Eximkey India DGFT, Customs, Excise, Export Import policy, Foreign Trade Policy and export import data.

RBI/2004-2005/113 DBOD.IECS.No.27/04.02.02/2004-05, DT. 12/08/2004

Master Circular on RUPEE EXPORT CREDIT

As you are aware, in order to have all current instructions on a subject at one place, the Reserve Bank of India had issued a Master Circular IECD No.6/04.02. 02/2003-04dated July 1, 2003 on the captioned subject, which is now updated as on 1st July 2004.A copy of the revised Master Circular is enclosed. It may be noted that the MasterCircular consolidates and updates all the instructions contained in the circulars listed inthe Appendix, in so far as they relate to providing rupee export credit by banks to theborrowers.

Yours faithfully,

(A.Sreekumaran)
General Manager

Encls : As above

1. PRE-SHIPMENT EXPORT CREDIT

1.1 Rupee Pre-shipment Credit/Packing Credit

1.1.1 Definition

'Pre-shipment/Packing Credit' means any loan or advance granted or any other credit provided by a bank to an exporter for financing the purchase, processing, manufacturing or packing of goods prior to shipment, on the basis of letter of credit opened in his favour or in favour of some other person, by an overseas buyer or a confirmed and irrevocable order for the export of goods from India or any other evidence of an order for export from India having been placed on the exporter or some other person, unless lodgement of export orders or letter of credit with the bank has been waived.

1.1.2 Period of Advance

(i) The period for which a packing credit advance may be given by a bank will depend upon the circumstances of the individual case, such as the time required for procuring, manufacturing or processing (where necessary) and shipping the relative goods. It is primarily for the banks to decide the period for which a packing credit advance may be given having regard to the various relevant factors so that the period is sufficient to enable the exporter to ship the goods .

(ii) If pre-shipment advances are not adjusted by submission of export documents within 360 days from the date of advance, the advances will cease to qualify for concessive rate of interest to the exporter ab initio.

(iii) RBI would provide refinance only for a period not exceeding 180 days.

1.1.3 Disbursement of Packing Credit

(i) Ordinarily, each packing credit sanctioned should be maintained as separate account for the purpose of monitoring period of sanction and end-use of funds.

(ii) Banks may release the packing credit in one lumpsum or in stages as per the requirement for executing the orders/LC.

(iii) Banks may also maintain different accounts at various stages of processing,manufacturing, etc. depending on the types of goods to be exported, e.g. hypothecation, pledge, etc., accounts and may ensure that the outstanding balance in accounts are adjusted by transfer from one account to the other and finally by proceeds of relative export documents on purchase, discount, etc.

(iv) Banks should continue to keep a close watch on the end-use of the funds and ensure that credit at lower rates of interest is used for genuine requirements of exports. Banks should also monitor the progress made by the exporters in timely fulfilment of export orders.

1.1.4 Liquidation of Packing Credit

(i) General

The packing credit /pre-shipment credit granted to an exportermay be liquidated out of proceeds of bills drawn for the exported commodities on its purchase, discount etc. thereby converting pre-shipment credit into post-shipment credit. Further, subject to mutual agreement between the exporter and the banker it can also be repaid/prepaid out of balances in Exchange Earners Foreign Currency A/c ( EEFC A/c ) as alsofrom rupee resources of the exporter to the extent exports have actually taken place. If not so liquidated /repaid, banks should charge the rate of interest for ECNOS- pre-shipment as indicated in paragraph 5.2.1(4) from the date of advance.

(ii) Packing credit in excess of export value

(iii) Banks have, however, operational flexibility to extend the following relaxations to their exporter clients who have a good track record:

1.1.5 'Running Account' Facility

(i) As stated above, pre-shipment credit to exporters is normally provided on lodgement of L/Cs or firm export orders. It is observed that the availability of raw materials is seasonal in some cases. In some other cases, the time taken for manufacture and shipment of goods is more than the delivery schedule as per export contracts. In many cases, the exporters have to procure raw material, manufacture the export product and keep the same ready for shipment, in anticipation of receipt of letters of credit/firm export orders from the overseas buyers. Having regard to difficulties being faced by the exporters in availing of adequate pre-shipment credit in such cases, banks have been authorised to extend Pre-shipment Credit ‘Running Account’ facility in respect of any commodity, without insisting on prior lodgement of letters of credit/firm export orders, depending on the bank’s judgement regarding the need to extend such a facility and subject to the following conditions:

(a) Banks may extend the ‘Running Account’ facility only to those exporters whose track record has been good as also Export Oriented Units (EOUs)/Units in Free Trade Zones/ Export Processing Zones (EPZs) and Special Economic Zones (SEZs) (b) In all cases where Pre-shipment Credit ‘Running Account’ facility has been extended, letters of credit/firm orders should be produced within a reasonable period of time to be decided by the banks.

(c) Banks should mark off individual export bills, as and when they are received for negotiation/collection, against the earliest outstanding pre-shipment credit on 'First In First Out' (FIFO) basis. Needless to add that, while marking off the pre-shipment credit in the manner indicated above, banks should ensure that concessive credit available in respect of individual pre-shipment credit does not go beyond the period of sanction or 360 days from the date of advance, whichever is earlier.

(d) Packing credit can also be marked-off with proceeds of export documents against which no packing credit has been drawn by the exporter.

(ii) If it is noticed that the exporter is found to be abusing the facility, the facility should be withdrawn forthwith.

(iii) In cases where exporters have not complied with the terms and conditions, the advance will attract commercial lending rate ab initio. In such cases, banks will be required to pay higher rate of interest on the portion of refinance availed of by them from the RBI in respect of the relative pre-shipment credit. All such cases should be reported to the Monetary Policy Department, Reserve Bank of India, Central Office, Mumbai 400 001 which will decide the rate of interest to be charged on the refinance amount.

(iv) Running account facility should not be granted to sub-suppliers .

1.1.6 Interest on Packing Credit

Interest rate structure and instructions in regard thereto are detailed in paragraph 5.

1.1.7 Export Credit against Proceeds of Cheques, Drafts, etc. Representing Advance Payment for Exports

(i) Where exporters receive direct remittances from abroad by means of cheques, drafts, etc. in payment for exports, banks may grant export credit at concessive interest rate to exporters of good track record till the realisation of proceeds of the cheque, draft etc. received from abroad, after satisfying themselves that it is against an export order, is as per trade practices in respect of the goods in question and is an approved method of realisation of export proceeds as per extant rules.

(ii) If, pending compliance with the above conditions, an exporter has been granted accommodation at normal commercial interest rate, banks may give effect to concessive export credit rate retrospectively once the aforesaid conditions have been complied with and refund the difference to the exporter.

