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RBI Caution List – a matter of concern for textiles exporters: TEXPROCIL

The EDPMS (Export Data Processing and Monitoring System) which has been introduced by Reserve Bank of India (RBI) to monitor payments against Export Bills requires all banks to report in this system details of the export proceeds realization pertaining to the shipping bills filed after February 28, 2014. “A large number of textiles exporters have pointed out that that many of the banks have not completed the EDPMS updation of the shipping bills,” said Ujwal […]

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Small, but growing, buying houses of Tirupur

Some of the small, but growing, buying agents/buying houses in Tirupur are moving aggressively in their business. Recently, Apparel Online met three such companies and observed that despite their limited resources, they are geared up to grab their share of business in the Tirupur region which is dominated by bigger exporters as well as offices of various overseas brands/buyers. One of them, Miami Exports also has its own small manufacturing unit of 65 machines in the […]

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RBI’s unchanged repo rate disappoints apparel exporters

The Tirupur Exporters’ Association (TEA) has said the Reserve Bank of India’s decision to keep the repo rate unchanged at 6.25 per cent has disappointed the apparel export community, which was expecting a reduction in interest rate post demonetization. The reduction in interest rate is the most important at this juncture to increase the competitiveness of apparel sector at a time when the export growth rate is a meagre 3.54 per cent for the nine […]

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Prag Bosimi Synthetics announced defaulter by RBI

Prag Bosimi Synthetics Limited (PBSL) has been named in the Top 10 Defaulters’ List by the Reserve Bank of India (RBI). It is the only textile company to figure in the list, with an outstanding of Rs 3,558 crore, credited by IDBI Bank. The list that was published by a watchdog news media Newslaundry revealed that the public sector company PBSL is still operational. As per PBSL’s website, it is the largest joint sector company […]

May 2, 2016

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