Refinancing of Export Purchase Bills of Exporters

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..... Refinancing of Export Purchase Bills of Exporters - News and Press Release Dated:- 19-12-2014 - News - The Reserve Bank of India (RBI) provides export credit refinance (ECR) facility to banks under section 17(3A) of the Reserve Bank of India Act 1934. This facility is given on the basis of banks eligible outstanding rupee export credit both at the pre-shipment and post-shipment stages. The quan .....

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..... tum of refinance is fixed from time to time based on the stance of monetary policy of the RBI. At present, the scheduled banks are provided export credit refinance to the extent of 32.0 per cent of the outstanding export credit eligible for refinance as at the end of the second preceding fortnight. This limit was reduced from 50.0 per cent to 32.0 per cent, vide RBI circular No.MPD.BC.372/07.01.27 .....

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..... 9/2013-14 dated June 3, 2014. However, there is no cap on refinance of export bills purchase from individual exporters in the RBI refinance guidelines. The banks use the refinance facility to meet from time to time their own (banks) liquidity requirements. Estimated Bank Group-wise utilization of ECR during last 3 years is as under: Year Nationalized banks .....

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..... Private banks Foreign banks 2012-13 129.1 15.0 4.4 2013-14 241.0 33.7 20.1 2014-15(so far) 154.1 21.7 13.2 The data indicates that the availment o .....

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..... f refinance facility is at similar high level as prevailing in 2013-14. This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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