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RBI breather for trade: Higher export credit, more time to pay import bills

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The Reserve Bank of India (RBI) on Friday unleashed a series of relaxations for exporters and importers, including higher export credit, more time to pay for import orders and increased flexibility in repaying loans. The measures are expected to give the sector more time and liquidity to tackle the ongoing coronavirus crisis. But while exporters have lauded the measures as timely, their call for more government support and a detailed package continues.

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The rare intervention in foreign trade norms by the RBI came after the central bank took note of the deepening contraction in global activity and trade, and agreed that the impact on India’s foreign trade is substantial. India’s exports contracted by a record 60.28 per cent in April, following a fall of 34.5 per cent in March as the Covid-19-induced lockdown took its toll on trade with other countries. The latest drop in outbound trade was the most since at least April 1, 1995.


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“The measures would ease exporters’ distress, but the problem is far greater, posing existential crisis for the sector. Exporters would need direct fiscal support for staying alive in business. These measures can be in the form of waiver of electricity-user charges, reduction of levies at the ports, freight support and wage support for workers,” said Engineering Export Promotion Council Chairman Ravi Sehgal.


In a major move, the RBI boosted the coffers of the Export-Import Bank of India by extending a line of credit worth Rs 15,000 crore for a period of 90 days (with a rollover of up to one year) so as to enable it to avail a dollar-swap facility. This is expected to help in leveraging long term and project exports as a “marketing tool” as buyers would be more willing to buy products from the seller, according to the Federation of Indian Export Organisations (FIEO).


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For exporters, the maximum permissible period of pre and post-shipment export credit sanctioned by banks has also been raised. As opposed to the current 12 months, this will now be 15 months, for disbursements made up to July 31 this year.


More needed

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While the measures would usher in an era of very competitive credit rates to help manufacturing and overall economy, they would also ensure that inflation remains within the target range, said Sharad Kumar Saraf, President of FIEO. “But RBI’s assessment of the economic revival during the first half remains bleak, with signs of revival to be only seen during the second half of the financial year. We again urge the government to immediately announce an export package covering all export sectors,” he added.


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In a speech, RBI governor Shaktikanta Das also pointed out that investment demand has stopped as imports of capital goods fell 27 per cent in March, before plunging by 57.5 per cent in April. Domestic production of capital goods declined by 36 per cent in March, spiralling downwards for the 14th straight month, despite the government’s efforts to open up even more sectors to easier foreign direct investment flows last year.

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The RBI also extended the current loan moratorium by another three months. “The RBI should also consider extending this moratorium to NBFCs for their repayment to banks, without which the NBFCs sector is facing acute distress. One-time restructuring of loans to relieve stressed businesses may also be allowed,” the Confederation of Indian Industry said.


Time relief

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Over the past two months, exporters had repeatedly pointed out the issue of massive chunks of export orders getting cancelled or postponed, and the subsequent delay in realization of bills. Now, the RBI has permitted an increase in the period of realization and repatriation of export proceeds to India from nine months to 15 months. This will be valid from the date of export for shipments sent out till July 31, 2021. RBI should continuously monitor the delicate economic situation and make pragmatic announcements after every two months interval.


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For inbound shipments that arrive till the same date, importers will now get 6 more months to complete outward remittances. Currently, importers get 6 months to send remittances. The new facility, however, will not be available for import of gold, diamonds and precious stones or jewellery. The Gems and Jewellery Export Promotion Council said these items needed to be covered since liquidity has hit exporters in the sector and bank loans to jewellers have dried up since the Nirav Modi controversy.

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The RBI has also suggested that the government reassess import duties for various items and crucially pulses. “Among the pressure points, the elevated level of pulses inflation is worrisome, and warrants timely and swift supply management interventions, including a reappraisal of import duties,” Das said.


RBI’s easier terms for trade

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  • Exim Bank to get new line of credit worth 15,000 Cr

  • Pre, post shipment export credit to now be available for 15 months

  • Export proceed can be repatriated within 15 months

  • Importers will be able to complete outward remittance within 12 months

  • Ongoing loan moratorium extended by 3 months

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(Note: This is a Article Automatically Generated Through Syndication, Here is The Original Source

Passionate news enthusiast with a flair for words. Our Editorial Team author brings you the latest updates, in-depth analysis, and engaging stories. Stay informed with their well-researched articles.