1.2 Rupee Pre-shipment Credit to Specific Sectors/Segments

1.2.1 Rupee Export Packing Credit to Manufacturer Suppliers for Exports Routed through STC/MMTC/Other Export Houses, Agencies, etc.

(i) Banks may grant export packing credit to manufacturer suppliers who do not have export orders/letters of credit in their own name, and goods are exported through the State Trading Corporation/Minerals and Metal Trading Corporation or other export houses, agencies, etc.

(ii) Such advances will be eligible for refinance, provided the following requirements are complied with apart from the usual stipulations:

1.2.2 Rupee Export Packing Credit to Sub-Suppliers

(i) Packing credit can be shared between an Export Order Holder (EOH) and subsupplier of raw materials, components, etc. of the exported goods as in the case of EOH and manufacturer suppliers, subject to the following:

1.2.3 Rupee Pre-shipment Credit to Construction Contractors

(i) The packing credit advances to the construction contractors to meet their initial working capital requirements for execution of contracts abroad may be made on the basis of a firm contract secured from abroad, in a separate account, on an undertaking obtained from them that the finance is required by them for incurring preliminary expenses in connection with the execution of the contract e.g., for transporting the necessary technical staff and purchase of consumable articles for the purpose of executing the contract abroad, etc..

(ii) The advances should be adjusted within 180 days of the date of advance by negotiation of bills relating to the contract or by remittances received from abroad in respect of the contract executed abroad. To the extent the outstandings in the account are not adjusted in the stipulated manner, banks may charge normal rate of interest on such advance.

(iii) The exporters undertaking project export contracts including export of services may comply with the guidelines/instructions issued by Reserve Bank of India, Exchange Control Department, Central Office, Mumbai from time to time.

1.2.4 Export of Consultancy Services

(i) Some of the Indian consultancy firms have taken up export of consultancy services in connection with the setting up of industrial and other projects in foreign countries. Where such consultancy services form part of turnkey projects or joint ventures set up abroad, banks are considering suitable credit facilities at the pre-shipment and post-shipment stages. The exporters may need financial assistance from banks even in cases where consultancy services alone are exported, particularly, if no advance payments are received.

(ii) Banks may consider granting suitable pre-shipment credit facilities against consultancy agreements to consultancy firms for meeting the expenses of the technical and other staff employed for the project and purchase of any materials required for the purpose as well as for export of computer software, both standard and custom built software programs, subject to the usual conditions of packing credit scheme.

(iii) While deciding the pre-shipment facilities, advance payments received against the contract must be taken into account.

(iv) Banks may consider issuing suitable guarantees to exporters of consultancy services of high value with large advance payment, taking into account the competence of the firm to undertake the assignment in question and other related aspects.

1.2.5 Export of IT Service and software

Pre-shipment or post-shipment finance can be provided to exporters of IT and software services in case of specific orders from abroad.

" IT service" is defined as any service which results from the use of any IT software over a system of IT products for realising value addition. Various segments of Information Technology and Software Industry could be broadly classified into four categories.

(a) Software services and programming services

These services, which are also known as man-power exports, involve deputation of professionals for delivering programming services at customers' locations within the country, as well as abroad, under different contracts.

(b) Project services

(c) Software products and packages

These comprise of

(i) Systems software and

(ii) Application software.

(d) Information technology related services(IT service)

IT services such as call centres, mentoring, teleconferencing, tele medicine etc. result from the use of any IT software over a system of IT products for realising value additions.

1.2.6 Pre-shipment Credit to Floriculture, grapes and Other Agro-based Products

(i) In the case of floriculture, pre-shipment credit is allowed to be extended by banks for purchase of cut-flowers, etc. and all post-harvest expenses incurred for making shipment.

(ii) However, with a view to promoting exports of floriculture, grapes and other agro-based products, banks are allowed to extend concessional credit for working capital purposes in respect of export-related activities of all agrobased products including purchase of fertilizers, pesticides and other inputs for growing of flowers, grapes, etc., provided banks are in a position to clearly identify such activities as export-related and satisfy themselves of the export potential thereof, and the activities are not covered by direct/indirect finance schemes of NABARD or any other agency, subject to the normal terms & conditions relating to packing credit such as period, quantum, liquidation, etc.

(iii) Export credit should not be extended for investments, such as, import of foreign technology, equipment, land development, etc. or any other item which cannot be regarded as working capital.

1.2.7 Export Credit to Processors/Exporters-Agri-Export Zones

(i) Government of India have set up Agri- Export Zones in the country to promote Agri Exports. Agri- Export Oriented Units (processing) are set up in Agri- Export zones as well as outside the zones and to promote such units, production and processing are to be integrated. The producer has to enter into contract farming with farmers and has to ensure supply of quality seeds, pesticides, micronutrients and other material to the group of farmers from whom the exporter would be purchasing the products as raw material for production of the final products for export. The Government, therefore, suggested that such export processing units may be provided packing credit under the extant guidelines for the purpose of procuring and supplying inputs to the farmers so that quality inputs are available to them which in turn will ensure that only good quality crops are raised. The exporters will be able to purchase/import such inputs in bulk which will have the advantages of economies of scale.

(ii) Banks may treat the inputs supplied to farmers by exporters as raw material for export and consider sanctioning the lines of credit/export credit to processors/exporters to cover the cost of such inputs required by farmers to cultivate such crops to promote export of agri products. The processor units would be able to effect bulk purchases of the inputs and supply the same to the farmers as per a pre-determined arrangement.

(iii) Banks have to ensure that the exporters have made the required arrangements with the farmers and overseas buyers in respect of crops to be purchased and products to be exported respectively. The financing banks will also appraise the projects in agri export zones and ensure that the tie-up arrangements are feasible and projects would take off within a reasonable period of time.

(v) They have also to monitor the end-use of funds, viz. distribution of the inputs by the exporters to the farmers for raising the crops as per arrangements made by the exporter/main processor units.

(v) They have to further ensure that the final products are exported by the processors/exporters as per the terms and conditions of the sanction in order to liquidate the pre-shipment credit as per extant instructions.

2. POST-SHIPMENT EXPORT CREDIT

2.1 'Post-shipment Credit' means any loan or advance granted or any other credit provided by a bank to an exporter of goods from India from the date of extending credit after shipment of goods to the date of realisation of export proceeds and includes any loan or advance granted to an exporter, in consideration of, or on the security of any duty drawback allowed by the Government from time to time.

2.2 Post-shipment advance can mainly take the form of -

2.3 Post-shipment credit is to be liquidated by the proceeds of export bills received from abroad in respect of goods exported.

