SC: Repeated Anticipatory Bail Pleas Abuse Process and Reduce Litigation to a Gamble  ||  Supreme Court: State Officers Cannot Back Litigants Through Affidavits Against the Law  ||  Supreme Court: Accused Deserves Parity With Discharged Co-Accused if Evidence is Not Stronger  ||  SC Allows Euthanasia of Rabid Stray Dogs if Necessary and Protects Officials Acting in Good Faith  ||  Kerala High Court: University Syndicate Cannot Sue Chancellor as Both Form Same Legal Body  ||  Kerala High Court: Unsigned FIS is Admissible if Informant Confirms its Contents in Court  ||  J&K&L High Court: Purchaser’s Structure on Migrant Land Alone Cannot Block Sale Deed Registration  ||  Supreme Court: Bail Remains the Rule and Jail the Exception, Even under the UAPA Law  ||  Supreme Court: Principle of Res Judicata Also Applies Between Stages of the Same Case  ||  Supreme Court: Govt Servant Has No Right to Old Rule Promotion Just Due to Earlier Vacancies    

Centre allows International Trade Settlements in Indian Rupees for Export Promotion Schemes - (09 Nov 2022)

Customs

The Government of India has made suitable amendments in the Foreign Trade Policy and Handbook of Procedures to allow for International Trade Settlement in Indian Rupees (INR) i.e., invoicing, payment, and settlement of exports / imports in Indian Rupees. Accordingly, the Directorate General of Foreign Trade (DGFT) had earlier introduced Para 2.52(d) vide Notification No. 33/2015-20 dated 16th September, 2022 to permit invoicing, payment and settlements exports and imports in INR in sync with RBI’s A.P. (DIR Series) Circular No.10 dated 11th July 2022.

In continuation to the above notification, changes have been introduced under Para 2.53 of the Foreign Trade Policy, for grant of exports benefits / fulfilment of Export Obligation under the Foreign Trade Policy, for export realisations in Indian Rupees as per the RBI guidelines dated 11th July 2022. The updated provisions for Export Realisation in Indian rupees been notified for, imports for exports (Para 2.46 of FTP), export performance for recognition as Status Holders (Para 3.20 of FTP), Realisation of export proceeds under Advance Authorisation (AA) and Duty Free Import Authorisation (DFIA) schemes (Para 4.21 of FTP) and Realisation of Export Proceeds under Export Promotion Capital Goods (EPCG) Scheme (Para 5.11 of HBP).

Accordingly, benefits / fulfilment of Export Obligation under the Foreign Trade Policy has been extended for realisations in Indian Rupees as per the RBI guidelines dated 11th July 2022. Given the rise in interest in internationalisation of Indian Rupee, the given Policy amendments have been undertaken to facilitate and to bring ease in international trade transactions in Indian Rupees.

Tags : EXPORT   SETTLEMENT   RUPEE  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved