In a major relief to exporters, the Reserve Bank of India has permitted them to bring proceeds of their shipments in 15 months, instead of the current timeframe of nine months.
The relief was granted in view of the stress being faced by a section of exporters due to the shorter timeframe.
The move also comes at a time when the United States has slapped tariffs as high as 50% on Indian goods, effective Aug. 27. Exporters are facing issues due to these steep duties imposed by the US on Indian shipments.
Currently, the value of goods or software exports made by exporters is required to be realised fully and repatriated to the country within a period of nine months from the date of export.
The changes have been made following amendments to the Foreign Exchange Management (Export of Goods & Services) Regulations.
These regulations may be called the Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025, a gazette notification dated Nov. 13 by RBI regional director Rohit P Das said.
“They shall come into force from the date of their publication in the Official Gazette,” it said.
The Reserve Bank of India (RBI) had extended this timeframe for exporters to 15 months during 2020 during the COVID-19 period.
Earlier in the week, the government approved two schemes with a combined outlay of over Rs 45,000 crore for exporters, which are expected to help boost the country’s outbound shipments and enhance the competitiveness of domestic goods in the global markets.
The government on Wednesday approved the Export Promotion Mission (Rs 25,060 crore) and the Credit Guarantee Scheme (Rs 20,000 crore).
Prime Minister Narendra Modi on Thursday said the Export Promotion Mission (EPM) will improve export competitiveness, help MSMEs, first-time exporters and sectors that are labour-intensive.
With PTI inputs
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