2.4 Rupee Post-shipment Export Credit

2.4.1 Period

(i) In the case of demand bills, the period of advance shall be the Normal Transit Period (NTP) as specified by FEDAI.

(ii) In case of usance bills, credit can be granted for a maximum duration of 180 days from date of shipment inclusive of Normal Transit Period (NTP) and grace period, if any. However, banks should closely monitor the need for extending post-shipment credit upto the permissible period of 180 days and they should influence the exporters to realise the export proceeds within a shorter period.

(iii) 'Normal transit period' means the average period normally involved from the date of negotiation/purchase/discount till the receipt of bill proceeds in the Nostro account of the bank concerned, as prescribed by FEDAI from time to time. It is not to be confused with the time taken for the arrival of goods at overseas destination.

(iv) An overdue bill -

(a) in the case of a demand bill, is a bill which is not paid before the expiry of the normal transit period, and

(b) in the case of a usance bill, is a bill which is not paid on the due date.

2.4.2 Interest Rate Structure

Interest rate structure on post-shipment credit and instructions in regard thereto are detailed in paragraph 6.

2.4.3 Advances against Undrawn Balances on Export Bills

In export of certain commodities where exporters are required to draw the bills on the overseas buyer upto 90 to 98 percent of the FOB value of the contract, the residuary amount being 'undrawn balance' is payable by the overseas buyer after satisfying himself about the quality/ quantity of goods. Payment of undrawn balance is contingent in nature. Banks may consider granting advances against undrawn balances at concessional rate of interest based on their commercial judgement and the track record of the buyer. Such advances are, however, eligible for concessional rate of interest for a maximum period of 90 days only to the extent these are repaid by actual remittances from abroad and provided such remittances are received within 180 days after the expiry of NTP in the case of demand bills and due date in the case of usance bills. For the period beyond 90 days, the rate of interest specified for the category 'ECNOS' at post-shipment stage may be charged.

2.4.4 Advances against Retention Money

(i) In the case of turnkey projects/construction contracts, progressive payments are made by the overseas employer in respect of services segment of the contract, retaining a small percentage of the progressive payments as retention money which is payable after expiry of the stipulated period from the date of the completion of the contract, subject to obtention of certificate(s) from the specified authority.

(ii) Retention money may also be sometimes stipulated against the supplies portion in the case of turn-key projects. It may like-wise arise in the case of sub-contracts. The payment of retention money is contingent in nature as it is a defect liability.

(iii) The following guidelines should be followed in regard to grant of advances against retention money:

2.4.5 Export on Consignment Basis

(i) General

(a) Export on consignment basis lends scope for a lot of misuse in the matter of repatriation of export proceeds.

(b) Therefore, export on consignment basis should be at par with exports on outright sale basis on cash terms in matters regarding the rate of interest to be charged by banks on post-shipment credit. Thus, in the case of exports on consignment basis, even if extension in the period beyond 180 days is granted by the Foreign Exchange Department for repatriation of export proceeds, banks will charge appropriate concessive rate of interest only upto the notional due date (depending upon the tenor of the bills), subject to a maximum of 180 days.

(ii) Export of precious and semi-precious stones

Precious and semi-precious stones, etc. are exported mostly on consignment basis and the exporters are not in a position to liquidate pre-shipment credit account with remittances received from abroad within a period of 180 days from the date of advance. Banks may, therefore, adjust packing credit advances in the case of consignment exports, as soon as export takes place, by transfer of the outstanding balance to a special (post-shipment) account which in turn, should be adjusted as soon as the relative proceeds are received from abroad but not later than 180 days from the date of export or such extended period as may be permitted by Foreign Exchange Department, Reserve Bank of India. Balance in the special (post-shipment) account will not be eligible for refinance from RBI.

(iii) Consignment exports to CIS and East European Countries

(a) RBI (FED) is allowing in deserving cases, on application by individual exporters with satisfactory track record, a longer period of upto 12 months for realisation of proceeds of export on consignment basis in convertible currencies to CIS (former USSR) and East European Countries. Banks may extend post-shipment credit to such exporters for a longer period ab initio.

Accordingly, the interest rate applicable will be as follows:

Period of Post-shipment Credit	Rate of Interest
Upto 90 days from the date of advance	The rate applicable for usance bills for period upto 90 days
Beyond 90 days and upto12 months from the date of shipment	The rate applicable for usance bills beyond 90 days and upto 6 months from the date of shipment

(b) It is expected that sale proceeds of goods exported on consignment basis to the above countries would be realised within the permitted period of upto 12 months and post-shipment credit liquidated. In case the sale proceeds are not realised within the said period, the higher rate of interest as applicable for bills realised beyond 6 months from the date of shipment i.e. ECNOS - Post-shipment will apply for the entire period beyond 6 months.

(c) Refinance to banks against export credit would, however, be available from RBI upto a period of 180 days only eachat pre-shipment and postshipment stages.

(iv) Consignment exports to Russian Federation against repayment of State Credit in rupees

(a) RBI (FED) is allowing on application, Export Houses/ Trading Houses/Star Trading Houses/Super Star Trading Houses with satisfactory track record, a longer period of upto 360 days from the date of shipment for realisation of proceeds of exports of permitted goods as announced by them from time to time to the Russian Federation on consignment basis against repayment of State Credits in rupees. For the procedure to be followed, reference may be made to AD(GP Series) Circular No. 5 dated May 31, 1999 and subsequent instructions, if any, issued in this regard by Foreign Exchange Department, Reserve Bank of India. Banks may extend postshipment credit to such exporters for a longer period ab initio. Accordingly, the interest rate applicable will be as follows:

Period of Post-shipment Credit	Rate of Interest
Upto 90 days from the date of advance	The rate applicable for usance bills for period upto 90 days
Beyond 90 days and upto 360 days from the date of shipment	The rate applicable for usance bills beyond 90 days and upto 6 months from the date of shipment

(b) In case, sale proceeds are not realised within the said period, the higher rate of interest as applicable for bills realised beyond 6 months from the date of shipment will apply for the entire period beyond 6 months.

(c) The refinance to banks against export credit would, however, be available from RBI upto a period of 180 days only each at pre and post shipment stages.

2.4.6 Exports through the Warehouse-cum-Display Centres Abroad

(i) Some Indian organisations/exporters are permitted by RBI (FED) to establish warehouses abroad for storing the goods exported from India to enable them to arrange off-the-shelf sales for achieving greater penetration in the overseas markets. Since exports to these warehouses are in anticipation of orders from the buyers overseas, the prescribed period of realisation of proceeds of such export has been fixed upto fifteen months from the date of shipment as against the normal period of six months in other cases.

