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TMI BlogInterest Rates on Rupee Export Credit -UCBsX X X X Extracts X X X X X X X X Extracts X X X X ..... Interest Rates on Rupee Export Credit -UCBs - News and Press Release Dated:- 22-1-2013 - News - RBI/2011-12/619 UBD.BPD.(AD) Cir No. 8/13.05.000/2011-12 June 26, 2012 The Chief Executive Officer Scheduled Primary (Urban) Co-operative Banks (holding AD Category I licence) Madam/Dear Sir, Please refer to circular UBD.BPD.(AD) Cir.No. 3/13.05.000/2011-12 dated November 3, 2011 extending the interest subvention on rupee export credit on specified export sectors till March 31, 2012. 2. Government of India has decided to extend interest subvention of 2% on rupee export credit on specified export sectors from April 1, 2012 to March 31, 2013. Accordingly, the interest subvention on pre-shipment and post-shipment rupe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e export credit is extended from April 1, 2012 to March 31, 2013 on the same terms and conditions as mentioned in our circular dated November 3, 2011 for the following sectors. i. Handicrafts ii. Carpets iii. Handlooms iv. Small and Medium Enterprises (SMEs) (as defined in Annex I v. Readymade Garments vi. Processed Agriculture Products vii. Sport Goods ix. Toys 3. A Directive UBD.BPD.Dir(Exp). No. 4/13.05.000/2011-12 dated June 21, 2012 issued in this regard is enclosed. 4. Claims for reimbursement of subvention amount may be submitted to the Chief General Manager-in-Charge, Urban Banks Department, Reserve Bank of India, Central Office, Garment House, Worli, Mumbai 400 018 on a quarterly basis starting from qu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arter ended June 30, 2012 in the format as per Annex II. The amount of subvention will be calculated on the outstanding amount of rupee export credit from the date of disbursement up to the date of repayment or up to the date on which the outstanding export credit becomes overdue, whichever is earlier. The claims should be accompanied by an External Auditor's Certificate certifying that the claim for subvention of Rs. .. for the period (specify the quarter) is true and correct. Settlement of the claim will be done on receipt of this certificate. Yours faithfully (A. Udgata) Chief General Manager-in-Charge Encl: as above Annex -I Definition of SME Enterprises engaged in the manufacture or production, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... processing or preservation of goods as specified below: (i) A micro enterprise is an enterprise where investment in plant and machinery (original cost excluding land and building and the items specified by the Ministry of Small Scale Industries vide its notification No. S.O.1722 (E) dated October 5, 2006) does not exceed Rs. 25 lakh; (ii) A small enterprise is an enterprise where the investment in plant and machinery (original cost excluding land and building and the items specified by the Ministry of Small Scale Industries vide its notification No. S.O.1722 (E) dated October 5, 2006) is more than Rs. 25 lakh but does not exceed Rs. 5 crore; and (iii) A medium enterprise is an enterprise where the investment in plant and machinery (o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riginal cost excluding land and building and the items specified by the Ministry of Small Scale Industries vide its notification No. S.O.1722 (E) dated October 5, 2006) is more than Rs. 5 crore but does not exceed Rs. 10 crore. Annex II Rupee Export Credit for the period from ________ to _________ (to be submitted quarterly starting from quarter ended June 30, 2012) (Pre-shipment Export Credit and Post - shipment Export Credit) (Amount in Rs.) Category of Exporters Total Rupee Export Credit granted at 2% less than the rates charged for other categories of Exporters Amount of Subvention Claimed (1) (2) (3) (i) Handicrafts (ii) Handlooms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iii) Carpet (iv) Small Medium Enterprises (SME) (as defined in Annex I) (v) Readymade Garments (vi) Processed Agriculture Products (vii) Sport Goods (viii) Toys Total NB: Amount of subvention should be rounded off to the nearest rupees. We certify having charged interest on the above loans at interest rates that are 2% below those charged for other categories of exporters by way of export credit to the eligible exporters as stated in the RBI circular No. UBD.BPD.AD.Cir. No. 8/13.05.000/2011-12 dated June 22, 2012 during the period ________to _ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... __________. Dated : _____________ Name and Designation of Authorised Signatory UBD.BPD. Dir.(Exp). No. 4/13.05.000/2011-12 June 21, 2012 In exercise of the powers conferred by Section 21 and 35A of the Banking Regulation Act, 1949 read with Section 56 and in partial modification of its Directive UBD.BPD.Dir.(Exp). No. 1/13.05.000/2011-12 dated November 3, 2011 the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby directs that, with effect from April 01, 2012 up to March 31, 2013 scheduled primary (urban) co-operative banks holding AD category I licence will charge, for specified export sectors, interest at 2 percentage point below the interest rates charged fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m exporters in other categories of export sector, on the outstanding amount of rupee export credit from the date of disbursement up to the date of repayment or up to the date on which the outstanding rupee export credit becomes overdue, whichever is earlier. Specified Sectors: Handicraft Carpets Handlooms Small and Medium Enterprises (SME) (as defined in Annex I) Readymade Garments Processed Agricultural Products Sports Goods Toys (S Karuppasamy) Executive Directors Annex -I Definition of SME Enterprises engaged in the manufacture or production, processing or preservation of goods as specified below: (i) A micro enterprise is an enterprise where investment in plant and machinery (original cost excl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uding land and building and the items specified by the Ministry of Small Scale Industries vide its notification No. S.O.1722 (E) dated October 5, 2006) does not exceed Rs. 25 lakh; (ii) A small enterprise is an enterprise where the investment in plant and machinery (original cost excluding land and building and the items specified by the Ministry of Small Scale Industries vide its notification No. S.O.1722 (E) dated October 5, 2006) is more than Rs. 25 lakh but does not exceed Rs. 5 crore; and (iii) A medium enterprise is an enterprise where the investment in plant and machinery (original cost excluding land and building and the items specified by the Ministry of Small Scale Industries vide its notification No. S.O.1722 (E) dated Octobe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 5, 2006) is more than Rs. 5 crore but does not exceed Rs. 10 crore. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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