The Directorate General of Foreign Trade (DGFT) on Wednesday notified norms for permitting exporters to avail incentives under the foreign trade policy, even on realisation in rupee.
The DGFT, under the commerce ministry, has already allowed invoicing, payment and settlement of exports and imports in Indian rupee, a move aimed at facilitating trade in the domestic currency.
In July, the Reserve Bank of India (RBI) had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.
The notification said that changes have been introduced in the Foreign Trade Policy (FTP) for grant of export benefits, incentives, fulfilment of export obligation, and for export realisations in Indian rupees as per the RBI guidelines released in July.
“Accordingly benefits/incentives/fulfilment of export obligation under the Foreign Trade Policy has been extended for realisations in Indian rupees as per the RBI guidelines dated July 11, 2022,” it said.