(ii) In view of longer period of realisation permitted, ab initio, the interest rates on the post-shipment credit in rupee against exports through approved warehouses are as follows:

Period of Post-shipment Credit	Rate of Interest
Upto 90 days from the date of advance	The rate applicable for usance bills for period upto 90 days
Beyond 90 days and upto 15 months from the date of shipment	The rate applicable for usance bills beyond 90 days and upto 6 months from the date of shipment

(iii) In case sale proceeds are not realised within the said period, the higher rate of interest as applicable for bills realised beyond 6 months from the date of shipment i.e. ECNOS - Post-shipment will apply for the entire period beyond 6 months.

(iv) Refinance to the bank against export credit would be available from RBI upto a period of 180 days only each at pre-shipment and post-shipment stages.

2.4.7 Export of Goods for Exhibition and Sale

Banks may provide finance to exporters against goods sent for exhibition and sale abroad in the normal course in the first instance, and after the sale is completed, allow the benefit of the concessive rate of interest on such advances, both at the pre-shipment stage and at the post-shipment stage, upto the stipulated periods, by way of a rebate. Such advances should be given in separate accounts.

2.4.8 Post-shipment Credit on Deferred Payment TermsBanks may grant post-shipment credit on deferred payment terms for a period exceeding one year, in respect of export of capital and producer goods as specified by RBI (FED) from time to

2.5 Post-shipment Advances against Duty Drawback Entitlements

2.5.1 Banks may grant post-shipment advances to exporters against their duty drawback entitlements as provisionally certified by Customs Authorities pending final sanction and payment.

2.5.2 The advance against duty drawback receivables can also be made available to exporters against export promotion copy of the shipping bill containing the EGM Number issued by the Customs Department. Where necessary, the financing bank may have its lien noted with the designated bank and arrangements may be made with the designated bank to transfer funds to the financing bank as and when duty drawback is credited by the Customs.

2.5.3 These advances granted against duty drawback entitlements would be eligible for concessional rate of interest and refinance from RBI upto a maximum period of 90 days from the date of advance.

2.6 ECGC Whole Turnover Post-shipment Guarantee Scheme

2.6.1 The Whole Turnover Post-shipment Guarantee Scheme of the Export Credit Guarantee Corporation of India Ltd. (ECGC) provides protection to banks against non-payment of post-shipment credit by exporters. Banks may, in the interest of export promotion, consider opting for the Whole Turnover Post-shipment Policy. The salient features of the scheme may be obtained from ECGC.

2.6.2 As the post-shipment guarantee is mainly intended to benefit the banks, the cost of premium in respect of the Whole Turnover Postshipment Guarantee taken out by banks may be absorbed by the banks and not passed on to the exporters.

2.6.3 Where the risks are covered by the ECGC, banks should not slacken their efforts towards realisation of their dues against long outstanding export bills.

3. DEEMED EXPORTS - CONCESSIVE RUPEE EXPORT CREDIT

3.1 Banks are permitted to extend rupee pre-shipment and post-supply rupee export credit at concessional rate of interest to parties against orders for supplies in respect of projects aided/financed by bilateral or multilateral agencies/funds (including World Bank, IBRD, IDA), as notified from time to time by Department of Economic Affairs, Ministry of Finance under the Chapter "Deemed Exports" in Exim Policy, which are eligible for grant of normal export benefits by Government of India.

3.2 Packing Credit provided should be adjusted from free foreign exchange representing payment for the suppliers of goods to these agencies. It can also be repaid/prepaid out of balances in Exchange Earners Foreign Currency account (EEFC A/c), as also from the rupee resources of the exporter to the extent supplies have actually been made.

3.3 Banks may also extend rupee

(i) pre-shipment credit, and

(ii) post-supply credit (for a maximum period of 30 days or upto the actual date of payment by the receiver of goods, whichever is earlier).to other categories of supply of goods specified as 'Deemed Exports' under the same Chapter of Exim Policy from time to time.

3.4 The post-supply advances would be treated as overdue after the period of 30 days. In cases where such overdue credits are liquidated within a period of 180 days from the notional due date (i.e. before 210 days from the date of advance), the banks are required to charge, for such extended period, interest prescribed for the category 'ECNOS' at post-shipment stage. If the bills are not paid within the aforesaid period of 210 days, banks should charge from the date of advance, the rate prescribed for 'ECNOS' - Post-shipment.

3.5 Banks would be eligible for refinance from RBI for such rupee export credits extended both at pre-shipment and post-supply stages.

4. SPECIAL FINANCIAL PACKAGE FOR LARGE VALUE EXPORTS -RUPEECREDIT INTEREST RATES

4.1 A special financial package has been drawn in consultation with the Government ofIndia, for large value exports of select products, which are internationally competitiveand have high value addition. The details of the financial package are furnished below:

(i) The products eligible for export under special financial package are:

(ii) Exporters of above products with export contracts of Rs. 100 crore and above in value terms in one year will be eligible for the special financial package.

(iii) Validity period of the financial package will be upto September 30, 2004.

(iv) Exporters covered under the special financial package will be extended credit for an extended period upto 365 days at pre as well as post shipment stages. However,the rate of interest for pre-shipment credit beyond 180 days and for post-shipment credit beyond 90 days are to be decided by banks taking into account their BPLR and spread guidelines.

4.2 A monthly statement of credit extended at both pre and post-shipment stages under the above financial package may be forwarded to RBI, DBOD (IEC Section)

5. GOLD CARD SCHEME FOR EXPORTERS

(See also para 1.1.2 of Master Circular on "Customer Service, Simplification of Procedures for Delivery of Export Credit and Reporting Requirements")

5.1 The applicable rate of interest to be charged under the Gold Card Scheme will not be more than the general rate for export credit in the respective bank and within the ceiling prescribed by RBI. In keeping with the spirit of the Scheme banks will endeavour to provide the best rates possible to Gold Card holders on the basis of their rating and past performance.

5.2 In respect of the Gold Card holders, the concessive rate of interest on postshipment rupee export credit applicable upto 90 days may be extended for a maximum period upto 365 days.

5.3 The charges schedule and fee-structure in respect of services provided by banks to exporters under the Scheme will be relatively lower than those provided to other exporters.

6. INTEREST ON EXPORT CREDIT

6.1 General

A ceiling rate has been prescribed for rupee export credit linked to Benchmark Prime Lending Rates (BPLRs) of individual banks available to their domestic borrowers. Banks have, therefore, freedom to decide the actual rates to be charged within the specified ceilings. Further, the ceiling interest rates for different time buckets under any category of export credit should be on the basis of the BPLR relevant for the entire tenor of export credit.

