Back to News

Don’t Reduce Credit Limits: Gems and Jewellery Industry Says to Banks

May 08, 2018

Don’t Reduce Credit Limits: Gems and Jewellery Industry Says to Banks

The Gems and Jewellery Export Promotion Council (GJEPC) has urged the banks to not reduce the credit limits for them as it can be extremely detrimental towards the gems and jewellery sector and hurt employment generation.

GJEPC said that it will release a paper covering the issue titled “Diamond Financing 2018 New Challenges” on May 11 at a baking summit.

The Reserve Bank of India had banned the issuance of letters of comfort (LoC) and Letters of Undertaking (LOUs) a few months back after Nirav Modi and Mehul Choksi, two of the biggest jewellery tycoons in India, tricked the banks by exploiting these instruments and evaded the country.

Important Links:
Tags:
credit card

Consult a Career Advisor

Fill up the form to get in touch with us.

Recent Posts
Subsidies to Indian Farmers Much Lower in Contrast to Western Countries, Says Commerce Secretary
March 29, 2019
Transaction Monitoring Market to Grow 200% by 2023, Says Report
March 29, 2019
90% CAGR Growth Expected in Blockchain IoT Market, Could Reach 3,000 mn USD in 5 Years
March 29, 2019

Recommended for you ...

Subsidies to Indian Farmers Much Lower in Contrast to Western Countries, Says Commerce Secretary
Subsidies to Indian Farmers Much Lower in Contrast to Western Countries, Says Commerce Secretary

March 29, 2019

Transaction Monitoring Market to Grow 200% by 2023, Says Report
Transaction Monitoring Market to Grow 200% by 2023, Says Report

March 29, 2019

90% CAGR Growth Expected in Blockchain IoT Market, Could Reach 3,000 mn USD in 5 Years
90% CAGR Growth Expected in Blockchain IoT Market, Could Reach 3,000 mn USD in 5 Years

March 29, 2019

Chat on WhatsApp