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RBI: Mechanism for International trade in rupees (INR)

On July 11, 2022 the Reserve Bank of India (RBI) notified new measures to settle down “international trades in rupee”. This move will promote global trade and emphasise on exports from India. About the new mechanism RBI has announced new mechanism for the purpose of invoicing, payment, as well as settlement of exports or imports ..

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RBI Draft Norms for Trade via E-commerce

The Reserve Bank of India has proposed to modify the existing norms that are in place with the aim of rationalizing and simplifying the process for payment settlement for imports and exports through e-commerce. Overview: The draft guidelines named ‘Processing and Settlement of small value Export and Import related payments’ that are facilitated by Online ..

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India allows export of onions to Bangladesh

On September 18, 2020, the Directorate General of Foreign Trade lifted the ban on export of onions to other countries including Bangladesh. The decision was made after a long meeting with the Ministry of External Affairs and Commerce. Highlights The lift of Ban came after Bangladesh High Commission complained to India about price hike of onions ..

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GoI lifts ban on Paracetamol API exports

On May 28, 2020, the Government of India lifted the ban on export of paracetamol Active Pharmaceutical Ingredients. Highlights The removal of ban will now allow the export of pharmaceutical ingredients used for COVID-19 treatment. In order to achieve this, the GoI has amended Section 3 of Foreign Trade (Development and Regulation) act, 1992. The ..

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GoI: Rebate of State and Central Taxes Scheme in the form of Scrips

On May 1, 2020, the Government of India announced that the Rebate of State and Central Scheme arrears are to be provided in the form of scrips. It is to be provided by the Department of Revenue Communication. Highlights The ROSL scheme was discontinued in March 2019. The scheme was replaced with Rebate of State ..

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MEIS scheme to be replaced with RoDTEP Scheme

On March 13, 2020, the Union Cabinet approved to withdraw the MEIS (Merchandise Export from India) Scheme in phases. It is later to be replaced with RoDTEP (Remission of Duties or Taxes on Export Product) scheme. Highlights The MEIS is being replaced as the exports are to fall further due to Corona Virus outbreak. The ..

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