The political turmoil in Bangladesh that deepened on Monday with Sheikh Hasina resigning as the country’s prime minister and flying out has raised concerns among Indian exporters, who see the ongoing political turmoil potentially leading to disruption in the flow of goods at the India-Bangladesh border and payment delays to Indian traders. There is, however, hope among traders that the situation may not take too long to normalise. Monday’s developments in Bangladesh came at a time when the country is grappling with an economic crisis. High inflation has eroded Dhaka’s…
Tag: exporters
Will take strict action against wheat exporters on fake, back-dated letter of credit, says Piyush Goyal
[ad_1] Union Commerce, Industry and Food Minister Piyush Goyal on Friday said the government will take strict action against exporters who had created fake, back-dated letters of credit (LCs) on May 13 to ban wheat exports. “We are examining all possibilities of any exporter who has tried to sabotage the system,” he said. While barring wheat exports last month to control rising domestic prices, the government had made it clear that shipments backed by LCs issued before the ban was announced would be allowed. Goyal said an inter-ministerial committee comprising…
Extension of Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit for exporters
[ad_1] RBI circular no. RBI/2021-22/180 DOR.STR.REC.93/04.02.001/2021-22 continue on 8th March 2022 Expands interest equalization scheme for rupee export credit before and after shipment From 1st October, 2021 and 31. will endscheduled tribe March 2024 or till next review, whichever is earlier. The Interest Equalization Scheme for providing Rupee Export Credit before and after shipment to eligible exporters is effective from 1st April 2015. In April last year, this scheme was first extended till June 2021 and later till September 2021. for the period from October 1, 2021 to March 31,…