Export Credit Schemes36 Sample Clauses

Export Credit Schemes36. Export credit on preferential terms has been a long-standing export incentive programme in India. The Reserve Bank of India (RBI) issues directions under Sections 21 and 35A to commercial banks to provide export credit both at pre-shipment and post-shipment stage. Pre-shipment credit, also known as packaging credit, is advanced by commercial banks to the exporters for purchase of raw materials or the finished product upon the presentation of confirmed export orders or letters of credit. Such credit can be in rupees or foreign currency. Post-shipment credit is granted to an exporter after shipment of goods, against either the shipping bills or drawback claims. As in the case of pre-shipment credit, the advance can be in rupees or foreign currency, except that when the pre-shipment credit is in foreign currency the post-shipment credit is also in the same currency. The RBI specifies the maximum (ceiling) rate that commercial banks can charge on export credit in rupee terms. The RBI in turn refinances part of the outstanding export credit that the commercial banks extend to the exporters. In the credit policy for 2001–02 announced by the RBI, the ceiling rate was linked to the Prime Lending Rates (PLRs) of banks. For pre-shipment credit up to 180 days, the maximum that banks can currently charge is the PLR minus 2.5 percentage points. For pre-shipment credit beyond 180 days and up to 270 days, the current ceiling rate is PLR plus 0.5 percentage points. Beyond the 270th day, banks are free to charge appropriate commercial rate.37 Similarly, for post- shipment credit given on demand bills and usuance bills there is ceiling rate linked to PLR of a bank. Credit against demand bills is generally for a very short period (the normal transit period). In contrast, credit against usuance bills is for a longer period and the length of the period depends as per an arrangement between an exporter and an importer. The current ceiling rate on demand bills is PLR minus 2.5 percentage points.
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Related to Export Credit Schemes36

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