India
Government eases rules for exporters to receive payments in rupees
India's Directorate General of Foreign Trade has amended the Foreign Trade Policy to allow export contracts and invoices to be denominated in Indian rupees, with payments received in rupees through banking channels, except for Asian Clearing Union member countries. This simplifies rupee invoicing for exporters.
The Indian government has amended its Foreign Trade Policy to make it easier for exporters to invoice overseas transactions and receive payments in Indian rupees. A notification from the Directorate General of Foreign Trade (DGFT) states that all export contracts and invoices, other than those involving member countries of the Asian Clearing Union (ACU), shall be denominated either in foreign currency or in Indian rupees, and export proceeds shall be realised in either form. The ACU includes 11 countries, including most Saarc nations, Belarus, Iran and Mauritius. The notification also clarifies that exports to any country other than Nepal and Bhutan, where proceeds are realised in Indian rupees through banking channels, will be eligible for export benefits and fulfilment of export obligations.
- Government policy for exporters
- Asian Clearing Union countries
- Trade with Iran
- Export payments in Indian rupees
- Foreign Trade Policy changes
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