The Reserve Bank of India vide circular dated September 28, 2021 has allowed use of any Alternative reference rate in place of LIBOR for interest payable in respect of export / import transactions. In view of the impending cessation of LIBOR as a benchmark rate, it has been decided to permit AD banks to use any other widely accepted/Alternative reference rate in the currency concerned for such transactions.
Consultation paper on Maintenance of Record of Mandatory Communication by Regulated Entities
It is proposed that the regulated entities maybe mandated to maintain the record of all such communication, which are mandated to be communicated under the