New norms for offering forex credit to exporters

Commerce and Industry Minister Piyush Goyal on Thursday said that the government will soon come out with guidelines on extending foreign exchange credit to exporters at nominal rate of sub 4%. This has stemmed from concerns over fall in export credit. The ministry is currently waiting for Finance Minister Nirmala Sitharaman to take a call on some of the issues on export credit.

“We shall shortly be coming out with the contours that have been finalised between the Reserve Bank of India (RBI), the finance ministry and the commerce ministry,” he added while addressing the meeting of the Board of Trade in New Delhi.