The government will 'very soon' announce the export quota of sugar for the next marketing year starting October, Food Secretary Sudhanshu Pandey said on Wednesday. He did not disclose the quantity of sugar exports that will be allowed for the 2022-23 marketing year (October-September).

 

'Very soon,' Pandey told reporters here when asked about the new export policy and quota for the 2022-23 marketing year.

 

The secretary was speaking on the sidelines of a sugar and ethanol conference organised by the Indian Sugar Mills Association (ISMA) and Datagro.

 

In May, the government imposed restrictions on the export of sugar beyond 10 million tonnes, but later allowed another 1.2 million tonnes of shipments, taking the total to 11.2 million tonnes for the 2021-22 marketing year.

 

India's sugar exports stood at 7 million tonnes in the 2020-21 marketing year, 5.9 million tonnes in 2019-20 and 3.8 million tonnes in 2018-19.

 

Industry body ISMA President Aditya Jhunjhunwala said the sugar production after the diversion of sugar for 2022-23 is estimated at 35.5 million tonnes while the domestic demand is 27.5 million tonnes.

 

'We can export 8 million tonnes of sugar in 2022-23 marketing year. We have urged the government to announce export quota and overall policy at the earliest,' he said.

 

The export window is till March only, after which Brazilian sugar will come into the global market, Jhunjhunwala said.

 

Indian Sugar Mills Association (ISMA) president had written a letter to food and consumer affairs minister Piyush Goyal in this regard.

 

As per a preliminary estimate, ISMA said the net sugar production, without considering the diversion of sugar for the production of ethanol, is expected to increase to about 40 million tonnes in 2022-23 from 39.4 million tonnes in the current marketing year.

 

However, 4.5 million tonnes of sugar is expected to get diverted for ethanol in 2022-23 marketing year as against 3.5 million tonnes in the current marketing year.

 

ISMA said the exports of surplus sugar would help in maintaining domestic sugar prices, which in turn boost the liquidity position of mills enabling them to pay sugarcane farmers on time.

Trade ministers of G20 countries on Wednesday discussed ways to strengthen the WTO's dispute settlement mechanism to make it more accessible and efficient.

 

The meeting was convened by US Trade Representative Katherine Tai on the sidelines of the G20 Ministerial Meeting in Bali, Indonesia.

 

'Participated in a discussion on WTO (World Trade Organisation) Dispute Settlement Reform convened by @AmbassadorTai...Exchanged views on ways to strengthen the WTO dispute settlement mechanism to make it more accessible and efficient,' Commerce and Industry Minister Piyush Goyal said in a tweet.

 

The Geneva-based multilateral body WTO deals with global exports and import-related norms. Besides, it adjudicates trade disputes between the member countries.

 

Global trade experts term the dispute settlement mechanism of the WTO as the 'jewel in the crown'.

 

There are two main ways to settle a dispute once a complaint is filed at the WTO - the countries find a mutually agreed solution, particularly during the phase of bilateral consultations; and through adjudication which includes ruling by a panel and if not satisfied, challenging that ruling at the appellate body.

 

The appellate body is the apex institution to adjudicate disputes.

 

Smooth functioning of this mechanism hit a roadblock, when the US blocked appointments of members in the appellate body (AB). Though the AB stopped functioning from December 10, 2019, the panels are still working.

 

Since December 2019, as many as 24 appeals have been filed in the AB. Out of this, four are filed by India that includes Japan's case on India's safeguard measures on steel; the US case against India's export subsidies and Brazil, Australia and Guatemala's cases against India on sugar.

 

Developing countries are of the strong view that a two-tier system is fundamental for the smooth functioning of the dispute settlement mechanism.

 

The meeting called by the USTR assumed significance as the member countries have agreed in the WTO's ministerial meet in Geneva in June to discuss the issue.

 

According to the outcome document of the Geneva meet, members acknowledged the challenges and concerns with respect to the dispute settlement system including those related to the AB, recognised the importance and urgency of addressing those challenges and concerns, and commit to conducting discussions with the view to having a fully and well-functioning dispute settlement system accessible to all members by 2024.

 

The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies.

 

It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).

 

Collectively, the G20 accounts for 85 per cent of the global GDP, 75 per cent of international trade, and two-thirds of the world population, making it the premier forum for international economic cooperation.

