Imports into India - Short term credit

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..... thorised dealers is invited to the directions contained in paragraphs A.12 and A.13 of the AP(DIR Series) Circular No. 9 dated August 24, 2000, and the provisions contained in paragraph 4(i) of Schedule to the Reserve Bank Notification No. FEMA3/2000-RB dated May 3, 2000. Accordingly, in terms of the existing instructions, Suppliers' Credit , viz. short term loans where the credit for imports into .....

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..... by way of either Suppliers' Credit or Buyers' Credit, of import of goods into India, provided : a. The credit is being extended for a period of less than three years , b. The amount of credit does not exceed USD 20 million, per import transaction c. The `all-in-cost' per annum, payable for the credit does not exceed LIBOR +50 basis points for credit upto one year and LIBOR + 125 basi .....

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..... e loan/credit should invariably be quoted in all the reference made to this office. 6. All applications, in form ECB, for availing of short term credit for amount exceeding USD 20 million for any import transaction may be forwarded to the Chief General Manager, Exchange Control Department, Reserve Bank of India, Central Office, External commercial Borrowing (ECB) Division, Mumbai-400 001. 7. .....

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