Document1 - The Plastic Export Promotion Councilplexconcil.co.in/images/circulars/RBI_letter.pdf ·...
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CIN:U25200MH1955NPL009601 Ref. : Plexh/Cir/55 06 th April 2017 All Members All Members of the COA Dear Members, Subject: Your views/inputs on RBI circular regarding “Caution Listing of Exporters” RBI vide its circular no.74 dated May 26, 2016, had advised banks that the procedure for cautioning/decautioning of exporters had been automated under the Export Data Processing and Monitoring System(EDPMS). An exporter gets caution listed, if realization of a shipping bill remains outstanding for more than two years. Once export proceeds are realized and/or extension for realization is granted, the exporter automatically gets de-caution listed. The AD Banks have also been advised to issue a caution letter to exporter in case a shipping billing is outstanding for more than 18 months, to forewarn the exporter. As per the terms of the circular, the caution list of exporter started generating in EDPMS w.e.f. October 1, 2016. However, based on inputs from exporters, EPC’s, AD Banks etc. RBI extended the time line by five months and AD Banks were advised to complete the process of EDPMS updation in coordination with exporter by February 28, 2017. As an interim relief it was decided to grant temporary extension to exporters whose IE codes were appearing in caution-list in EDPMS upto April 20, 2017 and their outstanding shipping bills (in terms of value) was less than 30% of the total value of shipping bills for the period from March 1, 2014 to March 1, 2016. During the interim period the eligible exporter was not treated as caution – listed irrespective of his name appearing in caution – list in EDPMS. The list of exempted exporters from caution list has been made available on EDPMS website. After April 20, 2017 based on the latest position of outstanding export receivables exporter’s name may appear in the caution list on EDPMS in terms of applicable instructions.
Transcript of Document1 - The Plastic Export Promotion Councilplexconcil.co.in/images/circulars/RBI_letter.pdf ·...
CIN:U25200MH1955NPL009601
Ref. : Plexh/Cir/55 06th April 2017
All Members
All Members of the COA
Dear Members,
Subject: Your views/inputs on RBI circular regarding “Caution Listing of Exporters”
RBI vide its circular no.74 dated May 26, 2016, had advised banks that the procedure for cautioning/decautioning of exporters had been automated under the Export Data Processing and Monitoring System(EDPMS). An exporter gets caution listed, if realization of a shipping bill remains outstanding for more than two years. Once export proceeds are realized and/or extension for realization is granted, the exporter automatically gets de-caution listed. The AD Banks have also been advised to issue a caution letter to exporter in case a shipping billing is outstanding for more than 18 months, to forewarn the exporter.
As per the terms of the circular, the caution list of exporter started generating in EDPMS w.e.f. October 1, 2016. However, based on inputs from exporters, EPC’s, AD Banks etc. RBI extended the time line by five months and AD Banks were advised to complete the process of EDPMS updation in coordination with exporter by February 28, 2017.
As an interim relief it was decided to grant temporary extension to exporters whose IE codes were appearing in caution-list in EDPMS upto April 20, 2017 and their outstanding shipping bills (in terms of value) was less than 30% of the total value of shipping bills for the period from March 1, 2014 to March 1, 2016. During the interim period the eligible exporter was not treated as caution – listed irrespective of his name appearing in caution – list in EDPMS. The list of exempted exporters from caution list has been made available on EDPMS website. After April 20, 2017 based on the latest position of outstanding export receivables exporter’s name may appear in the caution list on EDPMS in terms of applicable instructions.
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RBI’s letter dated March 31, 2017, addressed to DG&CEO, FIEO is attached herewith and gives details of the measures taken since the launch of the EDPMS.
At the initiative of FIEO, Ministry of Commerce & Industry is organising a meeting on the above matter with RBI, representative of the Indian Bank Association, FIEO and Customs on 13th April, 2017 at New Delhi.
In this regard, FIEO has urgently requested the views of all concerned so that the issues/problems may be highlighted at the meeting, with the objective of trying to get a further extension of the date for grant of temporary extension to exporters till at least 30th June, 2017.
As the matter is coming up for discussion on 13th April, 2017 your views/inputs may kindly be emailed at: [email protected], latest by 10th April, 2017 so that the same may be compiled well in time for being taken up at the meeting.
Thanking you
Yours faithfully
Sanjiv R.Dewan
Regional Director
