Taking into account the developments in the external sector, the Reserve Bank of India has announced a two percentage point increase in the interest rate on the post shipment export credit for periods beyond 90 days and upto 180 days from the present 13 per cent to 15 per cent. The Reserve Bank of India has also said that this is a temporary measure taken to quicken the realisation of export proceeds and will be reviewed in the light of developments.

Alpana Killawal
General Manager

Press Release : 1997-98/423