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RBI Announces Measures To Boost Foreign Trade
In a bid to extend breather to the country's exporters' community which has been hit hard due to the Covid 19 pandemic, the RBI took to:
1. Increasing Export Credit Period from 1 year to 15 months:
The MPC statement stated "Exporters have been facing genuine difficulties such as delay/ postponement of orders and delay in realisation of bills, which are adversely affecting their production and realisation cycles. It is in this context that the RBI permitted an increase in the period of realization and repatriation of export proceeds to India from nine months to 15 months from the date of export in respect of exports made up to or on July 31, 2020.
Amid the pandemic crisis, exporters were demanding extension in the scheme. Earlier the scheme offering interest rate subsidy for pre and post-shipment export credit was extended by a year till March 31, 2021. This benefit is availed as part of the ''Interest Equalisation Scheme for pre and post shipment Rupee Export Credit''.
In November 2018, to further enhance exports from the MSME sector, interest subsidy was raised to 5% from the earlier 3%. Thereafter, the government extended the benefit to other merchant exporters and offered them interest equalisation at the rate of 3% in lieu of export of some of the items.
2. Rs. 15,000 crore Credit Line For EXIM Bank:
As per the central bank, the EXIM or Export-Import Bank of India for its functioning depens on foreign currency borrowing which it is unable to raise due to the current outbreak of Covid 19 infection. Consequently, to lend a helping hand to the sagging foreign trade of the country, the facility has been extended.
"It has been decided to extend a line of credit of Rs 15,000 crore to the EXIM Bank for a period of 90 days from the date of availment with rollover up to a maximum period of one year so as to enable it to avail a US dollar swap facility to meet meet its foreign exchange requirements," Reserve Bank of India Governor Shaktikanta Das said.
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