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Reserve Bank of India – Tenders

November 12, 2021 root Tenders

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E-tenders were invited for Empanelment of vendors and award of work for Annual Maintenance Contract (AMC) and Facility Management Service (FMS) of Computer Hardware, Software and Peripherals at Reserve Bank of India, Bengaluru after publishing the NIT in MSTC Portal and on the Bank’s website. As per the schedule, the Pre-Bid Meeting for the captioned tender was held November 10, 2021 at 03.00 PM at Board Room, 4th Floor, Reserve Bank of India, Bengaluru.

The meeting was attended by the following:

From Banks’ side: 1) Shri Shriram Zamre, Assistant Manager

2) Shri Yugandhara Ramesh M, Assistant

From vendor side: 1) Shri. Dhanunjaya Choudary Pathakumari, M/s Aforeserve Services Limited

2) Shri. Satish Gowda, M/s Accel Limited

3) Shri. Syed Rafi, M/s Microsun Infocare Service Limited

The following queries were raised by the participants and clarified:

Sl. No	Clause in NIT	Query Raised	Clarification
1	Pg No. 26, Point 5 of Section 4	Confirm whether MSME bidders are exempted from paying Earnest Money Deposit (EMD).	MSEs are exempted from submission of EMD only in cases where the estimated cost of procurement (Goods, Services or Work Contracts) is upto Rs. 10 Lakh (including all taxes, duties etc.). In the extant case, the estimated cost of the tender is more than Rs. 10 lakh and therefore submission of EMD is compulsory.
2	Pg No. 36, Annexure IV	Is it mandatory to obtain feedback from existing client on Letter head of client? Seal and signature of the authorised person will work?	It is preferable to get the feedback regarding performance of vendor on the Letter Head of Client. It should be ensured that all the details mentioned in the annexure IV are provided with.
3	Pg No. 23, Point No. 16 of Section 3	What are the requirements for minimum wages to be paid to the vendors staff?	Please refer to the point 16 of section 3 of Tender Document. The Vendor is bound to follow all Labour rules and regulations as envisaged in the Payment of Wages Act 1936 and Minimum Wages Act 1948, of Central Government and ensure payment of minimum wages which should be based on total man days and/or working hours, which are revised time to time by the competent authority.
4	Pg No. 22, Point 10 of Section 3	What spare inventory is needed to be maintained?	Please refer to the point no. 10 of section 3 of Tender Document. The vendor shall maintain an onsite inventory of spare parts for PC, Laptops, printers, etc. so as to ensure business continuity in the case of any malfunction of the equipment’s. All necessary spares to ensure 99% uptime of each PC and 99% uptime of each peripheral covered under the AMC. If during any quarter, the vendor does not maintain the uptime of the equipment, proportionate maintenance charges will be deducted from the amount to be paid to the vendor in the beginning of the next quarter. The minimum inventory of spares to be maintained at RBI at all times is as follows: a) CD Rom – 2 No. b) Keyboards – 5 Nos. c) USB Mouse – 5 Nos. d) Wireless Keyboard and Mouse sets – 2 sets. e) Compatible SMPS – 5 Nos. f) and any other item to maintain equipment uptime as indicated above.

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Reserve Bank of India – Press Releases

November 12, 2021 root Press Releases

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In the underwriting auctions conducted on November 12, 2021 for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

(₹ crore)
Nomenclature of the Security	Notified Amount	Minimum Underwriting Commitment (MUC) Amount	Additional Competitive Underwriting Amount Accepted	Total Amount underwritten	ACU Commission Cut-off rate (paise per ₹100)
4.26% GS 2023	2,000	1,008	992	2,000	0.19
New GS 2026	6,000	3,003	2,997	6,000	0.50
6.67% GS 2035	9,000	4,515	4,485	9,000	0.90
New GS 2051	7,000	3,507	3,493	7,000	0.98
Auction for the sale of securities will be held on November 12, 2021.

Ajit Prasad
Director (Communications)

Press Release: 2021-2022/1182

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Reserve Bank of India – Tenders

November 12, 2021 root Tenders

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E-tenders were invited for RENOVATION OF CIVIL & ELECTRICAL WORKS IN RBI RANCHI OFFICE LOCATED AT ZILA PARISHAD BHAVAN after publishing the NIT in MSTC Portal and on the Bank’s website. As per the schedule, pre-bid meeting was scheduled to be conducted at 11.00 am on November 08, 2021 at Estate Department, Reserve Bank of India, Ranchi.

No bidder came forward for the meeting. Hence, the meeting was not conducted.

