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Don’t Reduce Credit Limits: Gems and Jewellery Industry Says to Banks
May 08, 2018
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.
