MUMBAI, MAY 27: The Federation of Indian Export Organisations (FIEO) today expressed concern over the 25 per cent interest on overdue export bills slapped by the Reserve Bank of India and suggested that exporters should not be penalised for delays caused by the other party.In a statement, FIEO president Navratan Samdria said the 25 per cent interest rate should be waived for exporters, in genuine cases where the payment is not repatriated in time without any fault of the exporter. "The exporter should not be penalised for the misdoing of the other party," he said.On the sudden fall in the rupee-dollar exchange rate to 44.75 on Wedenesday, Samdria said the key reason for the slide of the rupee was the overall market expectation of a rupee depreciation and the demand pile up for dollars.Adding that the gyrations of the rupee needed to be stabilised, the FIEO president said a gradual depreciation of the rupee would be more feasible and the market forces would need to decide ultimately the actual value of the rupee without any active intervention or "propping" of the rupee by artificial measures.