The terms and conditions and specifications of the tender document shall continue to remain same.

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Reserve Bank of India – Press Releases

November 12, 2021 root Press Releases

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(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	538,079.90	3.22	0.01-5.20
I. Call Money	6,984.51	3.19	2.00-3.50
II. Triparty Repo	425,218.20	3.21	3.01-3.30
III. Market Repo	105,827.19	3.27	0.01-3.40
IV. Repo in Corporate Bond	50.00	5.20	5.20-5.20
B. Term Segment
I. Notice Money**	727.90	3.26	2.75-3.40
II. Term Money^@@	70.00	–	3.20-3.50
III. Triparty Repo	100.00	3.25	3.25-3.25
IV. Market Repo	200.00	2.80	2.80-2.80
V. Repo in Corporate Bond	65.00	5.74	5.35-6.20

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate
(i) Repo
(ii) Reverse Repo	Thu, 11/11/2021	1	Fri, 12/11/2021	246,428.00	3.35
(iii) Special Reverse Repo^~
(iv) Special Reverse Repo^ψ
2. Variable Rate^&
(I) Main Operation
(a) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF	Thu, 11/11/2021	1	Fri, 12/11/2021	12.00	4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-246,416.00
II. Outstanding Operations
1. Fixed Rate
(i) Repo
(ii) Reverse Repo
(iii) Special Reverse Repo^~	Wed, 03/11/2021	15	Thu, 18/11/2021	1,158.00	3.75
(iv) Special Reverse Repo^ψ	Wed, 03/11/2021	15	Thu, 18/11/2021	291.00	3.75
2. Variable Rate^&
(I) Main Operation
(a) Reverse Repo	Wed, 03/11/2021	15	Thu, 18/11/2021	434,492.00	3.99
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo	Tue, 09/11/2021	7	Tue, 16/11/2021	200,015.00	3.95
	Tue, 02/11/2021	28	Tue, 30/11/2021	50,007.00	3.97
3. MSF
4. Long-Term Repo Operations^#	Mon, 17/02/2020	1095	Thu, 16/02/2023	499.00	5.15
	Mon, 02/03/2020	1094	Wed, 01/03/2023	253.00	5.15
	Mon, 09/03/2020	1093	Tue, 07/03/2023	484.00	5.15
	Wed, 18/03/2020	1094	Fri, 17/03/2023	294.00	5.15
5. Targeted Long Term Repo Operations^	Fri, 27/03/2020	1092	Fri, 24/03/2023	12,236.00	4.40
	Fri, 03/04/2020	1095	Mon, 03/04/2023	16,925.00	4.40
	Thu, 09/04/2020	1093	Fri, 07/04/2023	18,042.00	4.40
	Fri, 17/04/2020	1091	Thu, 13/04/2023	20,399.00	4.40
6. Targeted Long Term Repo Operations 2.0^	Thu, 23/04/2020	1093	Fri, 21/04/2023	7,950.00	4.40
7. On Tap Targeted Long Term Repo Operations^€	Mon, 22/03/2021	1095	Thu, 21/03/2024	5,000.00	4.00
	Mon, 14/06/2021	1096	Fri, 14/06/2024	320.00	4.00
	Mon, 30/08/2021	1095	Thu, 29/08/2024	50.00	4.00
	Mon, 13/09/2021	1095	Thu, 12/09/2024	200.00	4.00
	Mon, 27/09/2021	1095	Thu, 26/09/2024	600.00	4.00
	Mon, 04/10/2021	1095	Thu, 03/10/2024	350.00	4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£	Mon, 17/05/2021	1095	Thu, 16/05/2024	400.00	4.00
	Tue, 15/06/2021	1095	Fri, 14/06/2024	490.00	4.00
	Thu, 15/07/2021	1093	Fri, 12/07/2024	750.00	4.00
	Tue, 17/08/2021	1095	Fri, 16/08/2024	250.00	4.00
	Wed, 15/09/2021	1094	Fri, 13/09/2024	150.00	4.00
D. Standing Liquidity Facility (SLF) Availed from RBI^$				21,695.80
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				-578,625.2
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-825,041.2
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		11/11/2021		612,153.06
(ii) Average daily cash reserve requirement for the fortnight ending		19/11/2021		634,320.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		11/11/2021		0.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		22/10/2021		1,179,109.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
^# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
^€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^£ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
^~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
^ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad Director (Communications)
Press Release: 2021-2022/1180

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Reserve Bank of India – Press Releases

