RBI Caution List – a matter of concern for textiles exporters: TEXPROCIL | Textile News India
Home » News » Textile Mills News » Rbi Caution List A Matter Of Concern For Textiles Exporters Texprocil

RBI Caution List – a matter of concern for textiles exporters: TEXPROCIL

Share: 
      Newsletter

READ MORE ON RBITexprocilTextile News India

Textile

Image Courtesy: jpspa.com

The EDPMS (Export Data Processing and Monitoring System) which has been introduced by Reserve Bank of India (RBI) to monitor payments against Export Bills requires all banks to report in this system details of the export proceeds realization pertaining to the shipping bills filed after February 28, 2014.

“A large number of textiles exporters have pointed out that that many of the banks have not completed the EDPMS updation of the shipping bills,” said Ujwal Lahoti, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL).  

As an interim relief, RBI has granted temporary exemption upto April 20, 2017 to exporters whose IEC were appearing in the caution list in the EDPMS and whose outstanding shipping bills (in value terms) was less than 30 per cent of the total value of shipping bills for the period from March 1, 2014 to March 1, 2016.

After April 20, 2017, based on the latest position of outstanding export receivables, exporter’s name may appear in the caution list on EDPMS.

Lahoti pointed out that since there are many shipping bills against which payments have already been realized and the E-BRCs have been issued by the concerned banks, but the EDPMS are 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 deadline of April 20, 2017 for no fault on their part.  

TEXPROCIL has taken up this matter with RBI and we hope some decision will be taken in the matter at the earliest as otherwise , it may have an adverse impact on textiles exports, said Lahoti.

Also ReadRBI’s unchanged repo rate disappoints apparel exporters

RBI should advise all the banks to update the Shipping bills on the EDPMS and take a confirmation from them to this effect before putting the exporters in the caution list, according to the Chairman, TEXPROCIL.

He urged RBI to extend the last date of April 20, 2017 by another three months so that the banks can complete the updation process on the EDPMS and exporters are not put into unnecessary inconvenience.

 

Have some news? Let us know on news@apparelresources.com

Comments are closed.

Recommended by Apparel Resources

Khadi goes designer as KVIC signs deals with apparel firms

Khadi and Village Industries Commission (KVIC), a statutory body formed by the Government of India, has inked deal with various apparel companies to...

Opposition highlights textile industry’s concerns over GST in Rajya Sabha

The Opposition parties raised their voice against the impact of Goods and Services Tax (GST) on textile industry during the Zero Hour in Rajya Sabha on Thursday. They highlighted the...

India’s Bee. K. Bee. Prints to explore digital printing

Based in Faridabad, Bee. K. Bee. Prints is one of the best process...

Israel explores business opportunities in Indian textile industry

The fabrics made in Surat, the biggest man-made fabric (MMF) destination in India, may soon leave a trail of its footprints in Israel....

Warangal Textile Park gets Environmental Clearance from Centre

The Kakatiya Mega Textile Park in Warangal, Telangana (India), which has been under the first phase of development since past one year, has...

Smriti Irani gets additional charge of I&B Ministry

Additional charge of Ministry of Information and Broadcasting (I&B) has been given to Smriti Irani, who is also the Textiles Minister of India. So is it a bad news for...

Ethiopia’s Ambassador Garment to Double Production Capacity

Ambassador Garment and Trading Plc, one of the leading suit manufacturers in Ethiopia, has announced its plans of doubling its garment production capacity...

Textile traders condole Amarnath attack victims; call off GST protest

Terror attack anywhere in the country has always brought anger and sorrow among citizens. The recent terror attack in Jammu & Kashmir’s Anantnag...

Cambodia’s First Garment Manufacturing Training Institute Opens Door

A garment manufacturing training institute, set up by the Garment Manufacturers Association in Cambodia (GMAC), has opened doors for garment industry workers. The...

GST Strikes: Textile industry, workers suffer due to nationwide protests

On-and-off nationwide strikes against the recently implemented Goods and Services Tax (GST) has hit the textile industry and its labourers quite hard. Due...