9911796707
TMI BlogTrade Credits for Imports into India – Review and SimplificationX X X X Extracts X X X X X X X X Extracts X X X X ..... the Reserve Bank. 2. The present instructions have been reviewed in the light of experience gained and recent developments. Consequently, it is clarified that the extant guidelines covering such credits for imports of all items up to USD 20 million per import transaction with a maturity period up to one year remain unchanged. Credits up to USD 20 million per import transaction with a maturity period exceeding one year but less than three years would now be permitted only for import of capital goods. The reporting arrangements for such credits have been further simplified. The revised guidelines are set out below. 3. It is clarified that credit extended for imports directly by the overseas supplier, bank and financial institution for or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upfront fee, management fee, handling / processing charges, out of pocket and legal expenses, if any. The all-in-cost ceilings will be reviewed from time to time. 7. As hitherto, ADs shall not issue guarantee, letter of undertaking or letter of comfort in favour of overseas lender on behalf of their importer constituent for trade credit without prior approval of the Reserve Bank. 8. As regards reporting arrangements, ADs are required to furnish details of approvals, drawal, utilisation, and repayment of trade credit granted by all its branches, in a consolidated statement, during the month, in form TC (format in Annex) from April 2004 onwards to the Director, Division of International Finance, Department of Economic Analysis and Pol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Loan Identification No. Category of Borrower Name of Lender* Country of Lender* Currency Amount Equiv. Amt. in USD Rate of Interest Other chages in USD 1 2 3 4 5 6 7 8 9 10 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hort-term Trade Credit (STC) (maturity period up to one year) IV. Long-term Trade Credit (LTC) (maturity period more than one year less than three years) V. Total Trade Credit (TC) (I+II) *: or Supplier **: Please type respective code such as SC or BC; STC or LTC. ***: Petroleum Oil Lubricants (POL), Capital Goods (CG), Others (OT) Note 1: The format of the loan identification number is : TC/(Name of the Bank/branch)/(Identification No.) Note 2: Information in column nos. 8 to 13 should be numeric only. No alphabets should be entered in those columns. Note 3:Date format in col. No 2 is YYYY/MM/DD. For example, December 31, 2003 should be entered as 2003/12/31 Note 4:Data on rate of interest (col. No 10) all-in-cost(col no 12) should b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te 1: Information in column nos.1, 3 to 10 should be numeric only. No alphabets should be entered in those columns. Note 2: Date format in col. No 11, 12 is YYYY/MM/DD. For example, December 31, 2003 should be entered as 2003/12/31 Certificate by the Authorised Dealer All trade credits for imports approved by all our branches during the month------------------ have been included in this statement. Related import documents (including EC copy of Bill of Entry) towards utilisation of such trade credits have been verified and found in order. The drawal, utilisation and repayment of all trade credits approved by our branches have been scrutinised and it is cerified that such drawal, utilisation and repayments of trade credits Plac ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
