Exporters trouble due to steep hike in ocean freight rates

Ludhiana, August 17, 2021: CICU Export Committee Meeting was held to discuss the issues like Drawback and IGST refunds, MEIS, RODTEP Rates, Steep Hike in Ocean Freight Rates, GST Audit and IGST Audits and Other Matters related to Export.
 
Upkar Singh Ahuja, President, CICU said that Export Promotion Committee is working to resolve the issues of members regarding export with DGFT, Ministry of Commerce, Customs and Banks. Now day’s exporters are in panic due to Steep Hike in Ocean Freight Rates. He also mentioned that all the issues will be take-up and a representation will send to the DGFT, Ministry of Commerce to resolve the issues speedily.
 
Pankaj Sharma, General Secretary, CICU highlighted there are numerous issues, in which exporters are going through. The shipping companies are charging huge amount and exporters are force to paying that amount, because they want not to lose their customers.
 
Ram Lubhaya, Convener of Export Promotion Committee said that a training will be organized for the Exporters on how to file GST return and other services related to the Export.
 
Sarvjit Singh, Co- Convener of Export Promotion Committee said that nexus between shipping lines top officials  and some freight forwarders is the reason behind steep increase in Ocean freight rates. He said if the practice continues for more time, Exporters has to face closure of business or huge losses. Presently the Ocean freight rates has gone up to 250% which is pressurizing exporters to delay or hold the shipments. 
 
The meeting was attend by 50 members.