All Banks

Dear Sirs,

Export Finance Scheme – Refixation of rates for May, 2004

Please refer to BPD Circular No.09 dated March 31, 2004 alongwith other instructions issued from time to time on the captioned subject.

2. It is notified that instructions regarding rates of refinance/finance under the Export Finance Scheme and for facilities under Part-B (Export Sales) of the Scheme for financing Locally Manufactured Machinery circulated vide our Circular referred to above shall also be applicable for the month of May, 2004.

3. Other instructions on the subject shall remain unchanged.

Please acknowledge receipt.