Search Result for : Export Credit

ECGC supported total exports at Rs 2,65,000 crores, 85% accounted for MSMEs

The Dollar Business Bureau During the 59th Annual General Meeting of Export Credit Guarantee Corporation (ECGC) chaired by the  Commerce Secretary Rita Teaotia, it was noted that despite ECGC reducing the premium rates of exporters (in order to bring down the transaction costs of the exporters) by an average 17% under policies, ECGC recorded only a marginal decline in premium of less than 4%. ECGC has posted a profit before tax of Rs.407 crores, an increase of 5% over previous year. ECGC’s support of total exports at Rs.2,65,000 crores was around 15% of total merchandise exports in 2016-17. A significant aspect of ECGC’s performance was accounted for by MSMEs that took up 85% of its support. As on 31st March 2017, 12,029 covers ...

Exporters facing difficulties post-GST due to late drawback refunds: EEPC

The Dollar Business Bureau Engineering Export Promotion Council (EEPC) of India said on Monday that after the implementation of Goods and Services Tax (GST), shipping companies are facing problems as their refunds for drawback will not be issued till end of September or October. In addition, the supply of goods from domestic tariff zones (DTZs) to export-oriented units (EOUs) are not taken as ‘deemed exports’ under the new tax regime, which resulted in denying duty free imports of inputs under the Government’s scheme of Advance Authorisation, EEPC said in a statement. Moreover, the exporters will be paying basic customs duty, Integrated GST and cesses for the goods imported that are used for supply to EOUs. The exporters are entitled for input tax credit of IGST only. The basic ...

Cabinet approves MoU for $9 bn export credit from Korea

The Dollar Business Bureau The Cabinet has approved a proposed agreement for export credit of $9 billion between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for infrastructure development in the country and for supplying goods and services as a part of project in other nations. “The Cabinet, chaired by the Prime Minister Narendra Modi, has approved the proposed memorandum of understanding (MoU) between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for export credit of $9 billion for infrastructural development in India and for the supply of goods and services as part of projects in third countries,” said an official statement. The MoU is likely to be signed between the two sides when Finance ...

Commerce Department pushes for more sops for small exporters

The Dollar Business Bureau  Striving to make the life of small exporters easier, the Department of Commerce is likely to push for greater interest subsidy and broader export credit insurance. As part of the review of Foreign Trade Policy (FTP) – 2015-2020, the Commerce Department is seeking to broaden the basket of services and to make it more attractive for foreign nationals to study and get medical treatment in the country. Nirmala Sitharaman, Commerce and Industry Minister, has marked two sections small exporters and services to be added in the review of the FTP, which is expected to be released in June, in time for the roll out of the Goods and Services Tax (GST). According to sources, Rs.1,000 crore has been ...

Iran to face obstacles in financing purchase from Boeing and Airbus

The Dollar Business Bureau  Embedded in the Iran Nuclear Deal of 2015 were terms related to assured support from the developed world for Iran to acquire a fleet of new aircraft from majors like Boeing and Airbus.  Reportedly, the country has acquired merely 3 jets from Airbus in return for cash payments so far, while it aims to purchase as many as 180. While Iranian officials try to accelerate talks with British export credit agency to gain an approval, they have multiple roadblocks to address.  Theresa May’s snap decision to hold general elections in the month of June discourages Britain’s export credit arm to take defining decisions affecting foreign policy during such a critical time. The government is also likely to postpone dealing ...

Kotak Mahindra aims 20% credit growth in FY 2017

Sharath Chowdary Kotak Mahindra Bank is planning to increase its number of branches to 1400 in India by the end of this fiscal year from 1333 branches as on 31 March 2016. The bank had only 684 branches in the country at the end of FY 2015. Uday Kotak-led bank also aims at a 20 percent credit growth in FY 2017, the bank’s Senior Executive Vice President and Head - Branch Banking and Acquisition, Virat Diwanji told The Dollar Business. He said, “The corporate credit offtake was slow in the recent times. The bank has registered 14-15 percent credit growth in the previous year. As interest rates are being reduced, some green shoots are coming up in the economic growth of the country. This ...

CIM to focus on boosting exports and SEZ revival

The Dollar Business Bureau To boost exports, which are declining since December 2014, the Ministry of Commerce and Industry will ask for export credit to qualify as the priority sector and want to emphasise on the special economic zones (SEZs) revival, as the Ministry found six areas to support the exports in goods. The discussion took place during the first meeting of reconstituted Board of Trade, a top advisory board on trade, re-formed as per the provisions of the Foreign Trade Policy (FTP) for 2015-20. In the meeting, chaired by Nirmala Sitharaman, Minister of State for Commerce and Industry, it has been decided to put greater emphasis on encouraging exports by small and medium enterprises (SMEs), involving embassies and missions to enhance ...

Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit w.e.f. 1st April, 2015

Dated 8th December, 2015 | Copy of | Trade Notice No.09/2015 | To 1. All Members of Trade 2. All Export Promotion Councils/Chambers of Trade and Industry 3. All Regional Authorities of DGFT It is brought to the notice of Trade and Industry that the Interest Equalisation Scheme for Pre and Post Shipment Rupee Export Credit has been announced by the Government of India and notified vide RBI Circular No.DBR/Dir/BC.No.62/04.02.001/2015-16 dated December 4, 2015. The scheme is applicable w.e.f. 1st April, 2015. Details of the scheme are available on the website of RBI www.rbi.org.in 2. As the scheme is applicable from 01.04.2015, all eligible exporters who have availed pre and post shipment credit facility from 01.04.2015 may contact their respective Banks to enable expeditious ...