The Union Cabinet, chaired by Prime Minister, Shri Narendra Modi, has approved the National Logistics Policy. The Policy lays down an overarching interdisciplinary, cross-sectoral, multi-jurisdictional and comprehensive policy framework for the logistics sector. The policy complements the PM GatiShakti National Master Plan. While PM GatiShakti National Master Plan is aimed at integrated infrastructure development, the National Logistics Policy is envisaged to bring efficiency in logistics services, and human resources through streamlining processes, regulatory framework, skill development, mainstreaming logistics in higher education and adoption of suitable technologies.

 

The vision is to develop a technologically enabled, integrated, cost-efficient, resilient, sustainable and trusted logistics ecosystem for accelerated and inclusive growth.

 

The Policy sets targets and includes a detailed action plan to achieve them. The targets are:

 

to reduce cost of logistics in India to be comparable to global benchmarks by 2030,

improve the Logistics Performance Index ranking, to be among top 25 countries by 2030, and

create data driven decision support mechanism for an efficient logistics ecosystem.

The National Logistics Policy has been developed through a consultative process wherein several rounds of consultations were held with various Ministries/Departments of Government of India, industry stakeholders and academia, and takes cognisance of global best practises.

 

To monitor the implementation of the Policy and integrate efforts across stakeholders, the Policy will utilize the existing institutional framework i.e., Empowered Group of Secretaries (EGoS) created under the PM GatiShakti NMP. The EGoS will also set up a 'Services Improvement Group' (SIG) on the pattern of Network Planning Group (NPG) for monitoring of parameters pertaining to processes, regulatory and digital improvements in logistics sector that are not covered under the ToR of the NPG.

 

This policy paves way for reduction in logistics cost in the country. Focus will be on enabling adequate development of warehouses with optimal spatial planning, promotion of standards, digitization and automation across the logistics value chain and better track and trace mechanisms.

 

Further measures to facilitate seamless coordination between different stakeholders and speedy issue resolution, streamlined EXIM processes, human resource development to create an employable pool of skilled manpower, are also laid out in the policy.

 

The policy also clearly lays down an action agenda for immediate on ground implementation of various initiatives. In fact, to ensure that the benefits of this policy have maximum possible outreach, important initiatives under the policy including the Unified Logistics Interface Platform (ULIP), the Ease of Logistics Services platform, e-handbook on Warehousing, training courses on PM GatiShakti and logistics on i-Got platform, were launched along with the launch of the National Logistics Policy. Thereby indicating the readiness for immediate on ground implementation.

 

Also, all States and UTs have been fully onboarded. Fourteen States have already developed their respective State Logistics Policies on the lines of the National Logistics Policy and for 13 States, it is in draft stage. The institutional frameworks under PM GatiShakti at Centre and State level, which will also monitor implementation of the Policy, is fully operational. This will ensure a fast and effective adoption of the Policy across all stakeholders.

 

This policy supports enhancing competitiveness of Micro, Small and Medium Enterprises, and other sectors such as agriculture and allied sectors, fast moving consumer goods and electronics. With greater predictability, transparency and reliability, wastages in supply chain and need for huge inventory will reduce.

 

Greater integration of global value chains and higher share in global trade besides facilitating accelerated economic growth in the country, is another outcome envisaged.

 

This is expected to reduce logistics cost to achieve global benchmarks and improve country’s Logistics Performance Index ranking and its global positioning. This policy lays down a clear direction for transforming India’s logistics sector, improving logistics efficiency, reducing logistics cost and improving global performance.

The commerce and industry ministry is planning a multi-media campaign to promote over 400 GI (Geographical Indication) products such as Darjeeling Tea, Chanderi Fabric, Mysore Silk, and Kashmir Walnut Wood Carving. 'The Department for Promotion of Industry and Internal Trade (DPIIT) intends to empanel one or more audio-visual agencies to carry out various multi-media campaigns, production of advertising and promotional materials on a regular ongoing basis,' said the department's notice inviting request for proposal.

 

The agency will also support the department in scaling up the GI campaign through manifold interventions, considered important for building a strong GI ecosystem, it said.

 

DPIIT, under the ministry, is looking to empanel reputed audio-visual agencies for GI promotion campaign.

