PharmaLytica 2021 Hyderabad review.

Pharma industry lauds RBI’s decision to discontinue automatic caution listing

The pharma industry stakeholders appreciated the decision to discontinue the automatic caution-listing by the Reserve Bank of India (RBI). Under the revised procedure, based on the recommendations of the Authorised Dealer (AD) bank concerned, depending upon the exporters track record with the AD bank and investigative agencies, an exporter would be caution-listed by the Reserve Bank.

The AD bank would make recommendations in this regard to the regional office concerned in the foreign exchange department of the Reserve Bank in case the exporter has come to the adverse notice of the Enforcement Directorate(ED) / Central Bureau of Investigation (CBI) / Directorate of Revenue Intelligence (DRI) /any such other law enforcement agency and/or the exporter is not traceable and/or is not making sincere efforts to realise the export proceeds. Similarly, the AD bank would also make recommendations to the Regional Office of the Reserve Bank for de-caution-listing an exporter as per the laid down procedures.

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