Financial Daily from THE HINDU group of publications
Sunday, Apr 18, 2004
Financial Daily from THE HINDU group of publications Sunday, Apr 18, 2004 |
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Financial Policy Money & Banking - RBI & Other Central Banks Industry & Economy - Exports & Imports RBI tightens norms on import credit Our Bureau
Mumbai , April 17 THE Reserve Bank of India has tightened the screws on import credit. Henceforth, credits up to $20 million per import transaction will be permitted only for ``import of capital goods''. This measure pertains to import transactions with a maturity period exceeding one year but less than three years, said an RBI press release. The apex bank has emphasised that extant norms covering such credits for imports of all items (permissible under Exim policy) up to $20 million per import transaction with a maturity of up to one year remain unchanged. The reporting arrangements for such credits have been further simplified. Since September 27, 2002, authorised dealers were permitted to approve short-term credit (STC) up to $20 million per import transaction for a period less than three years. STC exceeding $20 million per import transaction required prior approval, the apex bank said.
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