 

Work for the empanelled agency or agencies would include production of films, documentaries, sponsored AV (audio-visual) programmes, AV spots, and production of short videos.

 

The notice said lack of promotion and publicity of Indian GI products have led to minimum awareness and interest within the young generation thus translating into very limited usage of these goods.

 

It stated that there are more than 400 GI products registered in India.

 

Considering the enormous commercial potential of GI, it is important to focus on marketing, branding, publicity campaign and cataloguing of GI products and this can be achieved by use of e-business tools, communication technology and development of web portals, it said.

 

This would further increase employment avenues for the producers and boost the economy, the notice added.

 

Explaining the purpose of the campaign, it said effective communication is the key to successful design and delivery of government projects and services as it plays an important role in helping all stakeholders understand their roles and responsibilities in project life cycle.

 

Historically, it is found that many of the good programmes of the government did not produce the desired impact on account of very low acceptance by citizens, lack of consistency in communicating the right message and unplanned use of media channels, it added.

 

'Awareness and communication programmes help to ensure that relevant information reaches the right person at the right time, attracts attention of the users, creates awareness about issues and finally influences the behaviour of all concerned in the desired direction,' it said.

 

The notice said that for benefits of right holders who are majorly local artisans and craftsmen, creation of a well-planned and detailed multi-media communication strategy is required along with a thorough execution on all-India basis.

 

The primary objective of these campaigns is to develop a premium brand around Indian GI products, promoting them as niche products.

 

The last date for receipt of proposals is October 7.

 

A GI is primarily an agricultural, natural or a manufactured product (handicraft and industrial goods) originating from a definite geographical territory.

 

Typically, such a name conveys an assurance of quality and distinctiveness, which is essentially attributable to the place of its origin.

 

There is a proper process of registration of GI products which includes filing of application, preliminary scrutiny and examination, show cause notice, publication in the geographical indications journal, opposition to registration, and registration.

 

Any association of persons, producers, organisation or authority established by or under the law can apply. The applicant must represent the interest of the producers.

 

The famous goods which carry GI tag include Basmati rice, Darjeeling Tea, Chanderi Fabric, Mysore Silk, Kullu Shawl, Kangra Tea, Thanjavur Paintings, Allahabad Surkha, Farrukhabad Prints, Lucknow Zardozi and Kashmir Walnut Wood Carving.

 

Under the Paris Convention for the Protection of Industrial Property, GI is covered as an element of intellectual property rights (IPRs).

 

They are also covered under the WTO's Trade Related Aspects of Intellectual Property Rights (TRIPS) agreement.

 

India's Geographical Indications of Goods (Registration & Protection) Act 1999, is effective from September 15, 2003.

 

Once a product gets this tag, any person or company cannot sell a similar item under that name. This tag is valid for a period of 10 years following which it can be renewed.

 

The other benefits of GI registration include legal protection to that item, prevention against unauthorised use by others, and promoting exports.

The best way to celebrate Diwali will be to have a good free trade agreement between India and the United Kingdom, British High Commissioner to India Alex Ellis said on Tuesday. He observed that the free trade agreement (FTA) will lead to creation of more jobs, growth and opportunities for both India and the UK.

 

Speaking on the sidelines of an event, he asserted that there was 'high ambition' to complete the India-UK FTA by Diwali -- a deadline set earlier by both nations -- and added 'that would be an auspicious date'.

 

Asked if one could expect a 'Diwali Dhamaka' for India in relation to the FTA, the British High Commissioner quipped, 'I hope so.'

 

Earlier addressing an Assocham conference, Ellis said: 'We have the aim to finish the FTA by Diwali.'

 

Speaking at the conference, Joint Secretary in the Commerce and Industry Ministry Rajendra Ratnoo said leaders from the countries 'are very very committed towards this FTA and have set a very, very ambitious goal of gifting to the people of the two sides very optimistically by the end of October, as a Diwali gift.'

 

He said a major part of the trade deal has been thrashed out while certain areas remain which are being discussed.

 

Elaborating on the potential benefits emanating for India from the FTA with the UK, he said it is expected to provide certainty, predictability, transparency and will create a more facilitative and competitive services regime.

 

'The FTA is expected to give a major thrust to Indian exports in labour intensive sectors like leather textile jewellery processed agro products etc,' the Joint Secretary added.

