《外汇管理法》项下的贸易信贷

商业信用是日常商业交易中一个非常普遍的术语。商业信用是一种短期融资来源，供应商向买方提供约定的信用期，允许买方在无需支付任何利息的情况下，为所供应的商品或服务进行付款。

在境内市场提供商业信用时，可以通过商业条款进行，无需政府的干预或监管。然而，从国际市场获取商业信用并非免费，而是受到政府通过《外汇管理法》（FEMA）的监管。

在本文中，您将简要了解什么是商业信用，以及与商业信用相关的FEMA法规。

1. 商业信用简介

1.1 什么是商业信用？

• 商业信用是一种企业对企业（B2B）协议，客户可以在无需预付现金的情况下购买商品，并在稍后约定的日期向供应商付款。

通常，实行商业信用政策的企业会提供10天到90天的付款信用期。信用期由企业的内部政策决定。

1.2 商业信用对供应商的益处

• 商业信用是一种促进销售的方式，因为买家更倾向于选择那些提供延期付款选项的供应商。

• 提供商业信用可以加强供应商与客户之间的关系，通常也能防止买家转向其他供应商。

• 由于商业信用使供应商处于某种程度的劣势，许多供应商在涉及商业信用时会使用折扣来鼓励提前付款。如果客户在到期日之前的特定天数内付款，供应商可能会给予折扣。

例如，如果在30天信用期内，于10天内收到付款，则给予2%的折扣。这种折扣被称为“2%/10 net 30”或简称为“2/10 net 30”。

1.3 商业信用对买方的益处

• 商业信用可以被视为一种零利率融资，它在增加公司资产的同时，将特定商品或服务的付款推迟到未来某个时间，且在还款期内无需支付任何利息。

• B2B商业信用可以帮助企业在支付货款之前就获得、制造并销售商品。这使得企业能够获得收入流，从而回溯性地覆盖销售成本。

沃尔玛是商业信用的最大使用者之一，他们寻求对门店销售的库存进行回溯性付款。

• 提供信用的天数由允许信用的公司决定，并由提供信用的公司和接收信用的公司双方共同商定。

1.4 商业信用的类型有哪些

商业信用的形式包括赊账、本票或应付票据：

• An open account is an informal agreement where the seller sends the goods and an invoice to the buyer. 
• A promissory note is a formal agreement where the buyer agrees to the terms, including the payment date, and signs and returns the document to the seller. 
• Bills payable refer to financial instruments drawn by the seller and accepted by the buyer with an agreement of payment on the expiry date.

2. Trade Credit From international market - Master Guidelines

• Section 6 of the Foreign Exchange Management Act provides a list of Capital Account transactions. As per Section 6(3)(d) of FEMA, the Reserve Bank of India may prohibit, restrict or regulate any borrowing or lending in foreign exchange. 

• Trade Credit obtained from the international market is a form of Capital Account transaction and pursuant of Section 6(3)(d), the same is regulated by RBI.

• Master Direction - External Commercial Borrowings, Trade Credits, and Structured Obligations (“ECB Master Directions”) are issued by RBI vide RBI/FED/2018-19/67 FED Master Direction No.5/2018-19 dated 26th March 2019. These master directions are issued in suppression of earlier issued Master Direction date 1st January, 2016.

• Key Highlights of ECB Master Directions are as follows:

2.1 Meaning of Trade Credit under FEMA

• As per Para 13 of ECB Master Directions, Trade Credits (TC) refers to the credits extended by the overseas supplier, bank, financial institution, and other permitted recognized lenders for maturity, for imports of capital/non-capital goods permissible under the Foreign Trade Policy of the Government of India. Depending on the source of finance, such TCs include suppliers’ credit and buyers’ credit from recognized lenders.

The key highlights of the ECB Master Direction are set out below :

2.2 Trade Credit (TC) Framework

1. TC Limits: Following Trade Credits are permitted under the automatic route:
   1. Trade Credits can be raised up to USD 150 Million per import transaction in relation to oil/gas refining and marketing, airline, and shipping companies.
   2. In other cases, TCs can be raised up to USD 50 million or its equivalent per import transaction. 

2. Form of TC: Trade Credits are of two types namely Suppliers’ Credit and Buyers’ Credit. In both cases, a credit facility is provided to the Indian Customer. However, the person providing the credit varies.
   • Buyers’ Credit: Under this facility, finance for the import of goods in India is provided by a bank or financial institution situated outside India in the following manner:
     • Indian customers approach a foreign bank or foreign branch of an Indian bank or any foreign financing institution for providing credit facilities.
     • Such foreign entity grants financing to the importer based on a guarantee given by the Importer’s Bank.
     • On purchase of goods, the foreign entity makes immediate payment to the foreign supplier and the Importer can make payment to the foreign entity within the agreed time.
   • Supplier’s Credit: Under this facility, credit is provided by the supplier himself instead of any bank or financial institution.

