The Hindu Business Line : Gold loan repayment norms for EoUs, SEZ units relaxed

EXPORT-oriented units (EOUs) and units in special economic zones (SEZs) that export gold jewellery may have cause for cheer. The Government has further enhanced the flexibility available with such units for repayment of their gold loans.

Prior to the latest change, the Exim procedures allowed such exporters to repay their gold loan within 60 days from the date of export.

The Directorate-General of Foreign Trade has now amended the Exim procedures to specify that an exporter (EOUs or units in SEZ) will have the flexibility to repay the gold loan within 180 days from the date of export.

The country's gem and jewellery exports during 2003-04 stood at Rs 48,293.86 crore compared with Rs 43,700.65 crore in the previous year.

More Stories on : Exports & Imports | Gems & Jewellery

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