Banks should not hold up crediting exporters money due to fault of ICEGATE

Banks should not hold up crediting exporters money due to fault of ICEGATE

 


Exporters have been facing challenges related to non-fulfillment of export obligations (EO) against advance authorizations and EPCG authorizations issued between 2002 and 2007. While the government demands records dating back 15-20 years, exporters argue that they are only required to preserve records for 2-3 years from the date of redemption. The situation is exacerbated by discrepancies in the EDPMS system, where shipping bills are not reflected. Many exporters report similar issues, but some banks are withholding credits while others are not. If your bank is uncooperative, consider escalating the matter to higher authorities or even the RBI.

 

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https://www.business-standard.com/industry/news/banks-should-not-hold-up-crediting-exporters-money-due-to-fault-of-icegate-124052701525_1.html

 

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