What is the purpose of extending packing credit to exporters? Explain the procedures of packing credit.

Packing credit is a short-term financial assistance provided to exporters to help them finance the pre-shipment activities such as procurement of raw materials, processing, and packing of goods for export. The primary purpose of packing credit is to ensure that exporters have the necessary funds to meet their operational costs, especially when there is a time lag between order receipt and shipment. This facility is critical for small and medium-sized enterprises (SMEs) as it helps in bridging the working capital gap before the goods are shipped and payments are received.

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