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Business EconomyPosted at: Oct 9 2020 10:21PM


RBI's move to discontinue automatic caution listing of exporters is huge relief: EEPC India

Kolkata, Oct 09 (UNI) The decision of RBI to discontinue the 'automatic caution listing ' of exporters whose shipping bills were pending for more than two years is a great relief to the exporting community, battling the pandemic-hit global meltdown, Engineering Export Promotion Council of India ( EEPC) said on Friday.
''While the exporters would have liked further easing of interest rates; the RBI has responded to our call reposing trust in exporters. Discontinuing the automatic caution-listing is a welcome move," EEPC India Chairman Mahesh Desai said.
As elaborated by the central bank, as part of automation of Export Data Processing and Monitoring System (EDPMS), the ‘Caution / De-caution Listing’ of exporters was automated in 2016.
Accordingly, the exporters were to be caution-listed automatically, if any shipping bill against them remained outstanding for more than two years in EDPMS and no extension was granted for the realisation of export proceeds against the outstanding shipping bill.
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.
''Now the RBI has made the system more exporters friendly and equitable by discontinuing the Automatic Caution-listing," he said.
Desai said the automatic cautioning -listing of exporters whose shipping bills were pending for over two years had caused an avoidable distrust in the exporting community. Thankfully, it has been done away with.
The Reserve Bank will do the caution-listing based on the case-specific recommendations of the Authorised Dealer bank.
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