Centre warns of CBI, EoW action against post-dated wheat export LCs

Since wheat export was banned on May 13, the government has been cracking down on exporters who are waiting to have their orders cleared on the basis of invalid LCs

Serving a warning to unscrupulous wheat exporters, the government on Monday said if after a probe it was found they had issued post-dated letters of credit (LCs), they would be proceeded against under the Foreign Trade Act.

It can take help from the Central Bureau of Investigation and Economic Offences Wing on this. The government said it could take action against banks complicit with exporters in this matter.

The Directorate General of Foreign Trade (DGFT), in an order on Monday, said the regional authorities of the DGFT would take the help of external experts to investigate whether wheat exporters had issued post-dated