 

A free trade agreement is a trade pact according to international law to form a free trade area between the cooperating states. India and the UK trade mostly in services which accounts for about 70 per cent of the overall trade. Both countries also aim to increase their bilateral trade to USD 100 billion by the end of this decade.

The Indian Food Authority, FSSAI, has notified the Food Safety and Standards (Labelling and Display) First Amendment Regulations, 2022, - norms related to nutritional information and shelf life of products.

 

The amendment lays down that saturated fat and trans fats be given on the label only if total fat content is more than 0.5% in final food and cholesterol content to be given only for products containing fats of animal origin and where total fat content is more than 0.5%.

 

According to the regulation 5 sub regulation 3 of the labelling and display regulations,  nutritional information is a description intended to inform the consumer of nutritional properties of the food related to sugars, added sugars, fat (saturated, monosaturated, polyunsaturated, and trans fats), dietary fibre and other nutrients which provide energy, or have specific metabolic or physiological functions or are needed for growth, development and maintenance of healthy life.

 

Further, the regulations say that nutritional info per 100 gm or 100ml or per single consumption pack of the product and per serve percentage contribution to recommended dietary allowance calculated on the basis of 2000kcal energy, 67g total fat, 22g saturated fat, 2g trans fats, 50 g added sugar and 2000mg of sodium (5g salt) requirement for average adult per day shall be given on the label.

 

The amendment further lays that for products with shelf life of more than three months, the 'DD/MM/YY' format may also be used.

 

With respect to the declaration regarding food allergens, the amendment says that wheat based glucose syrups including dextrose, wheat based maltodextrins, glucose syrups based on barley, cereals used for making alcoholic distillates including ethyl alcohol of agricultural origin were excluded from the list of allergens provided these ingredients have been assessed as safe and gluten shall not be more than 20 mg/kg.

 

For principal display area, the amendment notifies that for area above 500 sq cm & upto 2500 sq cm, the minimum height of numeral and letter in mm shall be 3 in normal case and 5 when blown, formed moulded or perforated on container.

 

According to the FSSAI, these regulations will come into force from the date of its publication in the official gazette.

Chief Secretary, Dr Arun Kumar Mehta on Tuesday said that J&K has favourable climatic conditions and immense untapped potential in the agriculture sector and with the right approach and endeavours, it can easily evolve as the Agri-capital of India.

 

Dr. Mehta was speaking at 24th Foundation Day of Sher-e-Kashmir University of Agricultural Sciences and Technology of Jammu (SKUAST-J) held at its at Baba Jitto Auditorium, Main campus, Chatha

 

The Chief Secretary underlined that around seventy percent of the population of J&K depends directly or indirectly on agriculture for their livelihoods. Development and promotion of the sector is vital for the prosperity of its people, he said.

 

Dr Mehta highlighted that J&K stands top among other states in farmer-household income and called for further exploring ways to increase it. Due to the fast paced development done in the UT since 2019, we already stand among the top five states in various sectors, he added.

 

Elaborating on novel initiatives, the Chief Secretary said that farmers have been provided Soil Health Cards and are accordingly provided expert advice on farming. He also detailed digital platforms like Agristack and unique farmer IDs being implemented in the UT. Parvaaz scheme is helping our farmers export their farm produce abroad on subsidised rates, added the Chief Secretary.

 

Dr Mehta called upon experts to help improve crop intensity to 2.5 crops per year through various interventions. He also encouraged participation in the Millet Mission of Government of India and increased production of oilseeds and pulses in J&K. He suggested undertaking rain water harvesting projects under MGNREGA in Kandi belts of Jammu region and boosting suitable crops there.

 

Chief Secretary hailed agriculture as a special and unique career pursuit of life. 'We are proud of our farmers and must start campaigns to acknowledge their role in society', he reiterated.

 

Earlier, Dr Mehta inaugurated the exhibition at Baba Jitto Auditorium depicting various technologies and FPOs promoted by different KVKs of SKUAST-Jammu.

 

Bharat Bhushan, DDC Chairman Jammu, Ramesh Kumar, Divisional Commissioner, Prof. Gharu Ram Bhagat, former MLA, Prof. P.K. Sharma, former Vice Chancellor, SKUAST-Jammu, Dr. P. Ramasundaram, National Coordinator, ICAR-NAHEP and Kavinder Gupta, former Dy CM J&K, also graced the occasion.

