01 April 2022, Mumbai:
Cashflow disruption may delay payments to workers & suppliers, hit payments to lenders.
- These are facing technical problems in absence of SWIFT.
- Russian banks with a presence in India issued LCs on behalf of their local importers
- Authorities jointly working to start a new network protocol
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Many tea exporters from south India haven't received payments from Russian buyers.
"The rupee payment has come but the dollar payment has not yet come," said South India Tea Exporters Association chairman Dipak Shah. "We are clue less (about) when the exporters will get their payments.
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"It is not only tea which is facing the pain of delayed payments," said Ajay Sahai, director-general of the Federation of Indian Export Organisations (FIEO). "Engineering, chemicals, plastics too are suffering as their payments have got stuck."
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CREDITS: ET Dt 01-04-2022 (The news article has not been edited by DFU Publications staff).
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