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Caterina Fake Net Worth 2024: How Much is the American entrepreneur and businesswoman Worth?

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Caterina Fake Net Worth 2024: How Much is the American entrepreneur and businesswoman Worth?

Who is Caterina Fake?

Caterina Fake is a renowned American entrepreneur and co-founder of several groundbreaking ventures, including Flickr and Hunch. Born on June 13, 1969, in Pittsburgh, Pennsylvania, Fake has been a driving force in reshaping the digital landscape through her innovative ideas and entrepreneurial acumen.

Caterina Fake Career

From her early days in Pittsburgh to her rise in Silicon Valley, Caterina Fake’s career has been marked by a relentless pursuit of excellence. Co-founding platforms like Flickr and Hunch, she has revolutionized how we connect and share information online. Her visionary leadership and creative brilliance have cemented her status as a trailblazer in the tech industry.

Caterina Fake Net Worth

As of 2024, according to TheRichest, Caterina Fake’s net worth stands at an impressive $25 million. Her entrepreneurial ventures, including Flickr and Hunch, have contributed significantly to her financial success. With a keen eye for emerging trends and a knack for innovation, Fake continues to inspire aspiring entrepreneurs around the world.

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Caterina Fake Age

Currently 54 years old, Caterina Fake was born on June 13, 1969. Despite her age, she remains a dynamic force in the business world, constantly pushing the boundaries of what’s possible in technology and entrepreneurship.

Caterina Fake Family: Husband and Children

Caterina Fake was previously married to Stewart Butterfield, with whom she co-founded Flickr. They tied the knot in 2001 but announced their split in 2007. They share one child, Mint Butterfield, who has recently been reported missing. Caterina Fake is currently in a relationship with Jaiku co-founder Jyri Engeström.

Caterina Fake Height and Weight

While specific details about Caterina Fake’s height and weight are not readily available, her stature in the tech industry is undeniable. Standing tall as a visionary leader and innovator, Fake’s impact transcends physical measurements, leaving an enduring legacy in the digital sphere.

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Also Read: Ethan Payne Net Worth 2024: How Much is the English YouTuber, Streamer, and Internet Personality Worth?

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Choosing the Right Shipping Label for Your Needs

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In the realm of e-commerce and product distribution, the importance of choosing the right shipping label cannot be overstated. A shipping label is not merely a piece of paper with an address; it serves as a vital communication tool between the sender, carrier, and recipient. From ensuring package security to complying with regulations, the right shipping label can streamline your shipping process and enhance customer satisfaction. However, with various options available, selecting the appropriate shipping label for your specific needs can be daunting. This comprehensive guide aims to navigate you through the maze of choices, empowering you to make informed decisions.

Understanding Shipping Label Basics

Before delving into the specifics, let’s start with the fundamentals. A shipping label typically contains crucial information such as the sender’s and recipient’s addresses, package weight, tracking number, and barcodes. It serves as a passport for your package, facilitating its journey from sender to receiver. Additionally, shipping labels often include information about the contents of the package, handling instructions, and compliance markings for hazardous materials.

Factors to Consider

When choosing the right shipping label, several factors come into play, including:

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  • Package Type: Different packages require different types of labels. Whether you’re shipping small parcels, envelopes, or large boxes, selecting the appropriate label size and format is crucial.
  • Shipping Method: Consider the shipping method you’ll be using. Labels for domestic shipments may differ from those for international deliveries. Moreover, carriers such as USPS, UPS, FedEx, and DHL may have specific label requirements.
  • Durability: If your package is exposed to harsh conditions or requires long-distance travel, opt for durable labels that can withstand moisture, abrasion, and other environmental factors.
  • Barcode Compatibility: Barcodes play a vital role in tracking and sorting packages. Ensure that your shipping label is compatible with the barcode systems used by your chosen carrier.
  • Regulatory Compliance: Depending on the nature of your shipment, you may need to adhere to regulatory standards and include specific markings or warnings on your shipping label. This is particularly important for hazardous materials, perishable goods, and international shipments.

