https://www.taxtmi.com/highlights?id=84619 HC dismissed the grievance. Interpretation of RBI's Master Circular on export credit: Advances financing exports within 450 days constitute "export credit" eligible for subvention. Delay in submitting export documents after 450 days requires reversal of subvention for delayed period. If exports don't materialize within 450 days, domestic lending rate applies; subvention unavailable. First Lot exports within 450 days eligible for subvention except delayed period. Second Lot exports didn't materialize within 450 days, hence ineligible for subvention. HDFC Bank to rectify First Lot subvention reversal, provide statement of dues as per HC's interpretation. RBI/Ministry to reimburse HDFC Bank for corrected First Lot subvention. en-us Mon, 06 Jan 2025 08:42:25 +0530 Mon, 06 Jan 2025 08:42:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=84619 HC dismissed the grievance. Interpretation of RBI's Master Circular on export credit: Advances financing exports within 450 days constitute "export credit" eligible for subvention. Delay in submitting export documents after 450 days requires reversal of subvention for delayed period. If exports don't materialize within 450 days, domestic lending rate applies; subvention unavailable. First Lot exports within 450 days eligible for subvention except delayed period. Second Lot exports didn't materialize within 450 days, hence ineligible for subvention. HDFC Bank to rectify First Lot subvention reversal, provide statement of dues as per HC's interpretation. RBI/Ministry to reimburse HDFC Bank for corrected First Lot subvention. Highlights FEMA Mon, 06 Jan 2025 08:42:25 +0530 https://www.taxtmi.com/highlights?id=84619