Khalid Khan highlights issues related to shipments via Chabahar port
The Indian banking sector as a whole has been trying its best to smoothen the financing processes with Iran, according to UCO Bank MD & CEO Atul Kumar Goel, assuring that transactions related to Iran are seamlessly handled by the UCO Bank.
Responding to a FIEO call at a “Banking Conclave on Exports”, Goel also assured that the banking sector is strongly standing for exporters and they are looking positively into the challenges faced by the trade.
The call on banks was made by Nandkishor Kagliwal, Regional Chairman (WR), FIEO.
Banks have to play a role of key catalyst for exports as the gap between the current exports and the set targets may only be achieved through the seamless support from the banking sector, Kagliwal told the FIEO-organized conclave in Mumbai on 27 Nov 2021.
He also acknowledged that most of the banks have already taken appropriate steps to ensure that the speed of the working capital cycle of exporters can be increased through extending timely and sufficient working capital requirements.
In his address to the conclave, FIEO Vice-President Khalid Khan highlighted important issues, with respect to merchanting trade transactions (MTT) wherein the RBI’s clause of being MTT in line with the prevailing Foreign Trade Policy is a constraint.
Khan also highlighted issues related to shipments via Chabahar port.
FIEO DG & CEO Dr Ajay Sahai has stressed on important challenges with respect to Increasing Demand for Exports Credit, Pre-Shipment Credit on Export Order/LC, Continuation of Interest Equalization Scheme (IES), Restrictions on opening of current account, Challenges for E-Com Exporters, Third Party/Third Country Payment, Iran & OFAC Countries, Factoring, Niryat Rin Vikas Yojna (NIRVIK), Updation of EDPMS, Gold Card Scheme, Problems of collateral, Post-shipment advance against GST receivables in addition to duty drawback entitlement, Issuance of e-BRC for set-off of export receivable from import payable, High charges on ACU transactions and High transaction charges in ecommerce shipment. #banking /fiinews.com