Types of Shipping Labels

Now, let’s explore some common types of shipping labels and their features:

  • Integrated Labels: Integrated labels combine the shipping label with other essential documents, such as packing slips or invoices. This streamlined approach simplifies the packing process and reduces the risk of document misplacement.
  • Thermal Labels: Thermal labels utilize heat-sensitive paper to create high-quality, smudge-free prints. They are ideal for high-volume shipping operations and do not require ink or toner cartridges.
  • Peel-and-Stick Labels: Peel-and-stick labels feature a self-adhesive backing, allowing for quick and easy application to packages. They are available in various sizes and can be customized with branding elements or additional information.
  • Waterproof Labels: Waterproof labels are designed to withstand exposure to moisture, making them suitable for shipments that may encounter rain, snow, or humidity during transit.
  • Custom Labels: Custom labels offer a unique opportunity to enhance brand visibility and convey specific messages to recipients. They can be tailored to include logos, slogans, promotional offers, and special handling instructions.

Label Printing Options

Once you’ve selected the appropriate label type and size, you’ll need to decide how to print your labels. Common printing options include:

  • Direct Thermal Printing: Direct thermal printers use heat-sensitive paper to produce high-quality prints without the need for ink or toner. They are cost-effective and ideal for printing shipping label on demand.
  • Thermal Transfer Printing: Thermal transfer printers utilize a ribbon to transfer ink onto the label, resulting in durable, long-lasting prints. While slightly more expensive than direct thermal printing, thermal transfer printers are suitable for applications requiring enhanced durability and longevity.
  • Desktop Printers vs. Industrial Printers: Desktop printers are compact and affordable, making them suitable for small businesses and low-volume shipping operations. Industrial printers are designed for high-volume printing and offer advanced features such as faster printing speeds and larger label capacities.
  • Cloud-based Printing Solutions: Cloud-based printing solutions allow you to print shipping labels from any location with internet access. This is particularly beneficial for businesses with multiple shipping locations or remote employees.

Conclusion

Choosing the right shipping label is a critical step in ensuring the smooth and efficient delivery of your products. By considering factors such as package type, shipping method, durability, barcode compatibility, and regulatory compliance, you can select the label that best meets your needs. Whether you opt for integrated labels, thermal labels, peel-and-stick labels, waterproof labels, or custom labels, investing in the right shipping label solution will streamline your shipping process, enhance package security, and ultimately improve customer satisfaction.

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New Class-Action Lawsuit Accuses Rivian of Making Materially False and Misleading Statements

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New Class-Action Lawsuit Accuses Rivian of Making Materially False and Misleading Statements

Electric vehicle manufacturer Rivian has been slapped with a lawsuit which alleged that the company misled the investors with false claims regarding its business, operations and prospects.

The class-action lawsuit made a number of allegations which included overstating the demand of its Electric vehicles and also not making it clear how it will handle the negative and near-term macroeconomic impacts.

The lawsuit also revealed that Rivian’s business was experiencing reduced demands as well as increased customer cancellations precipitated by inter alia, high interest rates.

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The orders had significantly reduced and this has significantly reduced the profits and the manufacturing of vehicles in 2024.

Rivian Faces New Class-Action Lawsuit Alleging Deceptive Statements

The lawsuit also alleged that the Company’s public statements were materially false and misleading at all relevant times.

Rivian’s stock, like all other EV startups, has been tanking and this has angered the investors who saw a major portion of their investments eroded and a number of law firms like Bernstein Liebhard LLP announced this week that it has filed a securities class action lawsuit on investors’ behalf.

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The lawsuit stated that the EV manufacturer had violated the Securities Exchange Act of 1934 and has asked investors who had bought shares of Rivian Automotive, Inc. between March 1, 2023, and February 21, 2024, to join its suit.

The company’s stocks have fallen and one of the primary reasons was the high interest rates. Rivian’s products are beyond the reach of an average income household.

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The Rivian’s Electric vehicles target customers were wealthier clients and the spurt in order cancellations means this class is walking away from Rivian’s product.

The stocks of the company were popular for the investors but the reduced demands caused by higher borrowing cost have hit its stock prices badly.

The price war has also affected the EV sector and the company also with its competitors like Tesla has been uniformly affected.

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The EV sector marked value has tanked by more than 57% year-to-date.

The chance of a fall in interest rates is not expected since the Federal Reserve will not lower the benchmark interest rate since it could lead to a bout of hyperinflation.

Also another factor which will discourage the Federal Reserve to lower interest rates is the soaring energy prices caused by the war in Ukraine and the Middle East.

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Also Read: Lawsuit Claims Kennywood Concealed Steel Curtain Closure to Boost Sales

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