P&H HC: Offence u/s 295A won’t be Attracted if Act done Without Malicious Intent  ||  Ker. HC: No Liability on RTO to Pay Compensation if Vehicle Owner Fails to get it Insured  ||  Guj. HC: Elected Members Must Not Disrepute the Institution to Which they are Elected  ||  All. HC: Scheme of A&C Act Put no Limitation for Application of Doctrine of Severability to an Award  ||  Kar. HC: Apprehension of Not Getting a Fair Trial is Required to Seek Transfer of Case  ||  Ker. HC: Not Granting Divorce Despite Mutual Consent Amounts to Cruelty  ||  Tel. HC: Elders in the House Can’t Decide Custody of Child  ||  All. HC: Gravity of Misconduct and Past Conduct Relevant to be Considered by Disciplinary Authority  ||  P&H HC Issues Guidelines on Proclamation u/s 82 CrPC  ||  SC: Can File Complaint Under Repealed FERA Provisions During Sunset Period After Enforcement of FEMA    

Use of any alternative reference rate in place of LIBOR for interest payable in respect of export / import transactions- (Reserve Bank of India) (28 Sep 2021)



1. 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 impending cessation of LIBOR as a benchmark rate, it has been decided to permit AD banks to use any other widely accepted/Alternative reference rate in the currency concerned for such transactions. All other instructions in this regard shall remain unchanged. The necessary enabling amendment to FEMA 23(R)/2015-RB has since been notified vide Notification No. FEMA 23(R)/(5)/2021-RB dated September 08, 2021 (copy enclosed).

3. AD banks may bring the contents of this circular to the notice of their constituents concerned.

4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.


Share :        

Disclaimer | Copyright 2023 - All Rights Reserved