6.2 Interest Rate on Rupee Export Credit

6.2.1 Interest Rate Structure

The interest rate structure for rupee export credit applicable for the period upto 30.4.2005:

	Type of Credit	Interest Rate @
1.	Pre-shipment Credit (from the date of advance)
	(i) (a) Upto 180 days	Not exceeding BPLR minus 2.5 percentage points
	(b) Beyond 180 days and upto 360 days	Free*
	(ii) Against incentives receivabe from Government (covered by ECGC Guarantee) upto 90 days	Not exceeding BPLR minus 2.5 percentage points
2.	Post-shipment Credit (from the date of advance)
	(i) On demand bills for transit period (as specified by FEDAI)	Not exceeding BPLR minus 2.5 percentage points
	(ii) Against usance bills^ (for total period comprising usance period of export bills,transit period as specified by FEDAI, and grace period, wherever applicable) +
	(a) Upto 90 days	Not exceeding BPLR minus 2.5 percentage Points
	(b) Beyond 90 days and upto 6 months from the date of shipment	Free*
	(c) Upto 365 days for exporters under the Gold Card Scheme.	Not exceeding BPLR minus 2.5 percentage points.
	(iii) Against incentives receivable from Govt.(covered by ECGC Guarantee) upto 90 days	Not exceeding BPLR minus 2.5 percentage points
	(iv) Against undrawn balances (upto 90 days)	- do -
	(v) Against retention money (for supplies portion only) payable within one year from the date of shipment (upto 90 days)	- do -
3	Deferred Credit
3	Deferred credit for the period beyond 90 days	Free *
4.	Export Credit Not Otherwise Specified (ECNOS)
	(i) Pre-shipment credit	Free*
	(ii) Post-shipment credit	Free*

^ upto notional due date or actual due date, whichever is earlier.

+ Interest rate for credit beyond 90 days from the date of advance has to be charged slab-wise (1-90 days and 91-180 days).

@ Since these are ceiling rates, banks would be free to charge any rate below the ceiling rates.

* Banks are free to decide the rate of interest, keeping in view the BPLR and spread guidelines.

6.2.2 Application of Interest Rates

The revision in interest rates made from time to time is made applicable to fresh advances as also to the existing advances for the remaining period of credit.

6.2.3 Interest on Pre-shipment Credit

i) Banks should charge interest on pre-shipment credit upto 180 days at the rate to be decided by the bank within the ceiling rate arrived at on the basis of BPLR relevant for the entire tenor of the export credit under the category. The period of credit is to be reckoned from the date of advance.

ii) If pre-shipment advances are not liquidated from proceeds of bills on purchase, discount, etc. on submission of export documents within 360 days from the date of advance, the advances will cease to qualify for concessive rate of interest ab initio.

iii) In cases where packing credit is not extended beyond the original period of sanction and exports take place after the expiry of sanctioned period but within a period of 360 days from the date of advance, exporter would be eligible for concessional credit only upto the sanctioned period. For the balance period, interest rate prescribed for ECNOS at pre-shipment stage will apply. Further, the reasons for non-extension of the period need to be advised by banks to the exporter.

iv) In cases where exports do not take place within 360 days from the date of preshipment advance, such credits will be termed as ‘Export Credit Not Otherwise Specified’ (ECNOS) and banks may charge interest rate prescribed for ‘ECNOS-pre-shipment’ from the very first day of the advance.

v) If exports do not materialise at all, banks should charge on relative packing credit domestic lending rate plus penal rate of interest, if any, to be decided by the banks on the basis of a transparent policy approved by their Board.

6.2.4 Interest on Post-shipment Credit

(i) Early payment of export bills

(a) In the case of advances against demand bills, if the bills are realised before the expiry of the normal transit period (NTP), interest at the concessive rate shall be charged from the date of advance till the date of realisation of such bills. The date of realisation of demand bills for this purpose would be the date on which the proceeds get credited to the banks' Nostro accounts.

(b) In the case of advance/credit against usance export bills, interest at concessive rate may be charged only upto the notional/actual due date or the date on which export proceeds get credited to the bank’s Nostro account abroad, whichever is earlier, irrespective of the date of credit to the borrower's/exporter's account in India. In cases where the correct due date can be established before/immediately after availment of credit due to acceptance by overseas buyer or otherwise, concessive interest can be applied only upto the actual due date, irrespective of whatever may be the notional due date arrived at, provided the actual due date falls before the notional due date.

(c) Where interest for the entire NTP in the case of demand bills or upto notional/actual due date in the case of usance bills as stated at (b) above, has been collected at the time of negotiation/purchase/discount of bills, the excess interest collected for the period from the date of realisation to the last date of NTP/notional due date/actual due date should be refunded to the borrowers.

6.2.5 Overdue Export Bills

(i) In case of export bills, the rate of interest decided by the bank within the ceiling rate stipulated by RBI will apply upto the due date of the bill (upto NTP in case of demand bill and specified period in case of usance bills).

(ii) For the period beyond the due date viz. for the overdue period, the rate fixed for ‘Export Credit Not Otherwise Specified’ (ECNOS) at post-shipment stage will apply and no penal interest should be charged additionally.

(iii) Banks should ensure that the additional interest by way of overdue interest (ECNOS) should not be levied where there has been no advance (pre or post shipment) taken by the exporter.

6.2.6 Interest on Post-shipment Credit Adjusted from Rupee Resources

Banks should adopt the following guidelines to ensure uniformity in charging interest on post-shipment advances which are not adjusted in an approved manner due to nonaccrual of foreign exchange and advances have to be adjusted out of the funds received from the Export Credit Guarantee Corporation of India Ltd. (ECGC) in settlement of claims preferred on them on account of the relevant export consignment:

(a) In case of exports to certain countries, exporters are unable to realise export proceeds due to non-expatriation of the foreign exchange by the Governments/Central Banking Authorities of the countries concerned as a result of their balance of payment problems even though payments have been made locally by the buyers. In these cases ECGC offer cover to exporters for transfer delays.

Where ECGC have admitted the claims and paid the amount for transfer delay, banks may charge interest as applicable to ‘ECNOS - Post-shipment’ even if the post-shipment advance may be outstanding beyond six months from the date of shipment. Such interest would be applicable on the full amount of advance irrespective of the fact that the ECGC admit the claims to the extent of 90 percent/75 percent and the exporters have to bring the balance 10 percent/25 percent from their own rupee resources.

