RUPEE EXPORT CREDIT INTEREST RATES- EXTENSION OF PERIOD OF CREDIT
Interest Rates effective from November 28, 2008 to April 30, 2009 will not be exceeding BPLR* minus 2.5 percentage points per annum for the following categories of Export Credit.
Categories of Export Credit
Pre-shipment Credit
Categories of Export Credit
Pre-shipment Credit
- Up to 270 days
- Against incentives receivable from Government covered by ECGC Guarantee up to 90 days.
Post-shipment Credit
- On demand bills for transit period (asspecified by FEDAI)
- Usance bills (for total period comprising usance period of export bills, transit period as specified by FEDAI, and grace period, wherever applicable)
- Up to 180 days
- Up to 365 days for exporters under the Gold Card Scheme.
- Against incentives receivable from Govt. (covered by ECGC Guarantee) up to 90 days
- Against un drawn balances (up to 90 days)
- Against retention money (for supplies portion only) payable within one year from the date of shipment (up to 90 days)
- Since these are ceiling rates, banks would be free to charge any rate below the ceiling rates.
- Interest rates for the above-mentioned categories of export credit beyond the tenors as prescribed above are deregulated and banks are free to decide the rate of interest, keeping in view the BPLR and spread guidelines.
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