All Banks

Dear Sirs,

Re-fixation of EFS rates for February, 2004

Please refer to BPD Circular No. 43 dated the 31st December, 2003 along with other instructions issued from time to time on the captioned subject.

2. It is notified that instructions regarding rate of refinance/ finance under Export Finance Scheme and for facilities under Part-B (Export Sales) of LMM Scheme circulated vide our circular referred to above shall also be applicable for the month of February, 2004.

3. Other instructions on the subject shall remain unchanged

Please acknowledge receipt.