(b) In a case where interest has been charged at commercial rate or ECNOS if export proceeds are realised in an approved manner subsequently, the bank may refund to the borrower the excess amount representing difference between the quantum of interest already charged and interest that is chargeable taking into account the said realisation after ensuring the fact of such realisation with satisfactory evidence.

While making adjustments of accounts it would be better if the possibility of refund of excess interest is brought to the notice of the borrower.

6.2.7 Change of Tenor of Bill

(i) In terms of para C.14 of the AP DIR series Circular No. 12 FEMA Notification issued by RBI (FED), banks have been permitted, on request from exporters, to allow change of the tenor of the original buyer/ consignee, provided inter alia, the revised due date of payment does not fall beyond six months from the date of shipment.

(ii) In such cases as well as where change of tenor upto six months from the date of shipment has been allowed, it would be in order for banks to extend the concessional rate of interest upto the revised notional due date, subject to the interest rates Directive issued by RBI.

Note: (Ceilings rates of interest on credit extended to exporters as prescribed in the circular are lower than the maximum lending rates normally charged to other borrowers and are, therefore, indicated as concessive in this sense).

Appendix

Master Circular

RUPEE EXPORT CREDIT

List of Circulars consolidated by the Master Circular

Sr.No.	Circular No	Date	Subject
1.	IECD. No. 14/ 01.01.43/2003-04	30.06.2004	Merger of functions of Industrial and Export Credit department of reserve Bank of India with its other Departments
2.	IECD No. 12/ 04.02.02/ 2003-04	18.5.2004	Gold Card scheme for Exporters
3.	IECD No. 13/ 04.02.01/2003-04	18.05.2004	Rupee Export credit Interest Rates for gold card holder Exporters
4.	IECD No. 10/ 04.02.01/ 2003-04	24.04.2004	Rupee Export Credit Interest Rates
5.	IECD No. 5/04.02.01/2003-04	31.10.2003	Rupee Export Credit Interest Rates
6.	IECD No. 2/04.02.02/2003-04	7.10.2003	Special Financial Package for Large Value Exports
7.	IECD No. 18/04.02.01/2002-03	30.04.2003	Rupee Export Credit Interest rates
8.	IECD No.16/04.02.02/2002-03	01.04.2003	Export Credit - SEZ Units
9.	IECD No. 8/04.02.01/2002-03	28.09.2002	Special Financial Package for Large value Exports
10.	IECD No. 7/04.02.01/2002-03	23.09.2002	Rupee Export Credit Interest rates
11.	IECD.No.24/04.02.01/2001-02	06.06.2002	Special Financial Package for Large Value Exports
12.	IECD No.19/04.02.01/2001-02	19.04.2002	Special Financial Package for Large Value Exports-Rupee Credit Interest rates
13.	IECD.No.17/04.02.01/2001-02	15.03.2002	Rupee Export Credit Interest Rates
14.	IECD.No.15/04.02.02/2001-02	03.01.2002	Export Credit to Processors/ Exporters-Agri-Export Zones
15.	IECD.No.12/04.02.01/2001-02	22.11.2001	Special Financial Package for Large Value Exports-Rupee Credit Interest Rates
16.	IECD.No.5/04.02.01/2001-02	24.09.2001	Special Financial Package for Large Value Exports-Rupee Credit Interest Rates
17.	IECD.No.4/04.02.01/2001-02	24.09.2001	Rupee Export Credit Interest Rates
18.	IECD.No.13/04.02.01/2000-01	19.04.2001	Rupee Export Credit Interest Rates
19.	IECD.No.9/04.02.01/2000-2001	05.01.2001	Interest Rate on Export Credit
20.	IECD.No.15/04.02.01/99-2000	25.05.2000	Export Credit - Interest Rates
21.	IECD.No.14/04.02.02/1999-2000	17.05.2000	Consignment Exports to Russian Federation against Repayment of State Credits - Interest Rates on Post-shipment Credit in Rupees
22.	IECD.No.12/04.02.01/1999-2000	15.03.2000	Export Credit Interest Rate-Clarifications
23.	IECD.No.6/04.02.01/99-2000	29.10.99	Export Credit - Interest Rates
24.	IECD.No.23/04.02.01/98-99	12.04.99	Change of Tenor of Bill - Applicability of Concessional Rate of Interest
25.	IECD.No.19/04.02.01/98-99	03.03.99	Export Credit - Interest Rates
26.	IECD.No.16/04.02.01/98-99	25.02.99	Advance against Duty Drawback Claims
27.	IECD.No.11/04.02.01/98-99	13.01.99	Export Credit - Floriculture, Grapes and Other Agro Products
28.	IECD.No.6/08.12.01/98-99	08.08.98	Guidelines for Sanction of Working Capital Finance to Information Technology (IT) and Software Industry
29.	IECD.No.5/04.02.01/98-99	06.08.98	Export Credit - Interest Rates
30.	IECD.No.41/04.02.01/97-98	29.04.98	Export Credit - Interest Rates
31.	IECD.No.38/04.02.02/97-98	02.03.98	Post-shipment Finance in respect of Exports through the Warehouse-cum-Display Centre at Dubai
32.	IECD.No.32/04.02.01/97-98	31.12.97	Export Credit - Rate of Interest on Overdue Export Bills
33.	IECD.No.31/04.02.01/97-98	31.12.97	Export Credit - Rate of Interest on Post-shipment Rupee Credit
34.	IECD.No.29/04.02.01/97-98	29.12.97	Export Credit - Interest Rates on Post-shipment Rupee Credit-Clarifications
35.	IECD.No.26/04.02.01/97-98	17.12.97	Export Credit - Interest Rates on Post-shipment Rupee Credit
36.	IECD.No.19/04.02.01/97-98	29.11.97	Export Credit - Interest Rates on Post-shipment Rupee Credit
37.	IECD.No.18/04.02.01/97-98	26.11.97	Export Credit - Interest Rates on Post-shipment Rupee Credit
38.	IECD.No.11/04.02.01/97-98	21.10.97	Export Credit - Interest Rates
39.	IECD.No.9/04.02.01/97-98	12.09.97	Export Credit - Interest Rates on Post-shipment Rupee Credit
