Public Notice date: 09 November 2022

Key Pointers –

• In exercise of power conferred under Para 1.03 and 2.04 of the Foreign Trade Policy 2015-2020, the Director of Foreign Trade has made Amendment in Para 5.11 of the Handbook of Procedures  2015-2020 with immediate effect  in sync with RBI A.P. (DIR Series) Circular NO. 10 dated 11th July 2022.
• Para 5.11 Realization of Export proceeds have revised as “Export proceeds shall be realized in freely convertible currency or in Indian Rupees as per Para 2.53 of FTP, except for deemed export supplies under Chapter 7. Export to SEZ units/ supplies to developers/co-developers irrespective of currency of realization would also be continued for discharge of Export obligation. Realization in respect of supplies to SEZ units shall be from foreign currency account of the SEZ unit.”
• Amendment in Para 5.11 of the HBP are notified to permit the Invoicing, payment and settlement of exports and imports in INR for Export proceeds under EPCG Scheme HBP in sync with RBI A.P. (DIR Series) Circular NO. 10 dated 11th July 2022.
• This shall come into force with immediate effect.