All Authorized Dealers

in Foreign Exchange

Dear Sirs,

FOREIGN CURRENCY EXPORT FINANCE (FCEF) FACILITY

Please refer to F.E. Circular No.3 dated 12th March, 2003 containing therein mark up rates to be charged on the above scheme circulated vide F.E. Circular No. 04 dated 28th March, 2001 read with F.E. Circular No. 7 dated 17th April, 2003.

2. It has been decided that rate of refinance under the captioned scheme notified vide our circular referred to above i.e. 1.93% shall continue to be applicable from 15th September, 2003 until next review due

on 15th March, 2004. It is understood that the Banks spread on financing under the scheme shall not in excess of their average lending spread on financing (foreign currency & local currency) for exports.

3. Other instructions on the scheme shall remain unchanged.

Please acknowledge receipt.