The Reserve Bank on Monday asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. Before putting in place this mechanism, banks will require prior approval from the Foreign Exchange Department of the Reserve Bank of India (RBI), the central bank said in a circular. "In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR," it said.
Economists polled in a recent survey by Ficci unanimously felt that the rupee will continue to be under pressure in 2018-19
The interim free trade agreement between India and Australia will come into force on Thursday, providing duty-free access to thousands of domestic goods such as textiles, and leather in the Australian market. The agreement will help almost double the bilateral commerce to $45-50 billion in around five years, according to exporters and industry players. The Economic Cooperation and Trade Agreement (ECTA), which was signed on April 2, would provide duty-free access to Indian exporters of over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery in the Australian market.
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
Indian business forums on Tuesday welcomed a government plan to forge an ambitious national foreign trade policy which aims to double annual exports to more than $150 billion in the coming years.
Under MRA, Japan is to recognise Indian medical degrees and treat the country's doctors and other medical personnel on par with its own.
India imports about 25 million tonnes of oil from Iraq each year.
Commerce and Industry Minister Piyush Goyal on Monday said the existing foreign trade policy (FTP) will be extended for six months till March 31 next year. The government had earlier extended the FTP 2015-20 until September 30 this year due to the Covid-19 crisis. The FTP provides guidelines for enhancing exports to push economic growth and create jobs.
A depreciating rupee, which briefly hit 80 to the dollar on Tuesday, may boost India's exports but price-inelastic imports of crude oil and gold would mean limited relief on the trade deficit, which clocked a record $26.2 billion in June. Due to global risk aversion on the back of geo-political tensions and aggressive policy tightening by the Fed, the dollar has appreciated against most currencies, including the rupee. And, with other currencies depreciating, India's comparative advantage in this respect may be limited.
The government may roll out a new foreign trade policy (FTP) of a shorter term of two-three years in a bid to keep pace with the fast-evolving scenarios in international trade which have been triggered by recent disruptions, such as the pandemic and the Russia-Ukraine war. An FTP is an elaborate policy guideline and strategy to promote the export of goods and services, with a duration of five years usually. The existing policy came into force on April 1, 2015, and was valid for five years, before multiple extensions.
Exports had risen over 11 per cent in July, year-on-year.
The ED will probe if money earned from the illicit narcotics trade was laundered to create movable and immovable assets by the accused. The investigation will run parallel to the NCB probe, the sources said.
The government on Thursday took a series of measures in view of the rising number of COVID-19 cases in several parts of the world, including China.
The money-laundering case was filed by the ED after taking cognisance of a CBI FIR against the accused, whom the latter agency had booked for alleged violations of the Foreign Contribution (Regulation) Act (FCRA), 2010 and under section 120B (criminal conspiracy) of the Indian Penal Code.
Banks and companies in India are taking a cautious approach towards Sri Lanka, which, reeling from a financial crisis, has sought a $1-billion loan from the country to import essential commodities. A senior State Bank of India (SBI) executive said the bank was committed (to Sri Lanka) for the long term. "As far as exposures (are concerned), the bank will be cautious on its dollar exposure to Sri Lankan entities till the situation improves," he said.
Many economists say only a substantial rise from October would point to a real recovery.
'Commerce Minister Piyush Goyal once told me that if onion prices rise we will face the flak for it across India.' 'What can farmers expect from a government which talks like a trader and only believes in (electoral) profit and loss?'
Foreign Trade Policy: More incentives for exports, focus on ease of trading
Saudi Arabia is insisting on 'In Kingdom' total value-addition requirements
Reacting sharply to the proposal by some US states to ban outsourcing of state data processing contracts to developing nations, Union Law and Commerce Minister Arun Jaitley said the move was against the principle of market access.\n\n\n\n
The government on Tuesday said that the textile exports from India will double from the current levels within a year of the Multi Fibre Agreement coming to an end.
The Enforcement Directorate (ED) is probing alleged fraudulent foreign funds infusion of more than Rs 86 crore into a company that runs the NewsClick portal even as it is expected to soon file a charge sheet in the case being probed under the anti-money laundering law, official sources said on Monday.
Currently, the five-year FTP aims to raise total exports to $900 billion but targets may be reduced
Leading industry and export chambers like PHDCCI and Federation of Indian Export Organisation on Tuesday demanded 1.0 per cent cut in bank rate and cheaper export finance in Reserve Bank of India's' forthcoming busy season credit policy.
Modi's'Make in India' drive launched last September included laying out a model of "port-led" development that would support industrial growth.
Federation of Indian Chambers of Commerce and Industry on Wednesday asked the US to restore the Generalised System of Preferences for Indian exports of chemicals and allied products.\n\n\n\n
The Federation of Indian Export Organisations welcomed the RBI's decision to cut repo rate and said it would augur well for the exports, while asking for slashing rupee credit by 1.0-1.5% in view of the appreciating domestic currency.
Unlike Israeli company NSO, whose sale of Pegasus cyber tech grabbed worldwide attention, and other manufacturers of offensive-cyber products, Cellebrite operates in a grey area between security exports and civilian ones.
India owes Iran around $8.8 billion primarily on account of crude oil imports.
An online system generates import-export code.
Gold jewellery exports may decline by about 50 per cent in this financial year from last year after government restrictions reduced the availability of raw material, Gitanjali Gems Chairman and Managing Director Mehul Choksi said.
Sharma was addressing the members of the Board of Trade, a body comprising captains of Indian industry.
Sources said the equipment is being brought to India through both sea and air routes.
In order to boost growth amid some softening of inflation, RBI earlier this month cut the key interest rate by 0.25 per cent. It is scheduled to announce its mid-quarter policy review on June 17.
On the telecom sector, he demanded auctioning of more spectrum.
Why should India buy olives from Europe when it could do so from the world's largest producers?
The government has been gearing up to place tighter restrictions on the import of 371 items - ranging from toys and plastic goods to sports items, and furniture worth $127 billion.
According to the QNB Group report, the growth in emerging markets -- from Brazil to Indonesia, Russia and South Africa -- is slowing down, partly reflecting the tightening of domestic policies by these countries last year to stabilise foreign exchange rates.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances