Ceiling Rates on Export Credit in Foreign Currency will Continue Till September 30, 2012

[Ref: RBI/2011-12/480 - DBOD.DIR.No.91/04.02.001/2011-12 dated 30.03.2012]

Sub: Interest Rates on Export Credit in Foreign Currency

Please refer to our circular DBOD.DIR.No.52/04.02.001/2011-12 dated November 15, 2011 relating to export credit in foreign currency.

2. It has been decided that the prescriptions regarding ceiling rates on export credit in foreign currency and overseas line of credit as mentioned in the circular referred to above, will continue till September 30, 2012, subject to the same terms and conditions mentioned therein.

3. A directive DBOD.DIR.No.90/04.02.001/2011-12 dated March 30, 2012 issued in this regard is enclosed.

DBOD.DIR.BC.No.90/04.02.001/2011-12

Sub: Interest Rates on Export Credit in Foreign Currency

In exercise of the powers conferred by Sections 21 and 35A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do hereby directs that, in continuation of directive DBOD.DIR.BC.No.51/ 04.02.001/2011-12 dated November 15, 2011, the prescriptions regarding the ceiling rates on export credit in foreign currency and on overseas line of credit may be continued for a further period of six months i.e. from April 01, 2012 to September 30, 2012 on the same terms and conditions.