November 11, 2021 root Press Releases

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The Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹30,000 crore (face value). The security-wise details of the conversion/switch are given as under:

Date of Auction	Source Securities	Amount (FV) of Source Securities	Destination Securities
November 15, 2021	5.09% GS 2022 (Maturing on Apr 13, 2022)	₹4,000 crore	FRB 2031 (maturing on Dec 07, 2031)
	5.09% GS 2022 (Maturing on Apr 13, 2022)	₹4,000 crore	FRB 2034 (maturing on Oct 30, 2034)
	8.35% GS 2022 (Maturing on May 14, 2022)	₹4,000 crore	7.57% GS 2033 (maturing on Jun17, 2033)
	8.15% GS 2022 (Maturing on June 11, 2022)	₹8,000 crore	7.57% GS 2033 (maturing on Jun17, 2033)
	8.13% GS 2022 (Maturing on Sep 21, 2022)	₹4,000 crore	FRB 2031 (maturing on Dec 07, 2031)
	8.13% GS 2022 (Maturing on Sep 21, 2022)	₹6,000 crore	FRB 2034 (maturing on Oct 30, 2034)
	Total	₹30,000 crore

The market participants are required to place their bids in e-Kuber giving the amount of the source security and the price of the source and destination security expressed up to two decimal places.

The auction would be a multiple-price based auction, i.e. successful bids will get accepted at their respective quoted prices for the source and destination securities.

Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (e-Kuber) system on November 15, 2021 (Monday) between 10:30 AM to 11:30 AM. The result of the auction will be announced on the same day and settlement will take place on November 16, 2021 (Tuesday).

Government of India reserves the right to:

Accept offers for less than the notified amount.
Purchase marginally higher than the notified amount due to rounding-off effect.
Accept or reject any or all the offers either wholly or partially without assigning any reason.

Operational guidelines for switch transactions and other details are given in the Annex.

(Yogesh Dayal)
Chief General Manager

Press Release: 2021-2022/1179

Annex

Operational Guidelines for Switch/Conversion Transactions with the Government of India

Switch module on e-kuber

1. The market participants can bid in the switch auction through the Switch Transaction module provided in the e-kuber portal.

Bidding in a switch transaction

2. Bidding in the auction implies that the market participants agree to sell the source security/ies to the Government of India (GoI) and simultaneously agree to buy the destination security from the GoI at their respective quoted prices.

Placing of bids

3. Each bid should specify the following details:

Amount of the source security (Face Value) that the participants are willing to sell.
Price of the source security (expressed up to two decimal places).
Choice of destination security and the price of the destination security (expressed up to two decimal places), at which the participants are willing to buy the destination security.

4. The participants can choose to bid for any/all the destination security/ies, but the aggregate amount of bids for the source security should not exceed their holdings of the source security in face value terms.

Minimum Bid size

5. Minimum bid size would be ₹10,000 and in multiples of ₹10,000 thereafter. The participants are allowed to submit multiple bids. However, the aggregate amount of bids submitted should not exceed the notified amount of source security/basket of source securities in the auction.

Price of source security

6. The price of the source security quoted must be equal to the FBIL closing price of the source security as on the previous working day.

7. Bids for source security not as per the price mentioned above will be rejected.

Price of destination security

8. Bids for the destination security may be placed after taking into account the price of source security as mentioned above.

Method of auction

9. The auction will be a multiple-price based auction, i.e. successful bids will get accepted at their respective quoted prices for the source and destination securities.

Auction decision

10. The auction cut-off will be decided based on the price of the destination security/ies.

11. Successful bidders are those who have placed their bids at or above the cut-off price. All bids lower than the cut-off price will be rejected.

12. There will be provision of pro-rata allotment, should there be more than one successful bid at the cut-off price.

Amount of destination security and dealing in odd amounts during switch auction

13. The switch ratio, which is the ratio of the price of the source security to the price of the destination security, would be rounded off at 8 decimal places.

14. The amount of destination security to be issued for each successful bid will be computed by multiplying the allotted amount (FV) of the source security with the rounded-off switch ratio. The amount of destination security (FV) would be rounded-off to the nearest lower value in multiples of ₹10,000.

15. The odd amount of destination securities (less than ₹10,000) which has been rounded-off, would be notionally allotted and bought back from the bidders at the quoted bid price of the destination security. The net cash consideration to be paid to the bidder for such odd amounts would be the clean price of these securities (as the accrued interest received during notional allotment and paid during notional buyback offset each other).

