FIEO Welcomes Govt. efforts to Woo Exporters

NEW DELHI: Complimenting the Department of Commerce and the Reserve Bank of India, FIEO President Ganesh Kumar Gupta said the grant of further exemption to exporters whose IE codes are appearing in caution-list in Export Data Processing and Monitoring System (EDPMS) upto May 20, 2017 to clear the entries in the system will provide much needed respite to them.

The Challenge:

The Exporters had been penalized due to delays in updating the information in EDPMS by authorised dealers even where exports remittances have been realized. In a statement, Mr Gupta said that the extension upto May 20 shall be available to only those exporter whose outstanding export bills’ amount is upto 20 per cent of total export bills or the number of open export bills' is upto 10 as indicated in the caution list appearing in EDPMS site.

FIEO Chief urged the exporters and bankers to work in tandem so that all cases where exports payments have been realized are updated in EDPMS by banks while exporters make efforts to realize or regularize the outstanding amount so that they are not placed in the Caution List which otherwise will have serious consequences for their exports.