RBI's external trade facilitation measures to encourage exports: FIEO

RBIs move to simplify its procedures for writing off unrealized export bills particularly during the prevailing circumstances has come as a big relief to the exporters who had anyway invested in the consignments that gave no return, Sakthivel said.

External trade facilitation measures announced by the RBI will provide a big support to exports, industry body FIEO said on Friday. Federation of Indian Export Organisations (FIEO) President Sharad Kumar Saraf said removal of monetary ceiling in respect of direct dispatch of shipping documents to overseas buyers and regularising such cases where export proceeds have been realised, irrespective of value of export shipment, will provide a great relief to exporters whose bills are pending in the EDPMS (Export Data Processing and Monitoring System). "This also addresses the concern of those exporters who were forced to send the documents directly to buyers during COVID times as courier services were not functioning in India due to lockdown," he added. Apparel Export Promotion Council (AEPC) Chairman A Sakthivel also hailed the Reserve Bank of India's decision to liberalise the rules for writing off unrealized export bills, saying it is a big relief to the exporting community. "RBI's move to simplify its procedures for writing off unrealized export bills particularly during the prevailing circumstances has come as a big relief to the exporters who had anyway invested in the consignments that gave no return," Sakthivel said.