(b) In case an Exporter is unable to realize the export proceeds for reasons beyond his control (force majeure), he may approach RBI for writing off the unrealized amount. (a) If an exporter fails to realize export proceeds within time specified by RBI, he shall, without prejudice to any liability or penalty under any law in force, be liable to return all benefits / incentives availed against such exports and action in accordance with provisions of FT (D&R) Act, Rules and Orders made thereunder and the FTP.
(ii) Export proceeds realized in Indian Rupees as per para 2.52(d)(ii) are permitted to avail exports benefits / incentives / fulfilment of Export Obligations under the FTP. (i) Export proceeds realized in Indian Rupees against exports to Iran are permitted to avail exports benefits / incentives/ fulfilment of Export Obligations under the FTP, at par with export proceeds realized in freely convertible currency, subject to compliance of para 2.19 of the FTP. (ii)Indian exporters, undertaking exports of goods and services through this mechanism, shall be paid the export proceeds in INR from the balances in the designated Special Vostro account of the correspondent bank of the partner country.Īpplicability of FTP Schemes for Export Realisations in Indian Rupees (i) Indian importers undertaking imports through this mechanism shall make payment in INR which shall be credited into the Special Vostro account of the correspondent bank of the partner country, against the invoices for the supply of goods or services from the overseas seller /supplier.
Accordingly, settlement of trade transactions in INR shall take place through the Special Rupee Vostro Accounts opened by AD banks in India as permitted under Regulation 7(1) of Foreign Exchange Management (Deposit) Regulations, 2016, in accordance to the following procedures: (DIR Series) Circular No.10 dated 11th July, 2022. Invoicing, payment and settlement of exports and imports is also permissible in INR subject to compliances as under RBI’s A.P. Export contracts and invoices can be denominated in Indian rupees against EXIM Bank/Government of India line of credit.
Central Government may relax provisions of this paragraph in appropriate cases. However, participants in the ACU may settle their transactions in ACU Dollar or in ACU Euro as per RBI Notifications.
Contracts (for which payments are received through Asian Clearing Union (ACU) shall be denominated in ACU Dollar.
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