36.1 C
Delhi
Thursday, March 28, 2024
spot_img
spot_img

No automatic caution listing of exporters: RBI

Mumbai, Oct 9, 2020-

As part of the government’s Ease of Doing Business initiative and to make the systems more exporter-friendly and equitable, the Reserve Bank of India on Friday decided to discontinue the Automatic Caution-listing of exporters.

As part of the automation export data processing, Caution/De-caution Listing of exporters was automated in 2016. This basically barred exporters from getting any realisation of export proceeds if any shipping bill against them remained outstanding for more than 2 years.

Additionally, the normal system of caution-listing based on the recommendations of the Authorised Dealer (AD) bank before the expiry of 2 years in certain cases continued.

“In order to make the system more exporter-friendly and equitable, it has been decided to discontinue the Automatic Caution-listing,” an RBI statement said.

The apex bank, however, will continue with caution-listing based on the case-specific recommendations of the (authorised dealer) AD bank.

The RBI will issue related instructions to operationalise the changes shortly.  (Agency)

Yes Punjab Online Since 2012


Click here to Like us on Facebook


TOP STORIES

PUNJAB NEWS

TRANSFERS & POSTINGS

Stay Connected

223,537FansLike
113,236FollowersFollow

ENTERTAINMENT

NRI - OCI

GADGETS & TECH

SIKHS

NATIONAL

WORLD

OPINION