Which of the following statements are not correct in relation to pre-shipment credit in foreign currency?
Statement I It is a foreign currency loan available, both, to the importers and exporters.
Statement II It is self-liquidating in nature and can be liquidated by purchasing/discounting of bills.
Statement III Refinance from RBI is available to banks against pre-shipment credit in foreign currency.
Statement IV The interest rare shall not exceed 1.75% above six months, LIBOR for the initial period of one month.
A. Statements I, II and III are not correct
B. Statements I, III and IV are not correct
C. Statements II and IV are not correct
D. Statements II and III are not correct
Answer: Option C
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