Business And Markets
0

Strictures on Use of Commercial Cards

Strictures on Use of Commercial Cards Strictures on Use of Commercial Cards

Caretaker of the Industries Ministry says the government will soon put an end to the practice of companies’ renting commercial cards for export. 
“Owners of such [rented] cards are not exporters per se… the cards are usually abused”, Jafar Sarqeini was quoted as saying by IRNA. 
Also called ‘single-use commercial cards’, renting commercial cards is often criticized by many quarters due to its potential for abuse and its negative impact on foreign trade and forex rules. 
Firms using hired commercial cards and neophyte exporters have been blamed for the rampant failure to repatriate overseas earnings. Many argue that credible traders are less likely to breach rules guiding forex repatriation.

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com