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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 ..
Month: Current Affairs - July, 2022
Category: Economy & Banking Current Affairs
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 ..
Month: Current Affairs - April, 2022
Category: Economy & Banking Current Affairs
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 ..
Month: Current Affairs - September, 2020
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, ..
Month: Current Affairs - May, 2020
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 ..
Month: Current Affairs - May, 2020
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 ..
Month: Current Affairs - March, 2020
GoI allows Export of Onions
In September 2019, GoI had banned the export of onions in order to bring down its prices in the country. The prices of the key cooking ingredient had soared due to supply disruptions and floods in the major onion producing ..
Month: Current Affairs - March, 2020
Ministry of Textiles organises Kala Kumbh exhibition
The Ministry of Textiles is organising a Handicraft thematic Exhibition named ‘Kala Kumbh’, for promoting Geographical Indication (GI) crafts, through the Office of Development Commissioner (Handicrafts). Recently the Kala Kumbh exhibition was inaugurated at Bengaluru and Mumbai. It is also ..