The President,
All
Banks / Approved DFIs,
Dear
Sirs/Madam,
SCHEME
FOR FINANCING LOCALLY MANUFACTURED MACHINERY -(LOCAL SALES)
Please
refer to BPD Circular No. 07 dated 12th March,
2003 in terms of which the rate of finance / refinance under
Part-A Local Sales of LMM Scheme were announced.
2.
Banks are aware that the captioned Scheme has been
in operations since 1972. Though Scheme has been revised
time and again, however, it has been felt that the same
in its present form may not bring the desired impetus for
the industrial growth of the country. Accordingly, we have
started the process of modifying the Scheme and expect to
finalize it by end December 2003. Till then, the rates of
finance / refinance announced vide BPD Circular No. 7 dated
12th March, 2003 shall remain effective till
further instructions.
3.
Please acknowledge receipt.
