English Release 7-March 2014
- President's Secretariat
- President of India to present Stree Shakti Puruskar, 2013
- President of India inaugurates Annual Innovation Exhibition
- President of India’s message on the occasion of International Women’s Day
- Election Commission
- General Election to Sixteenth Lok Sabha and State Legislative Assemblies, 2014 – Media Coverage During the Period Referred to in Section 126 of RP Act, 1951
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- Fact Sheet on Tripura
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- Democratic Colors Of United India
- Min of Health and Family Welfare
- Press Note
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- ACC Appointment
- Min of Petroleum & Natural Gas
- Global crude oil price of Indian Basket declines to 105.20 per bbl on 06.3.2014
- Ministry of Tourism
- Foreign Tourist Arrivals Show a Growth of 7.2% in February 2014 over February 2013
- Ministry of Water Resources
- Storage of Important Reservoirs in the Country (As on 27 February 2014)
Ministry of Finance07-December, 2012 18:22 IST
|Relief to Exporters |
|Following the deregulation of interest rates on export credit the rate of interest to be charged to exporters is now left to the commercial judgment of the banks. Guidelines on grant of timely, adequate and hassle free flow of export credit have been issued to all Scheduled Commercial Banks vide Reserve Bank of India Master circular on Rupee/Foreign Currency Export Credit and Customer Service to Exporters dated 02.07.2012.|
However, to provide relief to labour intensive sectors, the Government of India has extended interest subvention of 2% on pre and post shipment rupee export credit in the following sectors w.e.f. April 1, 2012 to March 31, 2013 on the same terms and conditions.
Handicraft, Carpets, Handlooms, Small and Medium Enterprises (SMES), Readymade Garments, Processed Agriculture Products, Sport Goods and Toys.
Further, in view of the difficulties faced by exporters on account of the weakening of external demand, RBI has taken following measure;
(i) Period of realization and repatriation to India of the amount representing the full export value of goods or software was enhanced from 6 months to 12 months.
(ii) AD Category-I banks have been permitted to allow exporters to receive advance payment for export of goods which would take more than one year for manufacture shipping.
(iii) Powers have been delegated to A.D. Category-I banks to open and maintain Diamond Dollar Accounts by Diamond exporters with them with relaxed norms and so on.
This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Lok Sabha today.
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(Release ID :90210)