Advance Payment Against Exports

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....laration made by the exporter, outside India, the exporter shall be under an obligation to ensure that - (i) the shipment of goods is made within 2[three years] from the date of receipt of advance payment; 1[(ii) the rate of interest, if any, payable on the advance payment shall not exceed 100 basis points above the London Inter-Bank Offered Rate (LIBOR) or other applicable benchmark as m....

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....ree years] from the date of receipt of advance payment.     **************** NOTES:- 1. Substituted vide F. No. FEMA 23(R)/(5)/2021-RB dated 08-09-2021 before it was read as. "(ii) the rate of interest, if any, payable on the advance payment does not exceed the rate of interest London Inter-Bank Offered Rate (LIBOR) + 100 basis points and" 2.  Substituted vide F. No. FEMA ....