• Rajasthan

    Cong 99
    BJP 73
    RLM 3
    OTH 24
  • Madhya Pradesh

    Cong 113
    BJP 110
    BSP 2
    OTH 5
  • Chhattisgarh

    Cong 68
    BJP 15
    JCC 7
    OTH 0
  • Telangana

    TRS-AIMIM 95
    TDP-Cong 21
    BJP 1
    OTH 2
  • Mizoram

    MNF 26
    Cong 5
    BJP 1
    OTH 8

* Total Tally Reflects Leads + Wins

FIEO hails exemption of exporters from giving bank guarantee

By: | Published: September 30, 2017 5:07 PM

The decision to exempt small exporters from furnishing bank guarantee for shipping goods and services is a much needed solution that will help reducing transaction time and cost of exporters, FIEO said today.

FIEO, FIEO exemption, FIEO exporters exemption, bank guarantee, good and services, exporting goods, bank guarantee for exports, Federation of Indian Export Organisations, indian exports, indian export marketFederation of Indian Export Organisations (FIEO) in a statement said micro and small exporters will be immensely benefited from this decision as they were struggling to get bank guarantee. (Reuters)

The decision to exempt small exporters from furnishing bank guarantee for shipping goods and services is a much needed solution that will help reducing transaction time and cost of exporters, FIEO said today. Federation of Indian Export Organisations (FIEO) in a statement said micro and small exporters will be immensely benefited from this decision as they were struggling to get bank guarantee. “This is much needed simplification which will help in reducing transaction time and cost of exporters,” it said.

The finance ministry yesterday stated that the government has decided to exempt small exporters from furnishing bank guarantee for shipping goods and services. “We should gradually move towards e-LUT (Electronic Legal Undertaking) which can be furnished online so as to eliminate any physical interaction with the tax authorities,” it added. Under the Goods and Services Tax (GST), an exporter can get exemption from payment of IGST if he submits bonds or LUTs.

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