RBI directs banks for tight monitoring of export finance
The Dollar Business Bureau A probe initiated by the Enforcement Directorate on a public sector Bank prompted the Reserve Bank of India issue a directive asking all the banks to tighten and monitor their export finance. A notable hike in the number and volume of advances received for exports remaining outstanding beyond the stipulated deadline on account of non-performance of such exports has forced the RBI to issue such a notification, said sources. Usually, the concerned exporters are reminded by the banks to complete their export commitments within the time limits. The RBI has asked the banks to forward such cases where the exporters fail to meet the export requirements to its regional offices within 21 days from the ...
Indian rice exporters demand restoration of Interest Subvention Scheme
The Dollar Business Bureau (Pic - Bazaar-e Reza in Mashhad, Iran) Iran has slowed down purchases of Indian agriculture products in recent months following the ease of sanctions against it earlier this year Faced with various hurdles in the international markets, the All India Rice Exporters Association (AIREA) has urged the government to restore the Interest Subvention Scheme to avert a decline in rice exports and losses this year. After remaining a leader for three years, Indian rice exporters are likely to face a slowdown in FY2014-15 due to geo-political changes, low global prices and high supplies. According to official sources, India exported around 10.9 million tonnes of rice in FY2013-14, and India’s total rice exports during April – September 2014 ...
Indias new Foreign Trade Policy 2014-19: Why not have more IIFTs?
Bidhu Bhushan Palo | @TheDollarBiz Change is in the air, they say. I too see that the spotlight is suddenly on the export sector, a definite focus on mercantilism. Is this a revisit to 1991 when India liberalized its economy as a last resort, but a step that helped India survive and then get noticed as a major economy? I definitely hope so. It would be wonderful to see India’s economy gallop and exports could play a major part in it, doing what the IT and BPO sectors have done for over a decade now. But are we doing enough? It is great to see Prime Minister Narendra Modi speak from the ramparts of the Red Fort, ...
