Alternative reference rate permitted to replace LIBOR for interest on export and import transactions, with other instructions unchanged. Authorised Dealer Category I banks are permitted to adopt any widely accepted Alternative reference rate in the relevant currency in place of LIBOR for interest payable on export and import transactions, with all other operational instructions remaining unchanged; enabling amendments to FEMA export regulations have been notified and AD banks should notify their constituents.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Alternative reference rate permitted to replace LIBOR for interest on export and import transactions, with other instructions unchanged.
Authorised Dealer Category I banks are permitted to adopt any widely accepted Alternative reference rate in the relevant currency in place of LIBOR for interest payable on export and import transactions, with all other operational instructions remaining unchanged; enabling amendments to FEMA export regulations have been notified and AD banks should notify their constituents.
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