Use of any Alternative reference rate in place of LIBOR( Libor Interbank Offered Rate) for interest payable in respect of export/import transactions

RBI vide Notification No. RBI/2021-22/101 dated 28th September, 2021 has issued notification for 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. All other instructions in this regard shall remain unchanged.

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12168&Mode=0

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