Asia Pacific Journal of Research Vol: I.

Issue XXVI, April 2015

ISSN: 2320-5504, E-ISSN-2347-4793

A STUDY ON FINANCIAL FACILITIES PROVIDED TO EXPORTERS BY EXIM BANK WITH

SPECIFIC REFERENCE TO INDIA

Varun Kesavan
Assistant Professor,
Guruvayurappan Institute of Management, Coimbatore

ABSTRACT
The Export-Import Bank of India (Exim Bank of India) is Indias national Export Finance Institution, fully
owned by the Government of India. The Bank is engaged in financing, facilitating, and promoting Indias two-
way international trade and investment, and seeks to enhance the international competitiveness of Indian
enterprises. Recognizing the dynamics of international trade, Exim Bank of Indias vision has evolved beyond
providing export credit to a conscious, systematic effort at creating international competitiveness capabilities
by arranging competitive finance and services at all stages of the business cycle even during currency turmoil.
Key words: Exim Bank, Export finance, policies, credit, Pre-Shipment, Post -Shipment.

Introduction
Export-Import Bank of India is the premier export finance institution of the country. It commenced operations
in 1982 under the Export-Import Bank of India Act 1981. Government of India launched the institution with a
mandate to not just enhance exports from India, but also to integrate the countrys foreign trade and investment
with the overall economic growth. Exim Bank of India has been both a catalyst and a key player in the
promotion of cross border trade and investment. Commencing operations as a purveyor of export credit, like
other Export Credit Agencies in the world, Exim Bank of India has evolved into an institution that plays a
major role in partnering Indian industries, particularly the Small and Medium Enterprises through a wide range
of products and services offered at all stages of the business cycle, starting from import of technology and
export product development to export production, export marketing, pre-shipment and post-shipment and
overseas investment.

Objectives of the study

1. To study various modes of financing offered to exporters.
2. To study the credit facilities provided to exporters by bank.
3. To study the banking facilities provided to exporters by bank.

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Need For the Study

To know the perception and consumption of exporters towards Exim bank finance and services.
To analyze the role of EXIM in providing guarantee to exporters.
To study the different types of credit facilities provided to exporters by bank.
Methodology

This study is a conceptual one and descriptive in nature with a detailed review of literature. The official
websites of banks were considered along with the available literature. Good journals and research papers were
also required during the study.

Reviews of Literature
Bardhan and Kletzer (1987) focus on an important function of financial systems, which consists to mobilize
savings and to allocate funds to investors. The authors assume that in each country, one sector produces an
intermediate good while the other produces a final good. Producing the final good requires the use of the
intermediate good as an input and committing this resource one period before the output becomes available.
The final good sector thus requires external funds to finance working capital. However, due to information
asymmetries between firms and funders, external financing entails moral hazard problems. In this context, a
weakly developed financial system is unable to alleviate information asymmetries and implies rationing.
Conversely, a highly developed financial system makes it possible to re-duce frictions and finance working
capital more efficiently. As the intermediate goods sector does not require outside financing, financial
development is only beneficial to the final good sector. Finally, the relatively more financially developed
country has a comparative advantage in the final good while the relatively less financially developed country
specializes in the intermediate good.

Beck (2002) extends this analysis by showing that trade patterns depend on differences in financial
development even when both sectors rely on external financing. In his model, one of the two sectors (the
manufacturing sector) exploits increasing returns to scale while the other (the food sector) is characterized by
constant returns to scale. Moreover, savers are assumed to face search costs when attempting to channel their
funds to investors. A well developed financial system makes it possible to mitigate search costs and to allocate
a larger share of funds to productive activities. As the manufacturing sector exploits increasing returns to scale,
it protects from a large volume of external financing to a greater extent than the food sector. Consequently, a
relatively high level of financial development is associated with exporting manufacturing-goods while a
relatively low level of financial development is associated with exporting food-goods.

Baldwin's (1989) model, one of the two sectors in each country is assumed to face demand shocks while
the other sector does not. Unlike the latter, the former thus requires access to the financial system to diversify
risk. Because it allows for a decreased risk premium, a high level of financial development primarily benefits
the risky sector. Therefore, the pattern of trade between the two countries crucially depends on differences in
financial development. Having a relatively well developed financial system allows a country to specialize in
the risky good while having a weakly developed financial system leads to specialize in the non risky good.

