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Jute Policy |
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Schemes |
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Jute Packaging Material (Compulsory Use) Act, 1987 |
Monetary and Credit Policy for 2002-03 Unveiled
by RBI |
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Essential Commodities Act, 1955 (10 of 1955) | |||||
Jute Products, in Order of Indian Trade Classification Code NO. |
i. |
bank rate kept unchanged at 6.5%; but it could be cut 50 basis points if inflation rate continues to remain low. |
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National Textile Policy - 2000 | ii. |
cash reserve ratio (CRR) reduced from 5.5% to 5.0% from June 15, 2002, date may be advanced if the situation so warrants. |
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Jute Policy Schemes | iii. |
banks asked to declare their maximum and minimum lending rates and to reduce spreads over prime lending rate (PLR). |
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iv. |
interest rate on export credit in foreign currency lowered to LIBOR plus 0.75% from LIBOR plus 1%. |
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v. |
interest rates on both preshipment and postshipment export credit in repee terms at 2.5% below PLR of the banks will be applicable upto September 30, 2002 in place of March 31, 2002. With this |
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concession and facility to sell export earnings in the forward market, taking into account forward premia, effective interest cost to exporters stands at an internationally competitive rate. |
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vi. |
for small scale units, banks may, on the basis of good track record of the units and their financial position, raise the limit for |
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non-collaterised loans to Rs. 15 lakh from Rs. 5 lakh at present. |
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vii. |
banks advised to introduce inflation-linked flexible interest rate system (with a fixed rate option also) with reset at 6-monthly intervals for depositors. |
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viii. |
minimum lending rate abolished for cooperative banks. |
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PAN Compulsory for Bank Deals above Rs. 50,000/- | |||||
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Source : Press report |
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