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Textile exporters worried about RBI's 'caution list'
22
Apr '17
With expiry of the deadline set by the Reserve Bank of India for updating of shipping bills by banks, textile exporters are worried that their names might figure in the "caution list" to be issued by the bank regulator for no fault of theirs since many banks have not updated the Export Data Processing and Monitoring System. This will hit their exports. 
 
The textile exporters have sought an update in the centralised banking system before the caution list for the pending shipping bills is issued, according to a report in a leading Indian daily.
 
The deadline set for updating the shipping bills by banks was April 20, 1017. The Cotton Textiles Export Promotion Council, a textiles exporters' body, has also urged the banking sector regulator to remove the names of companies with a good track record in a letter to the Reserve Bank of India. 
 
RBI has introduced Export Data Processing and Monitoring System or EDPMS to monitor payments against export bills. It requires all banks to report the details of the export proceeds realisation regarding the shipping bills filed after February 28, 2014, the report said.
 
"There are many shipping bills against which payments have already been realised and the electronic bank realisation certificates (e-BRCs) have been issued by the concerned banks. But, the EDPMS is 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 the deadline of April 20, 2017, for no fault on their part," Ujwal Lahoti, chairman, Texprocil was quoted as saying in the report.
 
"Texprocil has taken up this matter with RBI and we hope that some decision will be taken on the matter at the earliest. Otherwise, it may have an adverse impact on textiles exports," Lahoti said. 
 
Many textiles exporters have found that EDPMS updation of the shipping bills has not been carried out by some banks. RBI had granted temporary exemption up to April 20, 2017 to exporters whose importer-exporter code appeared in the caution list in the EDPMS and whose outstanding shipping bills in value terms were less than 30 per cent of the total value of shipping bills for the period from March 1, 2014, to March 1, 2016.  (SV)

Fibre2Fashion News Desk – India


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