40.	IECD.No.1/04.02.01/97-98	05.07.97	Extension of Concessive Credit for Deemed Exports
41.	IECD.No.32/04.02.01/96-97	25.06.97	Export Credit - Interest Rates
42.	IECD.No.29/04.02.01/96-97	17.04.97	Post-shipment Finance in respect of Exports through the Warehouse-cum-Display Centre at Dubai
43.	IECD.No.27/04.02.01/96-97	15.04.97	Export Credit - Interest Rates
44.	IECD.No.16/04.02.01/96-97	22.11.96	Extension of Concessive Credit for Deemed Exports -List of Multilateral/Bilateral agencies/funds
45.	IECD.No.15/04.02.01/96-97	19.11.96	Export Credit - Export Credit and Guarantee Corporation - Whole Turnover Post-shipment Guarantee Scheme
46.	IECD.No.10/04.02.01/96-97	19.10.96	Interest Rates on Advances - Post-shipment Rupee Credit
47.	IECD.No.2/04.02.01/96-97	03.07.96	Interest Rates for Post-shipment Export Credit on Medium and Long Term Basis (Deferred Credit for the Period beyond 180 days)
48.	IECD.No.20/04.02.01/95-96	07.02.96	Interest Rates on Advances - Post-shipment Export Rupee Credit
49.	IECD.No.30/04.02.02/94-95	14.12.94	Relaxations in the Area of Export Packing Credit
50.	IECD.No.25/04.02.02/94-95	10.11.94	Inland Export L/C System Covering the Sub-suppliers to an Export Order
51.	IECD.No.17/04.02.02/94-95	11.10.94	Export Packing Credit - Relaxations in Interest Rates
52.	IECD.No.11/04.02.02/94-95	05.09.94	Liquidation of Export Packing Credit
53.	IECD.No.5/04.02.02/94-95	04.08.94	Extension of Concessive Credit for Deemed Exports - List of Multilateral/Bilateral gencies/Funds
54.	IECD.No.EFD.42/04.02.02/93-94	07.05.94	Consignment Exports to CIS and East European Countries - Interest Rates on Post-shipment Credit
55.	IECD.No.EFD.23/04.02.02/93-94	10.12.93	Extension of Concessive Export Credit for Deemed Exports - List of Multilateral or Bilateral Agencies/Funds
56.	IECD.No.EFD.2/04.02.02/93-94	02.08.93	Extension of Concessive Export Credit for Deemed Exports
57	IECD.No.16/EFD/BC/819/POL-	15.12.92	Export Finance for Storing and Sale through Warehouses Abroad
58.	IECD.No.56/EFD/BC/819/POL-	14.03.92	Extension of Pre-shipment Credit - Running Account ECR/91-92 Facility
59.	IECD.No.55/EFD/BC/819/POLECR/91-92	12.03.92	Pre-shipment Credit for Periods Beyond 180 Days
60.	IECD.No.53/EFD/BC/819/POLECR/91-92	29.02.92	Interest Rates on Export Credit
61.	IECD.No.47/EFD/BC/819/POLECR/91-92	25.01.92	Packing Credit - Running Account Facility
62.	IECD.No.31/EFD/BC/819/POLECR/91-92	20.11.91	Extension of Packing Credit - Running Account Facility
63.	IECD.No.25/EFD/BC/819/POLECR/91-92	09.10.91	Interest Rates on Export Credit
64.	IECD.No.22/EFD/BC/819/POLECR/91-92	27.09.91	Interest Rates on Post-shipment Export Credit
65.	IECD.No.11/EFD/BC/819/POLECR/91-92	05.08.91	Interest Rates on Advances - Export Credit
66.	IECD.No.2/EFD/BC/819-POL/ECR/91-92	09.07.91	Export Credit (Interest Subsidy) Scheme, 1968 - Interest on Post-shipment Credit Adjusted from Rupee Resources
67.	IECD.No.EFD.BC.49/819-POL/ECR/91	22.04.91	Interest Rates on Advances - Export Credit
68.	IECD.No.EFD/BC/48/819/POLECR/91	02.04.91	Interest Rates on Advances - Export Credit
69.	IECD.No.EFD/BC/47/819/POLECR/90-91	01.04.91	Interest Rates on Advances - Export Credit
70.	IECD.No.EFD.BC.44/DDB(P)-91	26.03.91	Duty Drawback Credit Scheme, 1976 - Grant of erestfree Advances against Duty Drawback Entitlements der Brand Rate
71.	IECD.No.EFD.BC.8/819-POL/ECR/89-90	28.09.89	Export Credit (Interest Subsidy) Scheme, 1968- Normal Transit Period- Demands Billbills
72.	IECD.No.EFD.BC.253/819-POLECR/89	27.05.89	Export Credit (Interest Subsidy) Scheme, 1961968 -erest on Post-shipment Credit Adjusted from Rupee sources
73.	IECD.No.EFD.BC.250/380-DDB(P)-89	29.04.89	Duty Drawback Credit Scheme, 1976
74.	IECD.No.EFD.BC.248/819-POLECR-89	13.03.89	Packing Credit for Imports against Entitlements under Advance Licence/Import-Export Pass Book Scheme
75.	IECD.No.EFD.BC.240/819-POLECR-89	03.03.89	Export Credit (Interest Subsidy) Scheme, 1968 –ovision of Concessive Credit against Proceeds of Cheques, afts,etc. Received Directly towards Advance Payment of Exports
76.	IECD.No.EFD.215/822-WGM--NOD-88	12.08.88	Overseas Civil Engineering Construction Contracts- Consultancy Services
77.	IECD.No.EFD.197/822-WGMNOD-88	30.01.88	Project Exports - Grant of Credit Facilities to Indian Contractors
78.	IECD.No.EFD.BC.188/819-POLECR-87	06.11.87	Export Credit (Interest Subsidy) Scheme, 1968 –cking Credit relating to the Export of Cashew nuts and her Agro-based Products
79.	IECD.No.EFD.BC.181/819-POLECR-87	10.08.87	Export Credit Guarantee Corporation of India Ltd. (ECGC) - Realisation of Long Outstanding Export Bills -Recovery Efforts by Banks
80.	IECD.No.EFD.BC.163/819-POL--ECR-	04.03.87	Export Credit (Interest Subsidy) Scheme, 1968 Clarification regarding 'Normal Transit Period’
81.	IECD.No.EFD.BC.153/819-POLPre-ECR-87	03.01.87	Export Credit (Interest Subsidy) Scheme, 1968 - Preshipment Advance - Concessive Rate of Interest
82.	IECD.No.EFD.BC.148/819-POLECR-86	24.11.86	Export Credit (Interest Subsidy) Scheme, 1968 -Interest on Advances against Demand Bills
83.	DBOD.No.Dir.BC.23/C.96-86	28.02.86	Pre-shipment Finance for Exports
84.	IECD.No.EFD.BC.133/015-EOU-85	21.11.85	Export Credit to 100 percent Export Oriented Units (EOUs)
