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.