Mumbai, June 26: The Reserve Bank of India deputy governor SP Talwar will meet exporters and bankers on Saturday to finalise the draft operational guidelines of the recently announced concessional credit scheme for exporters. The meeting will try to identify any operational problems that might arise in the implementation of the scheme.A draft on the operational details of the scheme was released by the RBI on Wednesday. The central bank had on June 11 announced a temporary concessional export credit to boost exports and increase the flow of foreign exchange into the country.
The concessional export credit at 6.5 per cent is restricted for a period of 18 months, starting July 1, 1998, and ending December 31, 1999, for incremental exports from the base year 1997-98 The draft has suggested fixing an exchange rate of Rs 40 per dollar to calculate the incremental exports eligible for the new scheme. The value of exports in the base year 1997-98 will be determined by converting the US dollar value of shipmentsmade during the year into rupees.
The 18-month period will be divided into two sub-periods of nine months each. The first sub-period will cover the shipments made from July 1998 to December 1999 and the second sub-period the shipments made between April 1999 and December 1999.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
