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

Recommended by Apparel Resources

Sioen Industries buys technical textile manufacturer James Dewhurst Group

In a deal worth £ 44 million, Belgium-based Sioen Industries, has purchased 100 per cent shares of the Lancashire-based technical textiles manufacturer James...

Lenzing introduces new eco-friendly fibre

Austria-based Lenzing Group, manufacturer of textile and nonwovens cellulose fibres such as modal and lyocell, has introduced new eco-friendly viscose with the lowest...

Raymond to spend Rs. 350 crore on expansion

India-based textile and apparel conglomerate Raymond has announced to spend Rs. 350 crore for capex and retail expansion in India and abroad. This...

NGT allows reopening of textile units in Rajasthan (India)

At least 578 textile units in Rajasthan's Pali District that remained closed for flouting pollution norms will be re-opened soon. India’s National Green...

Fair Wear Foundation and Better Work collaborate for garment workers

Collaboration between Fair Wear Foundation (FWF) and ILO Better Work, signed on May 18, will come into effect from June 1 to offer...

SPGPrints bags ‘Best Textile Solution’ award for Javelin Printer

Achieving yet another milestone, SPGPrints has won the European Digital Press Association (EDP) Award for ‘Best Textile Solution’ in the Print and Finishing Category for its Javelin digital textile printer....

Akosombo Textiles bags Textiles Manufacturing Company of the Year Award

Akosombo Textiles Limited (ATL) has been named Textiles Manufacturing Company of the Year (2016) at Ghana Manufacturing Awards (GMA). The criteria for the...

Tintex (Portugal) opts for Brückner line

Portugal-based Tintex Textiles has reportedly opted for stenter line of the leading system supplier and stenter producer Brückner to develop unique solution for...

Indian Textiles Ministry claims Rs. 3,000 crore investment in garment industry

On the occasion of completing three years of Modi Government, Smriti Irani, Union Minister of Textiles held first ever official meet of the Ministry and media in New Delhi. In an...

1,500 textile workers in Ghana may face job-loss

As a result of unsatisfactory performance of the country’s textile industry, Ghana is planning to lay-off textile workers. The Ghana Federation of Labour...