Govt gives rupee export earnings same benefits as dollar, euro payments
The Directorate General of Foreign Trade (DGFT) amended the FTP 2023 with immediate effect to align it with the RBI’s 2023 foreign exchange rules.
The Indian government has announced that export earnings received in Indian rupees will now be treated the same way as those received in foreign currencies such as the US dollar and euro for availing benefits under the Foreign Trade Policy (FTP). This change, effective immediately, allows exporters receiving payment in rupees through approved banking channels to claim FTP benefits and count those receipts towards their export obligations, just like they would with foreign-currency earnings.
The Directorate General of Foreign Trade (DGFT) amended the FTP 2023 to align its provisions with the Reserve Bank of India’s Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, expanding the scope of rupee-denominated export transactions first introduced in November 2022.
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