Exim Bank to raise Rs.3k cr to ease exports to Iran
The Dollar Business Bureau Exim Bank, the major export finance institution in India, plans to raise a fund of Rs.3,000 crore from the domestic market to finance purchase of goods and services from India by Iran’s railways and for the development of a port in the Islamic Republic. Exim Bank has offered credit lines amounting to Rs.3,000 crore through the Export Development Fund (EDF) to seven banks in Iran for utilising the amount for importing steel rails from India and for the development of Chabahar port. Created under the Export-Import Bank Act, the EDF is a distinct fund, which can be used only for some particular activities after the government’s approval. The government has already approved 2.5 lakh metric tonnes of steel exports from ...
India increases export funds to Iran to Rs.3000 cr
The Dollar Business Bureau In order to boost the Indian exports to Iran, the government of India on Wednesday has increased the outlay of export funding to Rs.3000 crore from Rs.900 crore. The move approved by the Union Cabinet was chaired by the Prime Minister by utilising the Export Development Fund (EDF). "The proposal will promote the country's exports with Iran. It will also deepen India's relationship with Iran as a strategic partner," the government revealed in its official statement. The increase in the funding to Rs.3000 crore would permit Exim bank to provide buyer’s credit facility to Iran which is secured via sovereign guarantee from India, for the export of goods and services. With the increase in this framework agreement between Exim Bank of ...
Tax reforms, changes in import duties among FIEOs recommendations to government
The Dollar Business Bureau In an attempt to clarify its stand on the requirements of the export community of India, the Federation of Indian Export Organisation (FIEO) has laid out its recommendations and complaints to the Finance Ministry. In a meeting with Arun Jaitley, Finance Minister, today, Rafeeque Ahmed, President, FIEO, said that the government should remove the National Calamity Contingent Duty (NCCD) on crude oil imports in order to support petroleum product exports which account for over 19% of India’s total exports. “Removal of this duty on imports under advance licenses, which only earns the Government a sum of less than Rs.100 crore per annum, will lead to improving the competitiveness of Indian exports,” he said. The FIEO chief ...
