Home / Knowledge / News / Textiles / Textile exporters worried about RBI's 'caution list'
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


Must ReadView All

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Apparel/Garments | On 18th Nov 2017

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Sri Lanka’s apparel exports from January to September 2017 has...

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Apparel/Garments | On 18th Nov 2017

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Bangladesh Prime Minister Sheikh Hasina has said two more leather...

ASEAN, Hong Kong sign free trade agreement

Textiles | On 18th Nov 2017

ASEAN, Hong Kong sign free trade agreement

The Association of Southeast Asian Nations (ASEAN) and Hong Kong...

Interviews View All

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search