Government has decided to exempt small exporters from furnishing bank guarantee for shipping goods and services.
In a statement, Finance Ministry said that to facilitate exports under GST, it has been decided that the facility of furnishing Letter of Undertaking, in place of a bond, for exporting goods and services shall be allowed to exporters and no bank guarantee will be required.
The decision comes a day after exporters met Finance Minister Arun Jaitley for resolution of GST-related problems to boost overseas shipments.