Use of any Alternative reference rate in place of LIBOR for interest payable in respect of export / import transactions

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Full Text of the Document

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.... Attention of Authorised Dealer Category- I banks (AD banks) is invited to extant Regulation 15 of Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 notified vide FEMA 23(R)/2015-RB dated January 12, 2016 and various directions issued to AD banks from time to time prescribing LIBOR linked interest payable in respect of export/import transactions. 2. In view of the impendi....