Policies of Exim Bank

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Exim Bank Financing Program
The Export-import Bank of India (Exim Bank) provides financial assistance to promote Indian exports through
direct financial assistance Overseas investment finance, term finance for export production and export
development, pre -shipment credit, buyers credit, lines of credit, relining facility, export bills rediscounting,
refinance to commercial banks finance computer software exports, finance for export marketing and bulk
finance to commercial bank. The Exim Bank also extends non- funded facility to Indian exporters in the form
of guarantees. The diversified lending program of the Exim Bank now covers various stages of exports from
the development of export markets to expansion of production capacity for exports, production for exports and
post shipment financing. The Exim Bank's focus is on export of manufactured goods, project exports, export of
technology services and export of computer software.

Financial Policies by Exim Bank

Loans to Indian
Companies

EXIM BANK
FINANCIAL
POLICIES

Loans to Foreign
Governments, Loans to
Companies and Commercial
Financial Banks in India
Institutions

Figure 1 showing Financial Policies Offered BY EXIM Bank

Loans to Indian Companies

Deferred payment exports: Term finance is provided to Indian exporters of eligible goods and a service
which enables them to offer deferred ere overseas buyers. Deferred credit can also cover Indian consultancy,
technology, and other services. Commercial banks participate in this programme directly or under risk
syndication arrangements.

Pre shipment credit: Finance is available from Exim Bank for comp executing export contracts involving
cycle time exceeding six months. The facility also enables provision of rupee mobilisation expenses for
construction/turnkey project exporters.

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Term loans for export production: Exim Bank provides term loans/deferred payment guarantees to 100%
export oriented units, units in trade zones and computer software exporters. In collaboration with International
Finance Corporation, Washington, Exim Bank provides to, enable small and medium enterprises upgrade
export production capability.
Facilities for deemed exports: Deemed exports are eligible for funded and non -funded facilities from Exim
Bank.
Overseas Investment Finance: Indian companies establishing joint ventures overseas are provided finance
towards their equity contribution in the joint venture.
Finance for export marketing: This programme, which is a component of a World Bank loan, helps exporters
implement their export mark development plans.

Loans to Foreign Governments, Companies and Financial Institutions

Overseas Buyer's Credit: Credit is directly offered to foreign entities for import of eligible goods and related
services, on deferred payment.

Lines of Credit: Besides foreign governments, finance is available foreign financial institutions and
government agencies to on- lend in the respective country for import of goods and services from India.

Loans to Commercial Banks in India

Export Bills Rediscounting: Commercial banks in India who an authorised to deal in foreign exchange can
rediscount their short term export bills with Exim Bank, for an unexpired since period of not more than 90
days.

Refinance of export credit: Authorised dealers in foreign exchange can obtain from Exim Bank 100%
refinance of deferred payment loans extended for export of eligible Indian goods.

Refinance of Foreign Currency Pre -shipment Credit: Facility of refinancing of pre -shipment credit
granted in foreign currency is also available from Exim Bank.

Guaranteeing of Obligations

Exim Bank participates with commercial banks in India in the issue of guarantees required by Indian
companies for export contracts and for execution of overseas construction and turnkey projects.

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FINANCIAL PRODUCTS OF EXIM BANK

OVERSEAS
INVESTMENT
FINANCE

BUYERS PROJECT
CREDIT EXPORTS

CORPORATE LINES OF
BANKING CREDIT

Figure 2 Showing Financial Products Provided By EXIM Bank

Overseas Investment Finance Program

Exim Bank encourages Indian companies to invest abroad for, inter alia, setting up manufacturing units and for
acquiring overseas companies to get access to the foreign market, technology, raw material, brand, IPR etc. For
financing such overseas investments, Exim Bank provides:
a) Term loans to Indian company are up to 80% of their equity investment in overseas JV/ WOS.
b) Term loans to Indian companies towards up to 80% of loan extended by them to the overseas JV/
WOS.
c) Term loans to overseas JV/ WOS towards part financing
(I) Capital expenditure towards acquisition of assets,

(ii) Working capital,

(iii) Equity investment in another company,

(iv) Acquisition of brands/ patents/ rights/ other IPR,

(v) Acquisition of another company,

(vi) Any other activity that would otherwise be eligible for finance from Exim Bank had it been an
Indian entity.

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d) Guarantee facility to the overseas JV/ WOS for (e) raising term loan/ working capital.