3. Denomination of TC: TCs can be raised in any freely convertible foreign currency (TC Denominated in FCY) or Indian Rupees (TC denominated in INR). Further, a change of currency of TC from FCY to any other freely convertible foreign currency or INR is freely permitted. However, a change of currency from INR to any freely convertible foreign currency is not permitted.

Further, for a change of FCY TC to INR TC, the exchange rate prevailing on the date of the agreement between the parties concerned for such change or at an exchange rate, which is less than the rate prevailing on the date of the agreement, if consented to by the TC lender.

For conversion to Rupee, the exchange rate shall be the rate prevailing on the date of settlement.

4. Eligible Borrower: Any person resident in India and acting as an importer can raise TC. Further, TCs can also be raised by: 
   1. a unit or developer in an SEZ (including a Free Trade Warehousing Zone (‘FTWZ’)) for the purchase of capital or non-capital goods within an SEZ including FTWZ; and 
   2. an entity in a Domestic Tariff Area for the purchase of capital or non-capital goods from a unit or developer of an SEZ including FTWZ.
   3. Further, in the case of sales transactions within  SEZ, no bill of entry is involved. Therefore, the inter-unit receipt generated through NSDL can be treated as an import document.

5. Recognized Lender : 
   1. Buyers’ credit: Banks, financial institutions, foreign equity holders located outside India, and financial institutions in International Finance Service Centers located in India can provide TC. Foreign branches/subsidiaries of Indian banks are permitted as recognized lenders only for FCY TC.
   2. Suppliers’ Credit: Supplier of goods

6. Period of TC: Following is the permitted period of TC:
   1. Import of capital goods: TC can be raised for up to 3 years.
   2. Import of Non-capital Goods: the period is capped at 1 year or the operating cycle, whichever is less. 
   3. In the case of shipyards/shipbuilders: the period of TC for the import of non-capital goods is up to three years.

7. All-In-Cost: All-in cost refers to the cost of financing, i.e., the cost incurred by the importer for obtaining Trade Credit. For TC, All-in-Cost shall include the rate of interest, other fees, expenses, charges, and guarantee fees whether paid in foreign currency or INR. Withholding tax payable (TDS) in INR shall not be a part of all-in-cost. Further, TC proceeds cannot be used for payment of interest/charges. Following is the AIC ceiling per annum:
   1. TC Denominated in FYC: For existing TCs linked to LIBOR whose benchmarks are changed to ARR, Benchmark rate plus 350 bps spread. For new TCs, Benchmark rate plus 300 bps spread
   2. TC Denominated in INR: Benchmark rate plus 250 bps spread. 

8. Security for TC: Foreign Banks or Financial institutions have no knowledge about the Financial position of the importer. Therefore, they need security for providing Trade Credit to the importer. TCS can also be secured by: 
   • Bank Guarantee: 
     1. AD banks provide bank guarantees in favor of overseas lenders on behalf of the importer for an amount not exceeding the TC; 
     2. Overseas guarantees issued by foreign banks or overseas branches of Indian banks.
     3. The period of such a guarantee cannot be beyond the maximum permissible period for TC.
   • Other Security: The importer may also offer the security of movable assets (including financial assets) / immovable assets (excluding land in SEZs) / corporate or a personal guarantee for raising trade credit.

2.3 Reporting Requirement of Trade Credits:

贸易信贷必须进行以下申报：

1. 月度申报：
   • 第一类授权交易（AD Category I）银行须提供其所有分支机构在当月批准的贸易信贷（TC）的提取、使用及偿还等详细信息。此类信息应以 TC 表格形式提交给国际贸易与金融司司长。
   • 该表格应以 MS Excel 文件格式通过电子邮件提交。
   • 申报表须在次月 10 日前送达。
   • 每笔贸易信贷均须由授权交易银行分配一个唯一的识别码。

2. 季度申报：
   • 第一类授权交易银行还须提供其所有分支机构为贸易信贷所开具的银行保函的详细信息。
   • 此类信息应以汇总报表形式，按季度在 XBRL 平台上进行申报。

2.4 合规责任

1. 遵守贸易信贷政策的首要责任在于进口商。
2. 然而，授权交易银行也应确保其客户遵守贸易信贷政策的相关参数及 1999 年《外汇管理法》的规定。
3. 此外，印度储备银行（RBI）并未规定贸易信贷安排或贷款协议的记录格式或方式。因此，授权交易银行可自行决定通过何种文件来核实基础贸易信贷安排。
4. 授权交易银行应确保此类交易不存在重复融资的情况。