Interest cap on advance export payments limited to a small margin above LIBOR or applicable benchmark by regulatory direction. The amendment substitutes clause (ii) of Regulation 15(1) to cap interest on advance payments for exports at a margin not exceeding one percentage point above LIBOR or another applicable benchmark as may be directed by the Reserve Bank, thereby prescribing a benchmark linked ceiling for permissible interest on such advances.
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Provisions expressly mentioned in the judgment/order text.
Interest cap on advance export payments limited to a small margin above LIBOR or applicable benchmark by regulatory direction.
The amendment substitutes clause (ii) of Regulation 15(1) to cap interest on advance payments for exports at a margin not exceeding one percentage point above LIBOR or another applicable benchmark as may be directed by the Reserve Bank, thereby prescribing a benchmark linked ceiling for permissible interest on such advances.
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