Date:27/10/2004 URL: http://www.thehindubusinessline.com/2004/10/27/stories/2004102702430900.htm

Back Exporters happy over credit policy

Our Bureau

New Delhi , Oct. 26

THE Federation of Indian Export Organisations (FIEO) has welcomed the measures announced on Tuesday by RBI for further facilitation of international trade.

In a statement, the FIEO President, Mr Rafeeque Ahmed, in particular, hailed the decision of the central bank to increase the limit for an outstanding forward contract from 50 per cent to 100 per cent.

He also welcomed the move to delegate power to authorised dealers to issue guarantees and letters of undertaking up to $ 20 million per transaction and allow longer repatriation periods to export-oriented units.