 

Prof. J. P. Sharma, Vice Chancellor, SKUAST-Jammu in his address congratulating all the teaching, non-teaching staff and students on foundation day. He lauded the farmers for their substantial contribution in the agricultural development of J&K.

 

He informed the gathering that as per NITI Aayog’s yearly survey. Jammu and Kashmir has secured third place in all India ranking in terms of farmers’ family earnings besides stepping up from rank 22 to 5 in agriculture and allied sector ranking within one year. He said that since its birth in 1999, SKUAST-Jammu has made rapid strides.

 

While highlighting the achievements of the University Prof. Sharma revealed that the farm University has released 21 new varieties of different crops during the last two years, developed Integrated Farming System Model, established Agri-business Incubation centre for the Start Ups etc. He said that sixty six students of the University qualified for the National Eligibility Test and ICAR has accredited the institution with grade ‘A'. He said that three new faculties and three new KVKs have been established by the University.

 

Padma Shri Prof BS Dhilon, former Vice Chancellor, PAU, Ludhiana delivered 'Foundation Day Speech' on the occasion and said that for the holistic development of agriculture in J&K, the government and both farm universities should focus on recent trends in agriculture development like biotechnology, nanotechnology, digital agriculture, and the promotion of FPOs. Further, he shared his scientific as well as administrative experience dedicated to the welfare of the farming community.

 

Prominent personalities of Jammu namely Dr. Sushil Sharma, Head, Cardiology Department, GMC Jammu; Mahant Rohit Shastri, Pradeep Kapoor of Sewa Bharti, Maj. Gen. (Retd.) S.K. Sharma, Member, SMVDN Hospital governing body and Head Vigyan Bharti, Priti Choudhary (Nasha Mukti Kendra), Puneet Mahajan (Blood donation), Vir Pratap Singh, Head Career Counceeling, Gurha Slathia, Abhishek Abrol (SDM), Harmeet Singh, Tehsildar, Pallavi, Himanshu Sharma, Seva Bharti Gou Raksha were felicitated on the occasion for their immense contribution towards the welfare of the society.

 

Statutory officers, faculty members, students, non-teaching staff, social activists and progressive farmers were also present on the occasion.

The four-day Krishi Mela-2022, organised by the University of Agricultural Sciences here, concluded on Tuesday with over seven lakh people from different parts of north Karnataka visiting the fair.

 

A seminar on doubling the farmers’ income and value addition of agricultural products produced some useful information to farmers as Vitthala Gowda Biradar of 

 

Vijayapura explained the topics in detail. He said farmers should take up subsidiary enterprises along with agriculture and value addition to crops in order to get good profits. MLC Govindaraju said the government should give support price for crops grown by farmers and agricultural departments should give necessary support to them.

 

Seed Mela, which had witnessed a lukewarm response from the farmers on the first day, saw good response on the susequent days. The seed unit sold over 700 quintals of various seeds for rabi sowing worth Rs 55 lakh.

 

A total of 15.50 lakh farmers visited the annual agriculture fair and were exposed to new technologies and improved variety of crops. More than 1,500 farmers consulted scientists for solutions to their different problems. About 7 lakhs farmers, farm women, extension scientists, officers of line departments, students were enlightened on critical inputs and technologies through leaflets and demonstrations.

 

Along with seeds, farmers were keen to know new farm technologies introduced by various domestic and international companies. Two hundred stalls displaying various kinds of farm technologies turned crowd-puller on Sunday and Monday.

 

Farmers were also keen to know about solar pumpsets, newly designed tractors, pesticide spray drone and others. The live demonstration of pesticide sprinkler drone too attracted many. In the seminar on secondary agriculture, Madhukeshwar Hegde of Sirsi and an agriculture graduate Mangala Kiran Neelgund of Mulagund village engaged in integrated agriculture narrated their views about seeing agriculture as a business.

With agriculture experts and the government laying stress on switching from the conventional paddy and wheat cyclical circle to other crops, the export of fresh agriculture produce from the perishable cargo centre at Sri Guru Ram Dass Jee International Airport needs to be given a boost.