Eligibility to Avail Finance or Services:

Exim Bank's funded/ non-funded assistance is generally with recourse to the Indian promoter Company. Exim
Bank financing is available in Indian Rupees (to the Indian borrower) and in foreign currency [as per extant
RBI guidelines]. Commercial interest rates are charged on the term finance. The tenor range is usually 5-7
years with a suitable moratorium, and repayments in suitable monthly/ quarterly installments. Promoter margin
is minimum 20% and security will include inter alia appropriate charge on the assets of the overseas entity,
Corporate Guarantee of the Indian promoter backed by appropriate charge on its assets, Political and/ or
commercial risk cover, Pledge of shares held by the Indian promoter in the overseas venture etc.

Project Exports
Projects involve activities like engineering, procurement, construction (civil, mechanical, electrical or
instrumental), including provision of all desired and specified equipment and / supplies, construction and
building materials, consultancy, technical know-how, technology transfer, design, engineering (basic or
detailed), commissioning with other all such related services as are needed by the existing or new projects /
plants / processes involving international competitive bidding (thus including even Multilaterally Funded
Projects in India). Project exports occupy an important place in India's export portfolio. The contracts secured
in the recent years have been quite diverse in nature, indicating the growing versatility and technological
capabilities of Indian project exporters.
Funding Facilities under Project Exports
Pre-Shipment Credit in Indian Rupees and Foreign Currency provides access to finance at the manufacturing
stage - enabling exporters to purchase raw materials and other inputs. The facility also enables provision of
Rupee/FC mobilization expenses for construction/turnkey projects. Exporters can also avail Foreign Currency
Pre-shipment Credit facility to import raw materials and other inputs required for export
production.production.
Post-Shipment Credit finances the export bill after shipment has been made. This facility enables Indian
exporters to extend term credit to importers (overseas) of eligible goods at the post-shipment stage.
Construction / turnkey projects. Exporters can also avail Foreign Currency Pre-shipment Credit facility to
import raw materials and other inputs required for export production.
Eligibility for Pre and Post Shipment Credit: Indian manufacturers and project exporters can take advantage
of these facilities to support their export trade financing requirement. The facilities cover Indian capital and
engineering goods and related services. One of the following securities is taken by Exim Bank: Cash
Collateral; Corporate Guarantee; Shareholders and / or Directors Guarantee; Landed property; Charge on
fixed and/or floating assets of customers; Assignment of insurance policies, agreements, contract proceeds,
rights and benefits; Any other security acceptable to the Bank.
Export Project Cash Flow Deficit Finance (EPCDF) is provided to Indian Project exporters executing
project export contract overseas. The facility (INR/FC) enables project exporters to take care of temporary
deficits in their cash-flow during contract execution period.
Eligibility: Indian companies executing contracts within India, but which are financed by multilateral funding
agencies, or contracts for which deemed export benefits are available under Foreign Trade Policy, can avail of
credit under our Finance for Deemed Exports facility, aimed at helping them meet cash flow deficits.

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Non Funding Facilities under Projects Exports

ADVANCE
PAYMENT
GUARANTEE

PERFORMANCE
GUARANTEE

RETENTION
OTHER
MONEY
GUARANTEES
GUARANTEE

Figure 3 Showing Non Funding Facilities Under Projects Exports

Advance Payment Guarantee (APG): Issued to project exporters to secure a project mobilization advance as
a percentage (10-20%) of the contract value, which is generally recovered on a pro-rata basis from the progress
payment during project execution.
Performance Guarantee (PG): IPG for up to 5-10% of contract value is issued valid until completion of
maintenance period and/or grant of Final Acceptance Certificate (FAC) by the overseas employer/client.
Retention Money Guarantee (RMG): This enables the exporter to obtain the release of retained payments
from the client prior to issuance of Project Acceptance Certificate (PAC)/ Final Acceptance Certificate (FAC).
Other Guarantees: e.g. in lieu of customs duty or security deposit for expatriate labour, equipment etc.
Eligibility: Indian project exporters securing overseas or deemed export contracts.
Export- Oriented Units, Corporate Banking
The Bank offers a number of financing programmes for Export Oriented Units (EOUs), importers and for
companies making overseas investments. The financing programmes cater to the term loan requirements of
Indian exporters for financing their new project, expansion, modernization, and purchase of equipment, R&D,
overseas investments and also the working capital requirements.