Fund settlement

16. Though the conversion would be broadly cash neutral, there will be fund settlement for the net accrued interest (accrued interest for the source security FV – accrued interest for the destination security FV) for each bid. Cash consideration (due to rounding-off of face value of destination security) computed for each bid would be added to the net accrued interest. Accordingly, fund settlement will be done for the final amount (Net accrued interest + cash consideration) for each bid.

Note: An illustration for the calculation of cash consideration due to rounding-off of destination security face value is as given below:

Amount of Source Security (FV)	₹10,00,00,000.00
Price of Source Security	₹97.50
Price of Destination Security	₹99.20
Switch Ratio (rounded-off at 8 decimals)	0.98286290
Destination Security FV before rounding off	₹9,82,86,290.00
Destination Security FV re-issued after rounding-off	₹9,82,80,000.00
Odd amount of rounded-off destination security (FV)	₹6290.00
Cash consideration due to rounding off (Clean Price calculated at the quoted price of destination security)	₹6240.00

17. The settlement of the auction would be held on T+1 basis.

Help Desk

18. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595415, 27595666, 27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 22705125).

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Reserve Bank of India – Press Releases

November 11, 2021 root Press Releases

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The Reserve Bank of India (RBl) has imposed, by an order dated November 11, 2021, a monetary penalty of ₹25,000 thousand (Rupees Twenty Five Thousand only) on The Deola Merchants’ Co-operative Bank Ltd., Nashik, Maharashtra (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Board of Directors and Exposure Norms. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, that the bank had granted CC loan to a relative of one of its directors in contravention of/ non-compliance with directions issued by RBI to Urban Cooperative Banks on Board of Directors and Exposure Norms. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.

After considering the bank’s reply and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)
Chief General Manager

Press Release: 2021-2022/1178

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Reserve Bank of India – Notifications

November 11, 2021 root Notifications

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RBI/2021-2022/123
DOR.SOG (SPE).REC.No 67/13.03.00/2021-22

November 11, 2021

All Scheduled Commercial Banks (including Regional Rural Banks)
All Small Finance Banks
All Local Area Banks
All Payment Banks
All Primary (Urban) Co-operative Banks/ DCCBs /State Cooperative Banks

Dear Sir / Madam,

Foreign Currency (Non-resident) Accounts (Banks) Scheme [FCNR(B)] – Master Direction on Interest Rate on Deposits

Please refer to the instructions on the Foreign Currency (Non-resident) Accounts (Banks) Scheme contained in Section 19 of the Master Direction – Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 dated March 03, 2016 and Section 18 of the Master Direction – Reserve Bank of India (Co-operative Banks – Interest Rate on Deposits) Directions, 2016 dated May 12, 2016.

2. In view of the impending discontinuance of LIBOR as a benchmark rate, it has been decided to permit banks to offer interest rates on FCNR (B) deposits using widely accepted ‘Overnight Alternative Reference Rate (ARR) for the respective currency’ with upward revision in the interest rates ceiling by 50 bps.

3. As a measure to handle the information asymmetry during the transition, FEDAI may publish the ARR till such time the widely accepted benchmark is established. The relevant sections of the Master Directions as amended are indicated in the Annex.

4. All other instructions in this regard shall remain unchanged.

Yours faithfully,

(Neeraj Nigam)
Chief General Manager-in-Charge
Encl: As above

ANNEX

[Encl. to circular DOR.SOG(SPE).REC.No 67/13.03.00/2021-22 dated Nov 11, 2021]

Master Direction – Reserve Bank of India (Interest Rate on Deposits) Directions, 2016

Section of MD

Existing Provisions

Amended Provisions

19(d)

Interest on floating rate deposits shall be paid within the ceiling of swap rates for the respective currency/ maturity and in case of fixed rate deposits, interest shall be paid within the ceiling of LIBOR rates for the respective currency/ maturity.

19(f)

The LIBOR/SWAP rates as on the last working day of the preceding month shall form the base for fixing ceiling rates for the interest rates offered effective in the following month.

The Overnight Alternative Reference Rate* for the respective currency /SWAP rates as on the last working day of the preceding month shall form the base for fixing ceiling rates for the interest rates offered effective in the following month.

19(g)

The interest rates ceiling on FCNR (B) deposits shall be as under:

Period of deposit	Ceiling rate
1 year to less than 3 years	LIBOR/ Swap plus 200 basis points
3 years and above up to and including 5 years	LIBOR/ Swap plus 300 basis points

The interest rates ceiling on FCNR (B) deposits shall be as under:

Period of deposit	Ceiling rate
1 year to less than 3 years	Overnight Alternative Reference Rate* for the respective currency / Swap plus 250 basis points
3 years and above up to and including 5 years	Overnight Alternative Reference Rate* for the respective currency / Swap plus 350 basis points

19(h)

The LIBOR / Swap rates quoted/displayed by Foreign Exchange Dealers Association of India (FEDAI) shall be used as the reference for arriving at the interest rates on FCNR(B) deposits.

