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TEA hails slashing of export credit in foreign currency

23
Feb '10
In a Press Release issued, Shri.A.Sakthivel, President welcomed the RBI notification issued on 19th February 2010 by reducing the ceiling rate on export credit in foreign currency by banks to LIBOR plus 2% from the present ceiling rate of LIBOR plus 3.5% with immediate effect.

Shri.Sakthivel mentioned that RBI has issued the above notification in response to various representations made by him to the Central Government and RBI. He further added that as the SME knitwear export sector has been struggling to attain the competitiveness, the reduction of ceiling rate on export credit in foreign currency by banks should be made it as LIBOR plus 1%.

Shri.Sakthivel said he has sent thanks letter to Shri.Pranab Mukherjee, Hon'ble Union Minister of Finance, for his advice to RBI to reduce the interest rate in the best interest of exporters. In similar line, thanks letter has also been sent to Shri.R.Gopalan,I.A.S., Secretary (Finance), Department of Banking and Insurance for his help in this issue.

TIRUPUR EXPORTERS ASSOCIATION


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