Don’t miss the latest developments in business and finance.

Central bank scraps ceiling on buyer's credit for project exports

The step has been taken to further liberalising the procedures for export of goods and services

Image
BS Reporter
Last Updated : Apr 02 2015 | 1:10 AM IST
The Reserve Bank of India (RBI) has scrapped the limit on banks to extend buyer's credit, as a step to push project exports. The RBI has withdrawn the earlier ceiling of $20 million for buyer's credit extended to foreign buyers for export of goods on deferred payment terms and turn key projects from India.

The step has been taken to further liberalising the procedures for export of goods and services, said an RBI statement. Memorandum of instructions on project and service exports has been revised accordingly.

More From This Section

First Published: Apr 02 2015 | 12:06 AM IST

Next Story