What changed
RBI withdrew 46 circulars dating from 1968 to 1990, all tied to the Export Credit (Interest Subsidy) Scheme, 1968. These circulars covered interest subsidy, packing credit, and audit requirements for export credit. The withdrawal is effective from close of business on May 2, 2022.
What it means for you
Banks no longer need to reference these decades-old circulars for export credit operations, simplifying compliance. The move signals RBI's push under RRA 2.0 to streamline regulations and remove obsolete instructions. Lenders should ensure their internal policies align with current export credit frameworks, not these withdrawn circulars.
What you must do
- Remove references to the 34 withdrawn circulars from your internal compliance checklists and manuals.
- Update your export credit processing systems to rely on current RBI master directions and circulars.
- Brief your trade finance and compliance teams on this withdrawal to avoid using outdated instructions.
- Review any pending claims or audits that might have referenced these circulars and adjust accordingly.
Who it affects
Scheduled Commercial Banks including RRBs, Payments Banks, Small Finance Banks, Local Area Banks, Authorized Dealers, Primary (Urban) Co-operative Banks
Why did RBI withdraw these 34 circulars?
As part of the Regulations Review Authority (RRA 2.0) interim recommendations, RBI is cleaning up outdated circulars that are no longer relevant. These specific circulars from 1968-1984 pertained to the Export Credit (Interest Subsidy) Scheme, 1968, which has been superseded by modern frameworks.
Do I need to take any immediate action for past claims under these circulars?
The circulars are withdrawn effective May 2, 2022. For past claims, you should consult current RBI guidelines on export credit. The withdrawal does not retroactively affect valid claims made before this date, but future operations must follow updated regulations.