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Ref: PXL/H.O./CIR-002/2016-17 Date: 05.04.2016
Hyderabad
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INFORMATION ON PAYMENTS HELD UP IN VARIOUS COUNTRIES DUE TO ECONOMICAL / POLITICAL REASONS
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Dear Sir/Madam,
We wish to inform that some of our members informed us that huge amounts due to them from their overseas customers got stuck in various countries like Nigeria, Angola, Venezuela etc., due to depreciation of local currency / political reasons.
In order to understand the gravity of the situation and to take up immediate remedial steps, Department of Commerce advised us to compile the data of such amounts held up in various countries and submit to them immediately.
We, therefore, request the members who is facing such problems to provide us the data in the format attached herewith.
Members may kindly refrain from providing the details of payments held up due to default by the individual customers.
The above requested data may be sent to us before 15th April 2016 to enable us to compile and submit to the Government for taking up necessary action.
With regards
Dr. P V Appaji
Director General
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