Finance for Corporate Sector

Research & Development Finance for Export Oriented Units:

Exim Bank encourages Indian exporters to invest more in their R&D spending in order to develop new
products/processes/ IPRs for enhancing export capabilities. Considering the need to bridge the funding gap of
Indian exporters in R&D space, the Bank has a dedicated R&D Financing Programme. Under the said

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Programme, financing for R&D can be extended to any export oriented company/ SPV promoted by
companies, irrespective of the nature of industry.

The financing covers both capital and revenue expenditure including inter alia:

Land and building, civil works for housing eligible R&D activities;

Equipments, tools, computer hardware/ software, miscellaneous fixed assets used in eligible R&D
activities;

Acquisition of technology from India or overseas at the proof of concept or design stage, which will be
used to develop new product/ process.

Salaries of R&D personnel, support staff during the R&D project phase including training costs;

Cost of regulatory approvals, filing and maintenance of patent registration;

Product documentation and allied costs during the R&D project phase.

Costs of materials, surveys, technology demonstration studies and field trial

Any other costs to enhance R&D capability.

Eligibility:

Export oriented firms with exports (actual/projected) of at least `5 crores or 10% of annual turnover.

R&D finance is generally extended up to 7 years. However, longer tenors with suitable interest resets
would be permissible. Structured repayment can be considered to match the cash flow.

Up to 80% of the total project cost can be funded.

Security to include, inter alia, appropriate charge on the assets, Corporate Guarantee, charge/ assignment
on the regulatory approval/ IPR, personal guarantee etc.

Pre-shipment/Post-shipment Credit Programme:

Exim Bank extends export credit to Indian exporters to meet a wide range of trade financing requirements for
execution of an export transaction. The Bank provides working capital finance by way pre-shipment credit and
post-shipment credit. Bank also extends as part of export credit assistance, non-fund based limits inter alia
including issuance of Letters of Credit (both Foreign & inland) and Bank Guarantees (both Foreign & inland)
for its clients. The credit limits are generally extended as part of Borrowers consortium limit and are operated
as a running account facility. The limits may be renewed for further period subject to satisfactory review of
account and depending on the Borrowers export credit requirement. The facilities can be drawn in either
Indian Rupee or Foreign Currency.

Eligibility:

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Indian exporters with a track record.

The limit should be within the MPBF of Borrowers assessed bank finance.

Margin of 15-20% under pre-shipment and 0-10% under post-shipment.

Adequate security to be provided. Typical security includes appropriate charge on the current assets
including export receivables, ECGC cover etc.

Lending Programme for Export Oriented Units:

Exim Bank provides term loans to export oriented Indian companies to finance various capital expenditures
including certain soft expenditures in order to improve their export capability and to enhance their international
competitiveness. Loans/Guarantees are extended for the following purposes: Expansion, modernization, up
gradation or diversification projects including acquisition of equipment, technology etc.; export marketing;
export product development; setting up of Software Technology Parks;

Eligibility:

Manufacturing/trading/services companies with a minimum export orientation (actual/projected) of 10% of

their annual turnover, or exports of `5 Crores p.a., whichever is lower [inclusive of exports through
Export/Trading Houses], are eligible to avail finance from Exim Bank. Exim Bank financing is available in
Indian Rupees and in foreign currency [as per extant RBI guidelines]. The tenor range is usually 7-10 years
with a suitable moratorium, and repayments in suitable monthly/ quarterly instalments. Promoter margin is
minimum 20% and appropriate charge on the fixed assets of the company/project plus any other acceptable
security including personal guarantees may be stipulated.

Finance for MSMEs

Apart from the Corporate Banking facilities, there are additional services that Exim Bank offers to support
Small and Medium Enterprises.

SME-ADB Line:

Exim Bank has arranged for a credit line from the Asian Development Bank (ADB) for providing foreign
currency term loans to the MSME borrowers in certain specific lagging states of India, viz. Assam, Madhya
Pradesh, Orissa, Uttar Pradesh, Chhattisgarh, Jharkhand, Rajasthan and Uttarakhand. These foreign currency
term loans can also finance domestic capital expenditure of the borrowers in Indian Rupees, besides meeting
their foreign currency capital expenditure requirements. The assistance to these MSMEs will help in increasing
competitiveness in the relatively backward states and help in integrating them into the mainstream economy.

