Will take strict action against wheat exporters on fake, back-dated letter of credit, says Piyush Goyal

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 finance,…

Extension of Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit for exporters

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, 2022banks…