RBI/2008-09/459
MPD.BC.323 /07.01.279/2008-09
April 28, 2009
Vaishakha 7, 1931(S)
All Scheduled Commercial Banks
Dear Sir/Madam,
Interest Rate Ceiling on Rupee Export Credit
Please refer to our circulars No.MPD.BC.307/07.01.279/2008-09 dated October 24,
2008, DBOD.Dir. (Exp). BC. No.80 /04. 02.01 /2008-09 dated November 15, 2008 and
DBOD.Dir.(Exp).BC.No.88/04.02.01/2008-09 dated November 28, 2008 in terms of
which the ceiling on interest rates on pre-shipment rupee export credit up to
270 days and post-shipment rupee export credit up to 180 days has been
stipulated at BPLR minus 2.5 per cent, valid up to April 30, 2009.
- It has been decided to extend the validity of the above dispensation up to
October 31, 2009 (Annex).
- Kindly acknowledge receipt.
Yours faithfully,
(Janak Raj)
Adviser-in-Charge
Encl: as above.
Annex
| Category |
With effect from May 1, 2009
up to October 31, 2009) |
Pre-shipment Rupee Export Credit
Up to 270 days. |
Not exceeding BPLR minus 2.5 percentage points. |
Post-shipment Rupee Export Credit
(a) On demand bills for transit period
(as specified by (FEDAI).
(b) Usance bills up to 180 days. |
Not exceeding BPLR minus 2.5 percentage points.
Not exceeding BPLR minus 2.5 percentage points. |
BPLR: Benchmark Prime Lending Rate.
Note: 1. Since these are ceiling rates, banks would be free to charge any rate
below the ceiling rates.
2. Interest rates for the above-mentioned categories beyond the tenors as
prescribed above are free.