Eligibility:

Export oriented MSMEs (as defined in MSMED Act, 2006) incorporated in the above mentioned lagging states

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Purpose:

To meet long term foreign currency loan requirements of Indian exporting entities in the MSME sector for
financing their eligible capital expenditure. pertaining to inter alia setting up of new facilities,
expansion/modernization of existing facilities, acquisition of equipment and plant & machinery, setting up of
testing/R&D facilities, setting up of captive power plants/co-generation plant, setting up of infrastructure
facilities like effluent treatment plants, storages/warehouses, etc. The Tenor of the loan will be up to 7 years
including suitable moratorium.

Technology & Innovation Enhancement and Infrastructure Development Fund (TIEID):

With a view to facilitate credit flow to the MSME sector at competitive rates, Exim Bank has set up a
Technology and Innovation Enhancement and Infrastructure Development (TIEID) fund of USD 500 mn
exclusively for MSMEs, to augment their export competitiveness and internationalisation efforts, by partnering
with banks / FIs. TIEID seeks to meet long term foreign currency loan requirements of Indian exporting
entities in the MSME sector for meeting capital expenditure, through refinancing of Banks / FIs against their
eligible SME financing portfolio.

Eligibility:

Scheduled Commercial Banks / Financial institutions in India having acceptable credit risk for on-lending to
MSME units.

Eligible Beneficiary:

Ultimate Beneficiary of the Foreign Currency funds provided to eligible Banks/FIs shall be MSME units in
India having a minimum export orientation of 10% of annual turnover or exports of ` 5 crores p.a in absolute
terms, whichever is lower. The loan should be used to meet long term foreign currency loan requirements of
Indian exporting entities in the MSME sector for meeting eligible capital expenditure. Eligible capital
expenditure include technology up gradation, capacity creation, common infrastructure development like
captive power plant, common effluent treatment plant, hazardous waste disposal facility, testing facilities etc.

Lending Programme for Financing Creative Economy:

The Creative Industries are those industries which have their origin in individual creativity, skill and talent and
which have a potential for wealth and Job creation through the generation and exploitation of intellectual
property viz., Advertising, Architecture, Art and Antiques Market, Crafts, Design, Designer Fashion, Film and
Video, Interactive Leisure Software, Music, Performing Arts, Publishing, Software and Computer Services,
Television and Radio etc. In view of the large untapped potential for increasing exports by the creative
industries and in order to provide a strategic focus to this sector and enhance Exim Banks presence in the
creative economy space, and as a corollary, in the MSME segment, Exim Bank has introduced a Programme
specifically for financing the Creative Economy.

Eligibility:

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The illustrative list of industry sectors include Heritage {Traditional Cultural Expressions (Art & Crafts,
Festivals, Celebrations etc), Cultural Sites (Historical Monuments, Museums, Libraries, Archives etc)}; Arts
{Visual Arts (Painting, Sculpture, Antique, Photography etc), Performing Arts (Live Music, Theatre, Dance,
Opera, Puppetry etc)}; Media { Publishing & Printed Media (Books, Newspapers, Press & other Publications),
Audio Visuals (Film, TV & Radio, Broadcasting etc), New Media (Digitised Content, Software, Video Games,
Animations etc); Functional Creations { Design (Interior, Graphic, Fashion, Jewellery, Toys etc), Creative
Services (Architecture, Advertising, Creative R & D, Cultural Services, Digital Services etc)}

Finance for Grassroots Enterprises

The Bank supports globalization of enterprises based out of rural areas of the country through its GRID
program. Through this initiative, the Bank extends financial support to promote grassroots
initiatives/technologies, particularly those having export potential. The objective of the program is to help
artisans/producer groups/clusters/small enterprises across the country realize remunerative return on their
produce essentially through facilitating exports from these units. The group handles credit proposals from such
organizations working at the rural /grassroots level and offers tailor-made financial products to cater to their
needs. The group is mandated to work towards developing a robust, vibrant, and holistic approach in its
intervention by providing assistance at various stages of product development / business cycle including
capacity building, export capability creation, expansion/diversification, and finally exports. The broad areas of
support extended by the Bank through its grassroots initiatives inter alia include capacity building,
development of common facility centres, and construction of raw material bank, technology up gradation and
creation of export capability.

