As you are aware, there are concerns amongst the member-exporters regarding invoicing in INR or applicability of export benefits in such transactions while exporting to certain countries. The council has also been regularly taking up this issue at various meetings called upon by DoC.
In this regard, O/o Directorate General of Foreign Trade (DGFT) has issued Notification No. 43/2015-2020 dated 9th Nov 2022 regarding “Amendments under the Foreign Trade Policy in sync with RBI A.P.(DIR Series) Circular No.10 dated 11th July 2022” and Public Notice No. 35/2015-2020 dated 9th Nov 2022 regarding “Amendments in Para 5.11 of the HBP in sync with RBI A.P.(DIR Series) Circular No.10 dated 11th July 2022”, respectively.
With these Notification/ Public Notice, the much awaited update to recognize the INR Payments received for exports as per the new RBI Circular dated 11th July 2022 to be made eligible for various Export Incentives under the FTP has been finally announced.
Effect of this Notification:
Amendments under FTP are notified, to permit exports benefits / fulfilment of Export Obligations for Invoicing, payment and settlement of exports and imports in INR, as per RBI’s A.P. (DIR Series) Circular No. 10 dated 11th July, 2022. This shall come into force with immediate effect.
Effect of Public Notice:
Amendment in Para 5.11 of the HBP are notified, to permit the Invoicing, payment and settlement of exports and imports in INR for Export Proceeds under EPCG Scheme, in sync with RBI’s A.P. (DIR Series) Circular No. 10 dated 11th July, 2022. This shall come into force with immediate effect.
The above notification and Public Notice come into force with immediate effect (i.e 09.11.2022)
Member-exporters are requested to take note and do the needful, if applicable. For full details of the Notification/ PN, exporters may download the detailed documents from the links below:
Feed-back, if any may also be sent to the council on e-mail ids:- firstname.lastname@example.org and email@example.com, firstname.lastname@example.org & email@example.com for records/ further deliberations, if required.
Acting Executive Director