85.	IECD.No.EFD.BC.127/819-POLECR-85	08.10.85	Export Credit (Interest Subsidy) Scheme, 1968 - Post Supply Facilities against Supplies to IBRD/IDA/UNICEF aided Projects/Programmes in India
86.	IECD.No.EFD.BC.109/819-POLECR-85	27.03.85	Pre-shipment Credit to Exporters of Iron Ore
87.	IECD.No.EFD.BC.103/819-POLECR-85	04.02.85	Export Credit (Interest Subsidy) Scheme, 1968 - Grant of Pre-shipment Credit - Substitution of Contract, etc.
88.	IECD.No.EFD.BC.102/819-POLECR-85	28.01.85	Export Credit - Export of Commodities on Consignment Basis
89.	IECD.No.EFD.BC.86/C.819-POLECR-84	15.03.84	Export Credit (Interest Subsidy) Scheme, 1968 - Repatriation of Proceeds of Export Bills-Clarification
90.	IECD.No.EFD.BC.80/015.EOU.84	19.01.84	Export Credit to 100 percent Export Oriented Units (EOUs)
91.	IECD.No.EFD.BC.75/C.297(P)--83	06.12.83	Strategy for Exports to Africa - Extract from Report of Gen(Africa)Sub-Group of Standing Committee on Export Finance
92.	IECD.No.EFD.BC.59 & 60/C.297 P-83	20.06.83	Packing Credit Advances to Exporters of Deoiled and Defatted Cakes - Revised Directive
93.	DBOD.No.ECC.BC.143,144/C.297 P-80	09.12.80	Pre-shipment Credit-Ceiling Rate of Interest-Directive
94.	DBOD.No.ECC.BC.172/C.297P-79	04.12.79	Export Credit - Export Credit and Guarantee Corporation Whole Turnover Post-shipment Export Credit Guarantee Scheme
95.	DBOD.No.ACC.BC.107/C.297P(C)-79	23.07.79	Duty Drawback Credit Scheme, 1976-Adjustments in the Loan Accounts in the Prescribed Time
96.	DBOD.No.ECC.BC.104/C.297P-	14.07.79	Export Credit - Export Credit and Guarantee Corporation- Whole Turnover Post-shipment Guarantee Scheme
97.	DBOD.No.ECC.BC.81/C.297P-79	05.06.79	Export Credit (Interest Subsidy) Scheme, 1968 –Repatriation of Proceeds to Cover Export Bills
98.	DBOD.No.ECC.BC.73/C.297(O)(12)-79	02.06.79	Export Credit - Export of Diamonds
99.	DBOD.No.ACC.BC.118/C.297P(C)-79	07.04.79	Duty Drawback Credit Scheme, 1976-Revised Accounting Procedure
100.	DBOD.No.ACC.BC.55/C.297P(C) - 79	07.04.79	Duty Drawback Credit Scheme, 1976-Amendments
101.	DBOD.No.ACC.BC.38/C.297P(C) -79	06.03.79	Duty Drawback Credit Scheme, 1976 –Relaxation
102.	DBOD.No.ECC.BC.14,15/C.297P -79	22.01.79	Export Credit - Post-shipment Credit –Ceiling Rate of Interest-Directive
103.	DBOD.No.ECC.BC.9/C.297P-79	15.01.79	Advances to Units in Free Trade/Export Promotion Zones
104.	DBOD.ECC.BC.91/C.297P-75	23.10.75	Export Credit - Export of Goods for Exhibition-cum-Sale - Concessional Rate of Interest to be Charged by Banks for Manufacture of Products for Sale and Exhibition Abroad
105.	DBOD.ECC.BC.57/C.297P-75	14.08.75	Export Credit - Export of Consultancy Services -Sanction of Credit Limits by Banks against Consultancy Agreements for Meeting Expenses of the Technical and Other Staff
106.	DBOD.ECC.BC.33/C.297P-75	19.04.75	Post-shipment Credit on Deferred Payment Terms -Advice to Banks to Charge the Interest at a Concessional Ceiling Rate of 8 percent p.a. for a Period Exceeding One Year
107.	DBOD.BM.BC.7/C.297P-74	12.01.74	Export Credit - Advice to Banks to Keep a Close Watch On the Utilisation of Export Credit with Reference to both the Quantum and the Period
108.	DBOD.BM.BC.81/C.297M-73	18.07.73	Pre-shipment Credit Scheme and Export Credit (Interest Subsidy) Scheme, 1968 - Packing Credit Facilities against Supplies to IBRD/IDA/ UNICEF aided Projects/Programmes in India Eligible for both for Refinance and Interest Subsidy
109.	DBOD.BM.BC.58/C.297P-73	31.05.73	Pre-shipment Credit Scheme - Export of Precious and Semi-precious Stones, Pearls and Synthetic Stones –Clarification that Packing Credit Advances may be Adjusted by Transfer of the Outstanding Balance to a Special (Post-shipment) Account
110.	DBOD.BM.BC.120/C.297P-72	06.12.72	Packing Credit Advances to Miners of Iron Ore in Goa who Supply Ore to Exporters for Export
111.	DBOD.BM.BC.97/C.297(M)-72	30.10.72	Pre-shipment Credit Scheme and Export Credit (Interest Subsidy) Scheme, 1968 - Cash Incentives, Duty Drawbacks, etc. - Clarification regarding ECGC Scheme
112.	DBOD.BM.BC.74/C.297(M)-72	30.08.72	Pre-shipment Credit Scheme and Export Credit (Interest Subsidy) Scheme, 1968 - Cash Incentives, Duty Drawbacks, etc.
113.	DBOD.BM.BC.70/C.297P-72	09.08.72	Packing Credit Advances relating to Export of Mineral Ores
114.	DBOD.BM.BC.62/C.297(M)-71	21.05.71	Pre-shipment Credit Scheme and Export Credit (Interest Subsidy) Scheme, 1968 - Advice to Banks to keep a close watch not only on the end-use of the finance but also for the timely fulfilment of Export Orders and to Scrutinise Applications for Extension of time carefully
115.	DBOD.Sch.BC.51/C.96-71	16.04.71	Packing Credit and Post-shipment Credit-Interest Rates Structure - Ceiling of 7 percent per annum for Packing Credit and Post-shipment Credit other than Credits Provided for Exporters on Deferred Payment Terms
116.	DBOD.BM.64/C.297P-70	12.01.70	Pre-shipment Credit Scheme - Export of Precious, Semi-precious Stones, Pearls and Synthetic Stones
117.	DBOD.BM.1152/C.297(M)-69	11.07.69	Advances to Scheduled Banks under Section 17(3A) of RBI Act - Advances to Exporters who do not have Letters of Credit or Export Orders in their Own Name and who Route their Exports through State Trading Corporation, Minerals and Metals Trading Corporation and other Export Houses-Clarification

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