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RBI’s Reported Move Over Remittances

RBI’s Reported Move Over Remittances

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  18 Dec 2018 5:03 AM GMT

Kolkata: The Engineering Export Promotion Council of India (EEPC) on Monday said reports that the RBI was contemplating to forward cases of non-realisation of export proceeds to the ED, have created panic among exporters who submitted their records about remittance receipts to their banks. “We have received several complaints from our members about the banks not issuing documents about the remittance receipts even after submission of all the required papers. Thus, exporters are facing a double whammy — losing refunds like drawbacks and the possibility of Enforcement Directorate action,” EEPC Chairman Ravi Sehgal said in a statement. (IANS)

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