The Presidents/CEOs/Country Managers,

All Banks,

Dear Sirs / Madam,

Export Finance Scheme - Modifications in procedure for refinance

Please refer to our SME&MFD Circular No.03 dated July 31, 2007 read with FAQ No.16 circulated through letter No.MFD/EFS/936 (Policy)/X/2007-2515 of September 25, 2007 on the above subject.

2. In this connection it has been decided that all partial repayments made by the exporters as from 6th February, 2008 onward against refinance loans, shall be adjusted in the ratio of financing and refinancing (30:70) under the EFS during the current financial year.
3. Please bring these instructions in the knowledge of all your branches dealing in export financing under the Scheme.