u00a0Central Board of Excise and Customs (CBEC) that issues revised exchange rates every month, failed to issue new rates for this month, thereby holding up the multi-billion dollar daily export-import trade on June 1. The problem was sorted out in the evening, but top officials claim that the damage has already been done. Sources claim that the delay would lead to a loss of over Rs 100 crore, both for the exchequer and for traders.

The problem began yesterday morning when the export-import trade submissions were rejected at all 106 centres across the country. Traders were told that new currency rates for the month of June were not updated on the system. “This is something, which has never happened before and everyone was shocked. Export and import documents across the country could not be moved due to the system not being updated with the revised rates. The problem was sorted out at around five in the evening yesterday,” said Bharat Thakker, president, Air Cargo Agents Association of India (ACAAI).