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EPCH welcomes ban on handicrafts exports under D/A
04
Jul '12
Export Promotion Council for Handicrafts (EPCH), the nodal agency for handicraft export promotion in India, has welcomed the ban on handicraft exports under Documents against Acceptance (D/A).
 
In a statement, the Council said that several exporters were facing problems as overseas buyers were denying payment for goods imported by them under one pretext or another, and this particularly happened with goods shipped under D/A. 
 
The Council observed that a number of buyers took undue advantage of the D/A facility and rejected the shipments on unacceptable grounds, thus causing the exporters to suffer heavy losses.
 
Following EPCH’s request, the Office of Director General of Foreign Trade (DGFT) and the Ministry of Commerce & Industry arrived at a decision that no exports should be allowed on basis of D/A, except where such export has a cover of bank or ECGC guarantee, or it is from a firm towards its own subsidiaries, trading companies or office-cum-warehouses.
 

Fibre2fashion News Desk - India

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