Financial Daily from THE HINDU group of publications
Friday, Mar 05, 2004
Financial Daily from THE HINDU group of publications Friday, Mar 05, 2004 |
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Industry & Economy
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Exports & Imports Money & Banking - Credit Market Exporters may be allowed $ loans at special rates Our Bureau
Kochi , March 4 THE Reserve Bank of India (RBI) may permit exporters with a good track record to raise dollar-denominated funds at a special interest rate that is internationally competitive, a top government official has said. "The RBI is working on this plan to come out with a lower interest rate for those exporters who have a good track record," said Mr L. Mansingh, the Director-General of Foreign Trade (DGFT). Mr Mansingh said the DGFT has taken up with the RBI the issue of lack of sufficient foreign exchange for exporters, despite the country's forex reserves crossing $ 100 billion. Exporters have been demanding relaxed norms for raising foreign exchange in view of the appreciation of rupee against dollar. Speaking at a function organised by the Cochin Chamber of Commerce and Industry here on Thursday, Mr Mansingh said the DGFT is considering a slew of proposals to help those exporters who have established credentials in compliance with rules and regulations. "We are laying down a green channel for such exporters. One of the steps that we are considering under this plan is to do away with the need to furnish bank guarantees," he said, adding that the DGFT will come out with details soon. With a 13 per cent growth in exports during April-January period of the fiscal, India is well on its way to achieving the targets in exports, Mr Mansingh said.
More Stories on : Exports & Imports | Credit Market | Overseas Borrowings | RBI & Other Central Banks
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