The Reserve Bank of India announced measures to ease procedures for exporters at a time when exports are finding it difficult to recover.
One of these measures is that banks will be able to regularise exports where the proceeds have been realised. Currently, banks do so in case of exports up to $1 million, above which regularisation has to be done by RBI in case documents are directly shipped by exporters to the buyers.
Explaining the move, exporters body FIEO director general and CEO Ajay Sahai said during Covid times, many exporters have directly shipped documents to the buyers. Status holder exporters are allowed to send documents directly to buyers but others are allowed only in the case of advance payments because RBI feels …
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