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

01/02/2017 6:29PM Image

"Budget 2017-18 is Positive & Growth Oriented but Could Have Been Better"- Shri Ujwal Lahoti, Chairman, TEXPROCIL

The Government has announced the Union Budget for 2017-18 in the parliament today. “Overall the budget is positive, wide ranging and inclusive” said Shri Ujwal Lahoti, Chairman, TEXPROCIL. Shri ...

09/12/2016 6:08PM Image

TEXPROCIL Welcomes Package for Made Ups

The much awaited package for the made ups sector has been approved by the Union Cabinet with the primary objective of creating large scale direct and indirect employment of upto 11 lakh persons over the next three years ...

07/12/2016 1:45PM Image

Shri Ujwal R. Lahoti Appointed as Chairman of TEXPROCIL

Pursuant to the 62nd Annual General Meeting of The Cotton Textiles Export Promotion Council (TEXPROCIL) held on 21st November, 2016, Shri Ujwal R. Lahoti, who was earlier holding the post of Vice Chairman, has taken ...

Similar News

30/05/2017 8:00AM

Friends Provident International invests in Munich Re's ALLFINANZ digital new business solution to streamline policy application and improve customer service

Munich Re Automation Solutions Ltd., the leading provider of new business underwriting solutions to the life insurance industry, today announced that Friends Provident International (FPI) has become the latest ...

No Image

29/05/2017 8:20PM

Regalix Announces Results from its Latest Research on 'M-Social Media Trends in India 2017'

A recent study by Regalix reveals that 91% of people with a smartphone, in the age group 18-44, have a social media app or account on their mobile phone. The study is titled ‘M-Social media trends 2017’. According to ...

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.