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Our Bureau

New Delhi June 7 The Federation of Indian Export Organisations (FIEO) has made a slew of suggestions to the Government to help soften the blow of appreciating rupee on the exporting community.

In his meeting with the Commerce Secretary, Mr G. K. Pillai, here on Thursday, the FIEO President, Mr Ganesh Kumar Gupta, suggested that the existing exchange earners' foreign currency (EEFC) account should be made an interest bearing account.

Stating that cost of credit to exporters has increased substantially, Mr Gupta suggested that export credit should be provided at bank rate rather than Benchmark Prime Lending Rate minus 2.5 per cent.

He also said that the SME export sector was awaiting an announcement on a mechanism for refund of local taxes to labour intensive units, as stated by the Commerce and Industry Minister, Mr Kamal Nath, to take care of the impact of the appreciating rupee.

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