DGFT notifies regarding insertion of ‘Denomination of Export Contracts’ of the FTP in sync with RBI A.P.(DIR Series)

Sep 16, 2022 | by TeamLease RegTech Legal Research Team

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Finance & Taxation ComplianceThe Directorate General of Foreign Trade (DGFT) on September 16, 2022 has issued Notification regarding Insertion of Para 2.54(d) under the Foreign Trade Policy which states ‘Denomination of Export Contracts’ in sync with RBI A.P.(DIR Series).

The following has been stated namely: -

• Invoicing, payment and settlement of exports and imports is permissible in INR, trade transactions in INR may take place through the Special Rupee Vostro Accounts opened by AD banks in India in accordance to the prescribed procedure.

 

Please refer to the notification for the specified procedure

 

[Notification No. 33/2015-2020]

 


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