Don8217;t be greedy,encash earnings: Govt

Commerce Secretary Rahul Khullar said that while exporters can hedge their risk,they should not 8220;get too greedy and not buy derivatives8221;.

In 2007,exporters bought complex and exotic foreign exchange derivative products from banks,burning their fingers in the process. It led to court cases between banks and exporters.

Khullar has advised exporters not to repeat the mistake.

8220;Hedge your exporters risks,do not get too greedy and for Christ8217;s sake this time be more careful. Do not go to bank and buy derivatives about which you have no idea,8221; he said while talking to reporters.

Expecting the rupee to remain volatile as there is uncertainity about large economies,he said: 8220;If you

exporters are getting Rs 48 to a dollar,take and run. Do not wait for Rs 50 or Rs 52.

8220;Look you guys are exporters and exchange rate are going to be volatile. Your business is to produce,export get your money and move on,8221; he added.

During April-August this fiscal,exports increased by 54.2 per cent to USD 134.5 billion.