Eligibility:

The organisations eligible for support should meet various criteria including, but not limited to the following:

Should be a legal entity registered under respective State/Central Govt. Act as a Society, Trust, Co-
operative, Private Limited Company, Producer Company, or NGO etc;

Should be working with communities at grassroots level for promoting income generating activities
(IGAs) based on the traditional skills using indigenous or locally available materials in the areas of
product development & design, capacity building, market development etc.;

Should have proven track record of creating /adopting sustainable livelihood model which could be up
scaled and replicated across the geographies sharing similar characteristics (demographic, cultural, socio-
economic similarities, etc

Should be exporting, directly or indirectly

Line Of Credit (LOC) is a financing mechanism through which Exim Bank extends support for export of
projects, equipment, goods and services from India. Exim Bank extends LOCs on its own and also at the
behest and with the support of Government of India. Exim Bank extends Lines of Credit to

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(A). Foreign Governments or their nominated agencies such as central banks, state owned commercial banks
and para-statal organizations;

(B). National or regional development banks;

(C). Overseas financial institutions;

(D). Commercial banks abroad;

(E). other suitable overseas entities.

The above mentioned recipients of LOCs act as intermediaries and on lend to overseas buyers for import of
Indian equipment, goods and services. LOC is a financing mechanism that provides a safe mode of non-
recourse financing option to Indian exporters to enter new export markets or expand business in existing export
markets without any payment risk from the overseas importers.

Broad Guidelines And Procedure For Government Of India Supported Lines Of Credit

The Government of India (GOI), in 2003-04, formulated the Indian Development Initiative (IDI), now known
as Indian Development and Economic Assistance Scheme [IDEAS] with the objective of sharing Indias
development experience through.

(a) capacity building and skills transfer,

(b) Trade, and

(c) Infrastructure development,

By extending concessional Lines of Credit (LOCs) routed through Exim Bank, to developing partner countries,
towards creating socio-economic benefits in the partner country. Recently, the Ministry of External Affairs
(MEA) has set up the Development Partnership Administration (DPA) Division to deal with Indias
development assistance programmes abroad, including LOCs routed through Exim Bank. These LOCs are now
increasingly being extended to partner countries for large-scale and complex projects (project exports from
India).

Bilateral or multilateral assistance, through lines of credit, typically follows a sequence of standard
procedures, viz.
(A) . Project identification and preparation.
(B) . Review and approval of the project proposal,
(C). Offer of the loan, acceptance and execution of loan agreement,
(D). Project implementation, monitoring and supervision, and
(E). Socio-economic impact on assessment of project completion.

The lessons learned from the impact assessment / evaluation act as a feedback to the preparation, review and
implementation of future projects. This process forms the 'project cycle.'

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Broad guidelines and procedures laid down by Exim banks for its own commercial lines of credit.

Exim Bank, since its inception, has been extending LOCs to various countries to promote export of Indian
projects, products and services. Under the LOCs extended by Exim Bank to overseas financial institutions,
foreign governments, regional and national development banks and commercial banks, Exim Bank finances all
items eligible for being exported under the 'Foreign Trade Policy' of Government of India. The credit periods
for these LOCs are generally up to 7 years and the LOCs typically carry LIBOR-linked interest rates.

Conclusion

After a detail study on Exim banks financial assistance and policies. It can be concluded that over a period of
decade Exim bank has showcased an extraordinary, exemplary performance in providing assistance to exports
and export oriented projects in India and in abroad. Developing nations like India on edge of growth has
concentrated more on enhancing the value and volume of the export turnover in order to attain better economic
stability and development, which enables country to generate better employment opportunities leading to
optimum utilization of available resources and it has also extended its support to finance all sorts of exports,
even though comprising of high risk. According to present scenario Exim bank has played a significant role in
improving and promoting export turnover to larger spectrum both nationally and internationally.

References

1. Parvata Raj Prabhu A Study on Role of Exim Bank in Export trade. Asia Pacific Journal of
Research Vol no 1, Issue no 7, pp 122 123.

2. EXIM BANK WEBSITE - WWW.EXIMBANK.IN

3. RBI WEBSITE - www.rbi.org.in

4. Rushabinfosoft.com/webpages/bhtml/ch-7.htm.

5. www.google.com (Finance and international trade. A review of the literature).

6. http://shodhganga.inflibnet.ac.in:8080/jspui/bitstream/10603/8376/6/05_chapter%202.pdf.

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