Exporters will be able to claim export benefits in rupees

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The Directorate General of Foreign Trade has revised the Foreign Trade Policy so that exporters can claim export benefits in rupees. Till now it was available only for export payments received in foreign currency. This amendment has come into effect with immediate effect. The decision comes at a time when the Reserve Bank of India has allowed international trade to be transacted in rupees in July. The policy has been revised in line with the government's move towards internationalization of the rupee, so that international trade in the local currency is facilitated.

The Ministry of Commerce said in a statement, 'Government of India has amended the Foreign Trade Policy and Rules of Procedure so that international trade in rupees i.e. invoicing, payment and settlement of exports and imports can be done in Indian rupees. Till now the benefits of these schemes were available only when payments were received in foreign currency. Except in the case of sanctions-hit Iran. The amendment will apply to import of goods for export, receipt of export proceeds under advance authorization, export promotion, capital goods schemes along with export profits under duty free import clearance schemes.'

Exporters had earlier said that there is a need for clarification on the application of export benefits in terms of export costs in local currency. Besides, there are many exporters, who have imported under various schemes, need clarification on acceptability of export liability in rupees.

The Reserve Bank had said in July that trading in the rupee would be allowed to promote the growth of global trade with an emphasis on exports from India and increase the interest of the global business community to do business in the rupee. Banks in partner countries may approach authorized dealer banks for opening special Rupee Vostro accounts as per arrangements finalized by the Reserve.

Exporters hope this will help boost India's exports to countries that are facing severe shortages of foreign exchange or are under sanctions. Two local banks - UCO Bank and Yes Bank are in talks with Russian banks, so that international trade between the two countries can be done in rupees.

The Engineering and Export Promotion Council of India said the change in foreign trade policy would boost trade in the local currency. It will boost exports The decision will help the engineering goods sector achieve its export target of $127 billion, which the government has set for this financial year.

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