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FIEO appreciate the proactive support to exports along with govt initiatives

KNN 2019-01-10 12:44:34
FIEO appreciate the proactive support to exports along with govt initiatives

New Delhi, Jan 10 (KNN) President of Federation of Indian Export Organizations (FIEO), Ganesh Kumar Gupta complimented Suresh Prabhu, Commerce & Industry and Civil Aviation Minister for presiding over a meeting to discuss problems faced by the export sector. 

Gupta highlighted the problems of pre-import under advance authorization and requested to bring the notification deleting the condition with retrospective effect to give relief to exporters.

President FIEO also raised banking issues such as caution listing of exporters, third party/ third country exports and list of items to be traded with Iran.

Prabhu highlighted the declining trend of export credit in recent months and asked Ministry of Finance that banks may be instructed to encourage flow of credit to export sectors particularly to Micro, Small and Medium Enterprises (MSME) for giving a push to employment.

Commerce Minister also urged Ministry of Finance to put ITC refund online so as to make the export refund seamless helping exporters and ensuring transparency and accountability.

It was decided that Department of Financial Services will discuss such issues with banks in the meeting scheduled on January 22, 2019. 

Gupta acknowledged the support given by the Government to exporters by extending interest equalization scheme to exporters and operationising trade with Iran. 

Minister of State for Finance, senior officers from Finance, Revenue, DGFT and Commerce Department and President and DG & CEO, FIEO, Chairman of Gems & Jewellery, Chairman EEPC, representatives of Pharmexcil and Chemexcil were also present in the meeting.