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RBI provides export relaxations through warehouses in Bharat Mart in UAE
It also apply on remittances by the Indian exporter for initial as well as recurring expenses for setup and continuing business operations of its office
Press Trust of India Mumbai
The Reserve Bank on Wednesday relaxed norms to facilitate export through warehouses in 'Bharat Mart', a multimodal logistics network-based marketplace in the United Arab Emirates, that will provide Indian traders, exporters, and manufacturers access to the markets around the world.
In a circular, the RBI said banks may allow exporters to realise and repatriate full export value of goods exported to 'Bharat Mart' within nine months from the date of sale of the goods from the warehouse.
Further, banks have been asked to allow opening/hiring of a warehouse in 'Bharat Mart' by an Indian exporter with a valid importer exporter code without any pre-conditions, after verifying the reasonableness of the same.
It also apply on remittances by the Indian exporter for initial as well as recurring expenses for setup and continuing business operations of its offices.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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