The Hindu Business Line : Tirupur exporters appeal to Kamal Nath on derivatives

Coimbatore, Jan. 11 Tirupur Exporters’ Association President, Mr A. Sakthivel, has appealed to the Union Commerce Minister, Mr Kamal Nath, to advise banks to keep the overdue receivables from derivative contracts in a suspense account without deducting interest.

In a memorandum to Mr Kamal Nath, Mr Sakthivel said many knitwear garment exporters in Tirupur lost heavily in derivative products, especially when they hedged the risk in the wake of appreciation of rupee against the dollar.

The RBI, vide its circulars dated October 13 and 29 to all involved banks, has said all the derivative bookings between April 2007-June2008 and their proceeds (either loss or profit) be maintained in a suspense account without deducting interest rates.

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