The Reserve Bank of India has announced a slew of measures on Saturday, as a relief to tide over the financial crisis being faced by exporters on account of the reduction of external demand.
Shri. A. Sakthivel, President, TEA welcomed the measures and said that the RBI has extended the pre shipment rupee export credit upto 270 days as against existing 180 days with effect from 15th November 2008 and added that the similar measures should be extended for post shipment credit from existing 90 days to 270 days.
Shri. Sakthivel also welcomed the enhancement of the eligible limit of Export Credit Re-finance (ECR) facility for scheduled banks to 50% of the outstanding credit eligible for re-finance from the current level at 15%. He mentioned that this move would provide additional liquidity and helpful for exporters at this hour of crisis.
Tirupur Exporter's Association
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