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.