks will be sent separately.
3. Kindly acknowledge
receipt of this letter.
Annexure
Interest Rate Ceilings on Export Credit of Scheduled
Commercial Banks
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Category
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With effect from April 1, 2002
(Up to September 30, 2002)
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Pre-shipment credit
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(i) Up to 180 days
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Not exceeding PLR minus 2.5 percentage points
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(ii) Beyond 180 days and up to 270 days
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Not exceeding PLR plus 0.5 percentage points
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Post-shipment Credit
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(a) On demand bills for transit period (as specified by FEDAI)
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Not exceeding PLR minus 2.5 percentage points
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(b) Usance Bills
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(i) Up to 90 days
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Not exceeding PLR minus 2.5 percentage points
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(ii) Beyond 90 days and up to 6 months from date of shipment
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Not exceeding PLR plus 0.5 percentage points
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Note: Since these are ceiling rates, banks would be free to
charge any rate below the ceiling rates.
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