Exporters said, the closure of the automatic vigilance list system of RBI will provide big relief

Exporters said, the closure of the automatic vigilance list system of RBI will provide big relief

MUMBAI: Exporters said on Friday that they were relieved after the Reserve Bank of India (RBI) announced the closure of the automatic vigilance list system for exporters. Through this system, information is received about the payment received on the exported goods. He said that the industry is going through difficult times due to Corona virus epidemic and in such a situation the exporters will get a boost. 

Apparel Export Promotion Council (AEPC) chairman A Sakthivel said that the vigilance inventory system of exporters had become a risk for them since the Corona virus epidemic. He said that this would give the exporters more flexibility in their business. "In the wake of the Corona virus epidemic, it is important to provide exporters with flexibility in the recovery of export goods and to empower them to negotiate better terms with foreign buyers," RBI Governor Shaktikanta Das said on Friday after the Monetary Policy Committee meeting. '' 

The inclusion and removal of exporters on the vigilance list was initiated from 2016 under the Export Data Processing and Monitoring System (EDPMS) to ascertain whether payment of exported goods has come to the exporter's account. Federation of Indian Export Organization (FIEO) President SK Saraf said that this was a long pending demand of the export community. Saraf said, "It had become a big risk for exporters." After the outbreak of corona virus epidemic, the exporters were not able to go to the banks on their own so that they could go to the bank and get information about the receipt from the exported goods in the EDPMS module. 

Now that the Reserve Bank has decided to keep it closed, the exporters will get a lot of relief. The information has not been updated, especially in many cases. There are many reasons behind this. This information has not been updated at the level of AD Bank. In case the export payment is not received, AD bank informs the Reserve Bank to take further appropriate action.