Chapter 11



11.1 The Government of Hungary had extended a credit of Rs 250 million comprising Rs 175 million as Government-to-Government Credit and Rs 75 million as Suppliers credit. Against the Government-to-Government credit the total contracting upto terminal date of the credit ie, December 31, 1977 was about Rs 24 million. The non-contracting balance of about Rs 98 million lapsed on December 31, 1977, pari-passu with the termination of the rupee payment arrangement between the two countries on 31-12-1978. From 1-1-1979 the Indo-Hungarian trade is conducted in convertible currency.

11.2 The credit extended carries a rate of interest of 4.5% and is repayable over 15 years, including a grace period of 3 years.

11.3 The utilisation and debt servicing thereof are given in Annexure I.