Aspects Of Foreign Exchange, Export Discussed

The Reserve Bank of India (RBI), in collaboration with Bihar Industries Association (BIA), organized a programme on Wednesday to create awareness about various aspects of foreign exchange business and the incentives available to the exporters across the state.

Speaking on the occasion, chief general manager in charge of foreign exchange department (central office), Reserve Bank of India (RBI), Mumbai, RN Kar said such awareness programmes in the name of town hall meetings must be taken as an outreach programme for making effective policies. Kar spoke at length about the various aspects of foreign exchange business and the incentives available to the exporters across the state.

Regional director, RBI (Bihar and Jharkhand), MK Verma, while speaking on the evolution of foreign exchange business and various liberalized measures and facilities available to the exporters and manufacturers in Bihar, said the RBI being the regulator and supervisor of the Indian market is entrusted to oversee it.

Principal secretary of industries department Naveen Verma, while giving insight into the bright future prospects for exporters in the state, requested the RBI to come up with a Bihar-specific data on the inward- remittance of the Biharis living across the globe. The data would help the state government in analysing the trends and identifying potential investors in the state, he said. Verma said the dry port at Bihta has finally been cleared by the government.

Emphasizing on the importance of import and export, BIA president Arun Agrawal said both were necessary to avoid slowdown in business due to stagnation in the present market. He also said the banking sector should make entrepreneurs aware of the foreign currency non-resident loan facilities and hedging instruments to safeguard their interests.

The programme focused on problems facing the exporters and importers, manufacturers, small and medium enterprises (SMEs) in accessing resources and markets overseas. Issues such as funds for imports, trade credit, foreign currency loans, incentives for exporters like interest rate subvention, hedging of foreign exchange, grievances of manufacturers and traders, miscellaneous remittances by residents and facilities for non- residents were also discussed at the interactive session.

Source:-indiatimes.com