Log In

 

Company Name : TEXPROCIL

Friday, April 21, 2017 5:10PM IST (11:40AM GMT)

RBI Caution List is a Matter of Concern for Textiles Exporters says Chairman, TEXPROCIL


Mumbai, Maharashtra, India

> <
  • ShriShri Ujwal Lahoti, Chairman - TEXPROCIL
 
The EDPMS (Export Data Processing and Monitoring system) which has been introduced by RBI to monitor payments against Export Bills requires all banks to report in this system details of the export proceeds realization pertaining to the shipping bills filed after February 28, 2014.
 
A large number of textiles exporters have pointed out that many of the banks have not completed the EDPMS updation of the shipping bills, said Shri Ujwal Lahoti, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL). 
 
As an interim relief, RBI has granted temporary exemption up to April 20, 2017 to exporters whose IEC were appearing in the caution list in the EDPMS and whose outstanding shipping bills (in value terms) was less than 30% of the total value of shipping bills for the period from March 1, 2014, to March 1, 2016. After April 20, 2017, based on the latest position of outstanding export receivables, exporter’s name may appear in the caution list on EDPMS.
 
Shri Ujwal Lahoti pointed out that since there are many shipping bills against which payments have already been realized and the E-BRCs have been issued by the concerned banks, but the EDPMS are yet to be updated by the banks , it is likely that many of the textiles exporters will find their names appearing in the caution list after deadline of April 20, 2017 for no fault on their part. TEXPROCIL has taken up this matter with RBI and we hope some decision will be taken on the matter at the earliest as otherwise, it may have an adverse impact on textiles exports, said Shri Lahoti. 
 
RBI should advise all the banks to update the Shipping bills on the EDPMS and take a confirmation from them to this effect before putting the exporters in the caution list, according to the Chairman, TEXPROCIL.
 
Shri Ujwal Lahoti urged RBI to extend the last date of April 20, 2017, by another three months so that the banks can complete the updation process on the EDPMS and exporters are not put into unnecessary inconvenience. 


Click here for Media Contact Details

Nirmal Phophalia, Newsmen PR, +91-9870003933, newsmenpr@gmail.com


More News from TEXPROCIL

29/09/2017 10:00AM Image

63rd AGM of TEXPROCIL Held in Mumbai on 26th September 2017

While appreciating the government for taking various steps like Refund of State Levies, continuing the duty drawback etc., the Chairman of the Cotton Textiles Export Promotion Council (TEXPROCIL), Shri Ujwal Lahoti in ...

10/08/2017 10:20AM Image

Chairman, TEXPROCIL Welcomes Reduction in GST Rate for Job Work in Textile Sector

The Goods and Services Tax (GST) Council in its 20th meeting on Saturday decided to cut the tax rate for job work for the entire value chain of textiles sector to 5 per cent. Earlier, the GST for job works related to ...

02/06/2017 1:34PM Image

Chairman, TEXPROCIL Urges the Government to Continue the ROSL Scheme for 3 Years Under GST Regime

The Made ups sector is poised to create additional employment on account of the Govt support extended to this sector, said Shri Ujwal Lahoti, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL).

Similar News

23/10/2017 2:40PM

Tata Value Homes Launches 'Offer of the Century' with 99 Hours Flash Sale on Affordable Homes

Tata Value Homes - a 100 % subsidiary of Tata Housing - one of the leading real estate development companies in India, today announced the launch of '99 hours flash sale' on Tata Value Homes across India.

No Image

23/10/2017 2:15PM Image

Uflex gives a Striking Functional Makeover to UK's Veetee Rice Packaging

Being India’s largest multinational flexible packaging materials and Solution Company, Uflex approached Veetee with a holistic solution to plug these gaps so that the true potential of the brand could be unleashed.

News Summary

The EDPMS (Export Data Processing and Monitoring system) which has been introduced by RBI to monitor payments against Export Bills requires all banks to report in this system details of the export proceeds realization pertaining to the shipping bills filed after February 28, 2014.