Benchmark rate transition to alternative reference rates alters all in cost ceilings for foreign currency ECBs and trade credits. The benchmark for FCY ECBs and TCs is redefined to any widely accepted six month interbank rate or alternative reference rate. All in cost ceilings for new FCY ECBs/TCs are increased by 50 basis points to 500 bps and 300 bps respectively over the benchmark; existing LIBOR linked FCY ECBs/TCs transitioning to ARRs receive a one time ceiling increase of 100 basis points to 550 bps and 350 bps respectively over the ARR. INR ECBs/TCs remain unchanged and other policy provisions continue to apply.
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Provisions expressly mentioned in the judgment/order text.
Benchmark rate transition to alternative reference rates alters all in cost ceilings for foreign currency ECBs and trade credits.
The benchmark for FCY ECBs and TCs is redefined to any widely accepted six month interbank rate or alternative reference rate. All in cost ceilings for new FCY ECBs/TCs are increased by 50 basis points to 500 bps and 300 bps respectively over the benchmark; existing LIBOR linked FCY ECBs/TCs transitioning to ARRs receive a one time ceiling increase of 100 basis points to 550 bps and 350 bps respectively over the ARR. INR ECBs/TCs remain unchanged and other policy provisions continue to apply.
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