Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Present situation due to COVID-19 pandemic not suitable for raising funds overseas: Exim Bank.


Date: 25-05-2020
Subject: Present situation due to COVID-19 pandemic not suitable for raising funds overseas: Exim Bank
Premier export finance institution Exim Bank said on Sunday that the present scenario arising out of the COVID-19 outbreak is not suitable to raise resources from overseas markets.

Under such circumstances, the lender had requested the Reserve Bank of India (RBI) for a credit line of USD two billion, an official of the Export-Import Bank of India said.

"The mandate for Exim Bank is to raise resources from overseas markets primarily for disbursement under concessional finance programme on behalf of the government," he said.

Due to COVID-19 outbreak, the market now is not suitable for raising funds abroad, the official said.

"We requested for USD two billion credit line from RBI, equivalent to around Rs 15,000 crore, which the apex bank has agreed to," he told PTI.

The Reserve Bank on Friday announced a Rs 15,000-crore line of credit to the lender.

"How and in what form this money will come is not yet clear. Raising resources from overseas markets is now a challenge. There is a regular need for disbursements in foreign currency," he said.

Exim Bank raises funds in multiple currencies like USD, Japanese Yen, South African Rand, Euro and Singapore dollar, he said.

All the currencies are then swapped into USD, according to him.

"Nearly 70 percent of our business is in USD. We have a huge requirement of dollars," he said.

Speaking about outlook for export in the current fiscal, he said that it is definitely going to fall.

"We don't want to speculate the extent of the fall. Due to the lockdown, demand has shrunk across sectors and there will be a decline in exports as well," the official said.

The market sentiment is down at the moment, and there has been no specific request for line of credit from any quarter.

"We are now trying to deal with companies which have already made inroads in Africa, Bangladesh and Sri Lanka," he added.

Source:- moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 23-11-2022
NOTIFICATIONNo. 23/2022 – Central Tax
Seeks to empower the Competition Commission of India to handle anti-profiteering cases under CGST Act, 2017 with effect from 01.12.2022.

Date: 23-11-2022
NOTIFICATION No. 24/2022 – Central Tax
Seeks to make fourth amendment (2022) to CGST Rules with effect from 01.12.2022.

Date: 18-11-2022
Notification No. 58/2022-Customs
Seeks to amend Notification No. 27/2011- Customs, dated the 1st March, 2011 in order to withdrawal export duty on iron ore & steel products.

Date: 18-11-2022
Notification No. 59/2022-Customs
Seeks to amend Notification No. 50/2017-Customs, dated the 30th June, 2017 in order to withdrawal BCD exemption on Anthracite and PCI Coal, Coke & Semi coke and ferronickel.

Date: 18-11-2022
Notification No. 60/2022-Customs
Seeks to amend Notification 11/2021-Customs, dated the 1st February, 2021 in order to withdrawal AIDC exemption on Anthracite ,PCI Coal and Coking Coal.

Date: 17-11-2022
Notification No. 97 /2022 - Customs (N.T.)
Seeks to giv exemption from BCD for the motor car if imported by the Governor of the state .

Date: 17-11-2022
Notification No. 57/2022-Customs
Seeks to giv exemption from BCD for the motor car if imported by the Governor of the state .

Date: 16-11-2022
Notification No. 38/2022-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude.

Date: 16-11-2022
Notification No. 39/2022-Central Excise
Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on Diesel.

Date: 15-11-2022
NOTIFICATION No. 22/2022 – Central Tax
Seeks to make amendments (Third Amendment, 2022) to the CGST Rules, 2017.



Exim Guru Copyright © 1999-2022 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001