The Overnight Alternative Reference Rate* for the respective currency / Swap rates quoted/displayed by Foreign Exchange Dealers Association of India (FEDAI) shall be used as the reference for arriving at the interest rates on FCNR (B) deposits.

Master Direction – Reserve Bank of India (Co-operative Banks – Interest Rate on Deposits) Directions, 2016

Section of MD

Existing Provisions

Amended Provisions

18(d)

18(f)

The LIBOR/SWAP rates as on the last working day of the preceding month shall form the base for fixing ceiling rates for the interest rates offered effective in the following month.

18(g)

The interest rates ceiling on FCNR (B) deposits shall be as under:

Period of deposit	Ceiling rate
1 year to less than 3 years	LIBOR/ Swap plus 200 basis points
3 years and above up to and including 5 years	LIBOR/ Swap plus 300 basis points

The interest rates ceiling on FCNR (B) deposits shall be as under:

Period of deposit	Ceiling rate
1 year to less than 3 years	Overnight Alternative Reference Rate* for the respective currency / Swap plus 250 basis points
3 years and above up to and including 5 years	Overnight Alternative Reference Rate* for the respective currency / Swap plus 350 basis points

18(h)

The LIBOR / Swap rates quoted/displayed by Foreign Exchange Dealers Association of India (FEDAI) shall be used as the reference for arriving at the interest rates on FCNR(B) deposits.

*Alternative Reference Rate (ARR) refers to any widely accepted ARR for the respective currency (Ref: RBI circular CO.FMRD.DIRD.S39/14.02.001/2021-22 dated July 08, 2021 on ‘Roadmap for LIBOR Transition’).

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Reserve Bank of India – Tenders

November 11, 2021 root Tenders

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Reserve Bank of India, Premises Department, Central Office, Mumbai had invited e-tender for Tender for Design, Supply, Installation, Testing and Commissioning of Contraband Trace Detection System with all Accessories for Bank’s Central Office Building at Fort, Mumbai, through Press Advertisement, RBI Website and MSTC Portal on October 14, 2021.

In this context, it has been decided to extend the tender for two weeks.

The Revised Bid Close Date for the captioned e-tender is 22.11.2021 upto 2 p.m.

Chief General Manager

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Reserve Bank of India – Press Releases

November 11, 2021 root Press Releases

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Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on November 12, 2021

As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:

(₹ crore)
Security	Notified Amount	Minimum Underwriting Commitment (MUC) amount per PD	Minimum bidding commitment per PD under ACU auction
4.26% GS 2023	2,000	48	48
New GS 2026	6,000	143	143
6.67% GS 2035	9,000	215	215
New GS 2051	7,000	167	167

The underwriting auction will be conducted through multiple price-based method on November 12, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 9:00 A.M. and 9:30 A.M. on the date of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the date of issue of securities.

Ajit Prasad
Director (Communications)

Press Release: 2021-2022/1177

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Reserve Bank of India – Notifications

November 11, 2021 root Notifications

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RBI/2021-2022/122
A.P. (DIR Series) Circular No.17

November 11, 2021

All Category – I Authorised Dealer Banks

Madam/Sir

Exim Bank’s Government of India supported Line of Credit (LoC) of
USD 10.40 million to the Government of the Kingdom of Eswatini (Swaziland)

Export-Import Bank of India (Exim Bank) has entered into an agreement dated February 01, 2021 with the Government of the Kingdom of Eswatini (Swaziland), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 10.40 million (USD Ten million and four hundred thousand only) for the purpose of financing construction of a Disaster Recovery Site, subject to preparation and appraisal of Detailed Project Report (DPR) at a cost not exceeding 1% of the credit, in the Kingdom of Eswatini (Swaziland). Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India, and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.

2. The Agreement under the LoC is effective from September 27, 2021. Under the LoC, the terminal utilization period is 60 months after the scheduled completion date of the Project.

3. Shipments under the LoC shall be declared in Export Declaration Form as per instructions issued by the Reserve Bank from time to time.

4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer (AD) Category- I banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.

5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain complete details of the LoC from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in

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

Yours faithfully

(R. S. Amar)
Chief General Manager

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