Today, on Thursday 05th April 2018, a delegation of Chamber of Associations of Maharashtra Industry and Trade - CAMIT met Honbl. Finance Minister Shri Sudhir Bhau Mungantiwar ji and briefed him about the negative impact on small importers and traders due to Reserve Bank of India's circular no. 20 Dt. 13th March 2018 discontinuing facility of availing buyer's credit and barres Indian Banks to issue Letter of Undertaking - LOU and Letter of Comfort - LOC for import transactions.
CAMIT made aware the Honbl Minister that this is a knee jerk reaction to a fraud which has come in light recently. The cost of funding will increase substantially for indian trade and industries and make them non competitive. Further small and medium enterprise will not be able to arrange alternate finance due to sudden withdrawal. This will lead to masse stressed accounts and further worsen the position of Indian Banks.
The Honbl. Finance Minister immediately called Finance Minister of India Shri Arun Jaitley ji to brief him.
The Honbl. Finance Minister Shri Sudhir Bhau Mungantiwar ji was convinced with CAMIT representation and assured to take up the issue favourably at Delhi for the benefits of genuine importers.
Kindly publish the above important information in your esteemed publications for the benefits of readers and public in general.
Thanking you.
For Chamber of Associations of Maharashtra Industry and Trade - CAMIT
Mohan Gurnani
Chairman
