SME Times News Bureau | 09 Oct, 2020
As part of the government's Ease of Doing Business initiative and to
make the systems more exporter-friendly and equitable, the Reserve Bank of
India on Friday decided to discontinue the Automatic Caution-listing of
exporters.
As part of the automation export data processing, Caution/De-caution Listing of
exporters was automated in 2016. This basically barred exporters from getting
any realisation of export proceeds if any shipping bill against them remained
outstanding for more than 2 years.
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.
"In order to make the system more exporter-friendly and equitable, it has
been decided to discontinue the Automatic Caution-listing," an RBI
statement said.
The apex bank, however, will continue with caution-listing based on the
case-specific recommendations of the (authorised dealer) AD bank.
The RBI will issue related instructions to operationalise the changes shortly.