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of <h1>Banks Transition from LIBOR to Alternative Rates for Export/Import Transactions per FEMA Regulation 15.</h1> The circular informs Category-I Authorised Dealer Banks about the transition from LIBOR to alternative reference rates for interest on export/import transactions, as per Regulation 15 of the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015. With LIBOR's cessation, banks are permitted to use any widely accepted alternative reference rate in the relevant currency. Other instructions remain unchanged. The amendment to FEMA 23(R)/2015-RB has been notified, and banks are instructed to inform their constituents. The directions are issued under Sections 10(4) and 11(1) of FEMA, 1999, without affecting other legal permissions or approvals.
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