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India eases rupee payment rules for exporters

economictimes.indiatimes.com · 2h · first reportShare

The government on Thursday amended the Foreign Trade Policy (FTP) 2023 to make it easier for exporters to invoice overseas sales and receive payments in Indian rupees, bringing eligible rupee receipts on par with foreign-currency earnings for FTP benefits and export obligations.The changes apply to exports to all countries, with separate provisions for Asian Clearing Union (ACU) member countries, Nepal and Bhutan.Also Read: India allows duty-free sugar imports as prices climb ahead of festive seasonThe Directorate General of Foreign Trade (DGFT) said it amended two provisions of the FTP 2023 to align rules on the denomination of export contracts and eligibility for FTP benefits with the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023.Exporters can now invoice in rupeesFor countries outside the ACU, exporters can now denominate contracts and invoices in any foreign currency or Indian rupees. Earlier, export proceeds generally had to be received in freely co