Ref DBS.FID No. C.13 / 01.02.00 /2000-01

January 13, 2001

Dear Sir,

Please refer to our circulars DBS.FID. No. 18 / 01.02.00 /1999-2000 dated 25 May 2000 and No.11/ 01.02.00 dated 28 November 2000 regarding the interest rate surcharge on import finance . On a review of the current situation, it has been decided to withdraw the interest rate surcharge on import finance effective January 6 , 2001. Accordingly, fresh drawals as well as outstanding credit towards import finance will not be subject to the interest rate surcharge as from the said date.

2. Please acknowledge receipt.

Yours faithfully,

Sd/-

( K.C.Bandyopadhyay )
Chief General Manager