Government Cautions exporters on exports to Greece

The Government has advised exporters that in view of the crisis in Greece, exports should be carried out only against an irrevocable letter of credit. Stating this in a written reply in Lok Sabha, the Minister of State for Finance, Mr Namo Narain Meena, also said that with a view to protect the interests of Indian exporters, Export Promotion Councils also have been advised that while advance payment by importers in Greece could be the best option, it may not be always practical. “Depending upon the promptness in payments in the past and the present status of the Greek importer, the exporters in India may take a decision on a case-to-case basis,” the Minister said.