 

Taking advantage of Air India’s thrice-a-week direct Amritsar-London flight, some exporters from Punjab and Haryana are exporting fresh farm produce like baby corn, mango and other seasonal fruit and vegetables to Europe.

 

Azad Singh, in-charge of the centre at the airport, said the centre exported 400 tonnes of fresh farm cargo during the fiscal 2021-2022. 'There is a great potential for agricultural and non-vegetarian items. Apart from fresh farm produce, the centre exports chess, pharma products, readymade garments, shawls, sports goods, engineering goods, etc,' he said.

 

The journey of perishable cargo has never been smooth. Initially, Jet Airways had been handling the export of fresh vegetables to London since July 2006. Subprime mortgage crisis-induced recession had forced the private airline to withdraw the flight. Later Air India filled the breach for some time as it eventually withdrew its Amritsar-London-Toronto flight on October 30, 2010. The export of fresh cargo had resumed only after the introduction of thrice-a-week to and fro direct service by BMI on the London-Almaty-Amritsar section from October 14, 2011. Subsequently, it was also withdrawn.

 

Now, Air India’s thrice-a-week flight to London offers about 12-tonne capacity of cargo in each plane. The staff at the center fresh farm produce state that a flight on an average carries three tonnes of cargo. There was a time when over one lakh kg of fresh vegetables were exported in 2006-07, the next year saw the volume go up to 2.78 lakh kg. In 2008-2009, it reached 6.23 lakh kg and the following year saw an export of 9.08 lakh kg.

 

Kuljit Singh, a progressive farmer, said the data apparently showed that to regain those levels of export, the airlines have to ensure regular connectivity. Besides, the government must play a proactive role to make most of the infrastructure.

The Centre is pushing for bilateral trade with Cuba and its settlement in rupee as a part of its strategy to internationalise the domestic currency.

 

A delegation from Cuba, including officials from its central bank, met Indian government officials and banks last month to discuss bilateral trade and settlement using the Reserve Bank of India’s (RBI’s) payment mechanism in rupee, said people aware of the matter.

 

Since the Cuban nation has opened up its economy and is looking to implement reforms to attract investments from India, Cuban banks have evinced interest in opening special rupee vostro accounts (SRVAs) with Indian banks.

 

The move is an effort by the Centre to lay the groundwork for the central bank’s new framework for trade settlement in rupee, pushing for the local currency’s internationalisation.

 

The meeting was held on the directions of the Department of Financial Services under the Ministry of Finance, said an official.

 

In July, the RBI had unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India. More importantly, the move is a recognition of the Indian rupee as an international currency.

 

According to the mechanism finalised by the RBI, banks of partner countries can approach authorised dealer (AD) banks in India for opening SRVAs. The AD bank will then have to seek approval from the central bank with details of such an arrangement.

 

The official cited earlier said that the Cuban delegation that had visited India last month had informed India that the country has implemented several reforms that could be explored by Indian companies as well as banks to give trade ties and the bilateral payment mechanism a leg-up.

 

Although India’s relations with the Caribbean nation have traditionally been ‘warm and friendly’, the bilateral trade between the two nations has been limited. The total trade between both countries stood at $27.57 million, which is negligible compared to India’s total trade of over $1 trillion during 2021-22.

 

India exported goods worth $26.57 million during the last fiscal year, while imports were to the tune of $1 million only. The main items of Indian export to Cuba are pharmaceutical (pharma) products, organic chemicals, plastic products, medical equipment, textiles, metals, and mineral oil products. On the other hand, India imported mainly pharma and tobacco products.

 

Trade experts said one of the reasons for Cuba being interested in rupee trade could be a shortage of foreign exchange. Therefore, dealing in local currency could be a good way to push trade. Besides, the country is set to host an international fair in November to attract investment.

 

While the rupee trade mechanism is yet to be implemented on the ground by banks, public sector banks like State Bank of India, among others, have already started working to make the RBI’s latest mechanism operational.

 

Earlier this month, the Centre, along with the RBI, prepared an action plan for facilitation of special rupee accounts for trade settlements, which included nudging banks and the Indian Banks’ Association to reach out to foreign banks for opening such vostro accounts. Banks have also been asked to process over 115 proposals at the earliest.