Under
the existing instructions on the Export Finance Scheme,
finance is available to exporters across the board
for 180 days. Since
the exporters of Leather Garments are facing problems of cancellation
of orders / LCs and delay in repatriation of export proceeds,
after the 11th September incidence this year, it
has been decided to relax the provisions of the Export
Finance Scheme in respect of
leather garments and leather products as under:-
a)
Where export finance has been availed under Part-I
of the Export Finance Scheme upto 30th September,
2001 and the exporter have been unable to make the shipment
of the above commodity within 180 days of availment of loans
a further period of 90 days has been allowed for effecting
shipments. In other words, any exporter who had availed loan
for export of the above commodity prior to 30th
September, 2001 and has shipped goods with delay, a maximum
period of 90 days will be available for which fine for delayed
shipment will not be levied. Exporters will however be obliged
to liquidate the finance/refinance within a period of 180
days.
b)
The exporters of leather garments and leather products
availing facility under Part-II shall be required to show
matching performance for the year 2001-2002 equal to at least
1.5 times instead of 2.0 times prescribed for all other eligible commodities
under the Scheme.
2. Other instructions
on the subject shall remain unchanged.
Please acknowledge receipt.
|