NEW DELHI (TIP): The Reserve Bank of India (RBI) has relaxed norms to raise funds from abroad. All types of companies are now allowed to avail trade credit facility from overseas for import of capital goods. “On a review, it has been decided to allow companies in all sectors to avail of trade credit not exceeding US$ 20 million up to a maximum period of five years for import of capital goods as classified by Director General of Foreign Trade (DGFT),” according to RBI. The amended policy has come into force with immediate effect. Earlier, only companies in the infrastructure sector were allowed to raise such trade credits. The ab initio contract period of 15 months for all trade credits has also been relaxed to 6 months by the RBI. All other aspects of trade credit policy will remain unchanged and should be complied with, as per RBI.
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