The following is the text of the opening remarks by Dr. D. Subbarao, Finance Secretary, Ministry of Finance at a Press Conference, here.
"Reimbursement claims in respect of deemed export benefits are received and payments made by the Ministry of Commerce, subject to monthly and quarterly ceilings on expenditure.
Exporters had represented that these monthly and quarterly ceilings restricted their right to receive payments expeditiously. Ministry of Commerce therefore requested relaxation from monthly and quarterly ceilings of expenditure.
Accordingly, Ministry of Finance had accorded relaxation from monthly and quarterly ceilings of expenditure to enable the Ministry of Commerce to meet in full the pending reimbursement claims. It is estimated that these claims are in the order of Rs.600 crore. These claims will be examined and fully reimbursed as expeditiously as possible."
Press Information Bureau Government of India
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