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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 - 2024
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 - 2024
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 ..