No automatic caution listing of exporters: RBI

Mumbai, Oct 9 (IANS) As part of the government's Ease of Doing Business initiative and to make the systems more exporter-friendly and equitable, the Reserve Bank of India on Friday decided to discontinue the Automatic Caution-listing of exporters.As part of the automation export data processing, Caution/De-caution Listing of exporters was automated in 2016. This basically barred exporters from getting any realisation of export proceeds if any shipping bill against them remained outstanding for more than 2 years. Additionally, the normal system of caution-listing based on the recommendations of the Authorised Dealer (AD) bank before the expiry of 2 years in certain cases continued. "In order to make the system more exporter-friendly and equitable, it has been decided to discontinue the Automatic Caution-listing," an RBI statement said. The apex bank, however, will continue with caution-listing based on the case-specific recommendations of the (authorised dealer) AD bank.The RBI will issue related instructions to operationalise the changes shortly.
--IANS
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